Wave Accounting, a maker of free, cloud-based accounting software for small businesses, has closed on $12 million in Series B financing, the company announced Wednesday. New investor Social+Capital Partnership joined existing investors Charles River Ventures and OMERS Ventures in the round.

Wave Accounting launched in November 2010, and is signing up tens of thousands of new small business customers per month, with users in more than 200 countries. Wave Payroll launched in Canada in February 2012. The U.S. version of Wave Payroll is expected in mid-2012. The firm has been recognized with various industry awards, including the Deloitte Companies-to-Watch Awards, and the People's Choice at CIX.