Divvy combines free expense-management software with smart corporate credit cards into a single centralized platform that gives businesses real-time visibility and control over budgets. Its product integrates credit, vendor, and spend management to simplify financial processes for companies of various sizes. Customers cited in the article include Noom, Solo Stove, Rhone, EyeCare Partners, the Utah Jazz, and the Atlanta Dream. Divvy has seen a 500% increase in monthly sign-ups since March 2020, driven in part by demand from Main Street businesses navigating the COVID-19 pandemic. The company plans to invest heavily in product development and engineering to accelerate its roadmap following the recent fundraise. The valuation and investor interest are presented as validation of Divvy’s ambition to become a core financial platform for businesses. Divvy provides a tech-enabled replacement for monthly expense reports with a platform that lets customers send and request funds, create virtual credit cards, manage team spending and use a corporate card for real-time visibility. The company launched its platform in January 2018 and monetizes via merchant fees, which are split between Divvy, MasterCard and the issuing bank; its expense tools are offered free to customers. Divvy reports roughly 200 employees, about 3,000 customers, and revenue growth of 30% quarter-over-quarter. Management says it focused on careful product development before public launch rather than hypergrowth. The company plans to use the new capital to bolster product and engineering teams and to launch a bill pay product, and it intends to expand internationally next year. Divvy positions itself against legacy players like Concur and Expensify and claims its user-friendly mobile app and card features differentiate it. Divvy is a Lehi, Utah-based tech startup led by CEO Blake Murray that provides a lender and secure financial platform for businesses. Its product lets users manage payments and subscriptions, build strategic budgets, and eliminate expense reports. Divvy integrates real-time tracking for every business transaction to provide instant insight into spend and tools to curb losses. The company secured a $250M facility from Waterfall Asset Management to support operations. The funding is intended to help Divvy keep up with expected customer growth in 2019, facilitate access to capital for businesses, and ensure an overall customer experience. DivvyPay is a Lehi, Utah-based corporate spend management platform that offers web and mobile apps for business expense control. Led by CEO Blake Murray, its core product allows businesses to proactively cap corporate credit card spend, automate expense reports, and track transactions in real time. For administrators it provides visibility and streamlined reporting across both T&E and procurement and handles issuance of corporate credit cards. The platform also lets employees send and request funds, create virtual credit cards, manage software subscriptions, and forgo expense reports entirely. In July 2018 DivvyPay raised $35M in a Series B led by Insight Venture Partners, bringing total funding to $57M. The company intends to use the funds to continue to expand operations. Divvy builds a free, real-time expense tracking platform that gives executives dashboards and physical and virtual Divvy cards to approve employee spending. Employees can send requests via the Divvy mobile app for purchases and managers can approve or deny them in real time. The platform can generate virtual one-time card numbers for online purchases to limit fraud exposure. Divvy monetizes by taking a cut of the interchange fee on card transactions and issues Divvy-branded Mastercards through Wex Bank. The company launched publicly in December and now has more than 450 companies signed up and just under 50 employees. Management’s stated goal is to eliminate traditional monthly expense reports and potentially replace paid expense tools like Concur or Expensify.

Total raised

$668M

Funding rounds

6

Latest round

Series D

Latest activity

Jan 2021