Participated · Series A · Sep 2019

DiviPay is a spend-management tool for small-to-medium-sized businesses that offers an integrated corporate card tied to a platform where budgets and individual spending allocations can be set. The company reports more than 1,000 customers and growth of over 300% in the last 12 months. It emerged from the H2 Ventures accelerator program in 2016 and had a team of 20 in 2022, which it plans to quadruple. The $20 million Series A will be used to expand into new international markets, accelerate product development, and grow the team. Earlier financings include a $2.3 million round in 2019 led by ANZ Bank’s VC arm 1835i with support from Seed Space, and a $1.7 million top-up from 1835i in April of this year. CEO Daniel Kniaz says the platform provides transparency, security and autonomy in expense management for SMB owners. DiviPay is a four-year-old Australian business expense management fintech that provides virtual corporate Mastercard cards, automatic bill payments, real-time transaction feeds, card controls, budgeting, automated expense reports, and accounting integrations. The platform is available via web and mobile apps and integrates with accounting software such as Xero, which named it Emerging App of the Year in 2019. In 2020, companies processed $24.3 million through the platform. Its most recent product improvement is automatic bill payments, enabling organisations to extract, code, approve and automatically pay bills. The company plans to use new funding to build marketing, sales and engineering teams and to grow and broaden its customer base, targeting larger customers and not-for-profits. Customers cited in the article include Western Sydney University, Xero, Canva, and Michael Hill. DiviPay is a virtual platform for managing corporate cards and expenses, founded last year by Daniel Kniaz and Russell Martin. The product is designed to simplify expense management for small- and medium-sized businesses that otherwise require staff to use personal funds or share a small number of company cards. DiviPay provides virtual corporate cards and expense-management tools to avoid reimbursement delays and shared-card hassles. The company announced a $2.3 million Series A to support its operations and growth. The round was led by ANZi, the corporate venture capital arm of ANZ, with participation from Seed Space Ventures and Patrick Tuttle.