Cloud-based accounting software vendor Wave is following in the footsteps of Intuit, which entered a similar agreement with OnDeck in September 2015 to establish a $100-million lending fund.
Users can apply through the software company's website, which links to OnDeck through the Lending by Wave page. The application is for those companies that have been in business for at least nine months and have a minimum of $75,000 in annual revenue. The program offers to have funds in borrower's hands in as little as 24 hours.
Wave offers several of its functions—Invoicing, Accounting, Receipt Scanning—for free. It charges for card processing and payroll.