Investors boost Divvy's business expense payments platform
The venture capital firm New Enterprise Associates has led a $200 million funding round in Divvy, a business payments and expense management platform provider.
Current investors Pelion Venture Partners and Insight Venture Partners also participated in the Series C funding that brought Divvy's total equity financing in less than a year to $245.5 million.
Divvy says that since its launch 15 months ago it has built a user base approaching 3,000 business, with hundreds of thousands of active credit cards spending on the Divvy platform backed by more than $1.6 billion in credit. Divvy reports quarter-over-quarter revenue growth of more than 30%.
The company’s fast growth shows it is "alleviating a major pain point experienced by all businesses,” Scott Sandell, managing general partner of New Enterprise, said in a Tuesday press release.
The investment will help Divvy to continue to fuse payments and expense management, which it does through its "smart money" platform.
“This investment allows us to deepen the Divvy platform and experience; furthering our mission to 'make money smarter' for all businesses," Blake Murray, a Divvy co-founder and its CEO, said in the release. "Beyond that, it gives us the resources we need to invest deeply in our team and platform in a way that greatly accelerates our vision."
Through its payment platform, Divvy provides business clients with integrated virtual and physical corporate cards, all operating within company-established limits tied into centrally managed budgets.