Divvy: $165 Million Series D Funding And $1.6 Billion Valuation

By Amit Chowdhry ● January 7, 2021
  • Divvy — a leader in spend management that modernizes finances for businesses by combining expense management software and smart corporate cards into a single platform — announced recently that it raised $165 million in Series D funding at a valuation of $1.6 billion

Divvy — a leader in spend management that modernizes finances for businesses by combining expense management software and smart corporate cards into a single platform — announced recently that it raised $165 million in Series D funding at a valuation of $1.6 billion. The Series D funding round includes new investors Hanaco, PayPal Ventures, Whale Rock, Schonfeld, and participation from previous backers NEA, Insight Venture Partners, Acrew, and Pelion.

And by combining free expense management software with corporate credit cards, Divvy’s centralized platform allows businesses to manage their spending with real-time visibility and control over their budgets. A number of businesses are selecting Divvy as a financial platform of choice, including Noom, Solo Stove, Rhone, EyeCare Partners, the Utah Jazz, and the Atlanta Dream.

Divvy’s simplified process and cost-saving benefits are especially important for Main Street businesses that are navigating the challenges and opportunities brought on by the COVID-19 pandemic. And as a result, Divvy has driven a 500% increase in monthly sign-ups since March 2020.

The valuation of $1.6 billion and the addition of key investors validates Divvy’s ambition for modernizing financial processes by combining credit, vendor, and spend management into a single platform. And with this round of funding, Divvy plans to invest heavily in product development and engineering in order to accelerate their future roadmap.

KEY QUOTES:

“The best in every vertical choose Divvy. We’re not just building for tech startups—we help businesses across the country by providing the capital and financial software they need to thrive. We’re fortunate to be able to build for companies of all sizes and we’re grateful to everyone who has helped us get here.”

— Blake Murray, CEO of Divvy

“With its compelling free software, Divvy is poised to become a key part of the financial nervous system for businesses. PayPal and Divvy share a goal of simplifying all that goes into running a business, which creates more time to focus on customers. We’re thrilled to support Divvy’s continued expansion.”

— Peter Sanborn, Vice President, head of corporate development at PayPal and managing partner of PayPal Ventures