Wave Financial, a Toronto-based fintech software company acquired by H&R Block, laid off 50 employees on March 8, 2023. CEO Zahir Khoja stated the cuts were necessary to align the company's structure with its long-term strategy and growth, aiming to better serve small business owners. This move places Wave among other fintech firms like Lightspeed and Clearco that have also reduced staff this year. The company had previously undergone leadership changes, with Khoja taking over after co-founder Kirk Simpson stepped down following Wave's achievement of $100 million in annual revenue.
