Toronto's Wave has launched a free receipt scanner app that allows iPhone and Android users to snap picture of their receipts, which are then analyzed by optical character recognition technology, and streamed into the Canadian startup's free accounting and invoicing system.
Wave says that this type of end-to-end integration is unique to the invoice reporting market—especially at its price of zero. It's this free, ad-supported model that has allowed the recently rebranded company to differentiate itself in a market crowded by bigger competitors.
The company, which was founded in 2010, says additional features for Receipts by Wave may cost money down the road, but the core product will always be available at no charge.
“By putting invoicing, accounting, receipt scanning, reporting, payments, payroll and personal finance in a single tool, we expect to see more engagement from our existing users,” CEO Kirk Simpson told TechCrunch. “As well as more adoption by people who want to switch from spreadsheets and shoeboxes and/or other software—online or off—that doesn’t truly match their needs.”
To date, Wave has accumulated more than 600,000 users and raised over $19 millionin funding.