Divvy secures $165 million investment
Pouring investment into other commercial payments startups was the theme in 2020 with companies raising over 1.794 trillion.
At the start of 2021, Divvy, a US-based corporate card and expense management platform, has secured $165 million funding in series D round which includes investors as PayPal ventures, Hanaco, Whale Rock, Schonfeld and also participation from previous investors NEA, Insight Venture Partners, Acrew, and Pelion.
With this funding, Divvy is valued at $1.6 billion.
In the press release, the company mentions that its platform combines free expense management software with a corporate credit card and its centralized allows businesses to manage their spending with real-time visibility.
“With its compelling free software, Divvy is poised to become a key part of the financial nervous system for businesses,” said Peter Sanborn, Vice President, head of corporate development at PayPal and managing partner of PayPal Ventures.
Companies such as Noom, Solo Stove and Rhone, EyeCare Partners, LLC, Utah Jazz and the Atlanta Dream have chosen Divvy, the press release noted.
With this funding, the company plans to invest in product development and engineering to accelerate its future. Financial Technology Partners (FT Partners) served as exclusive advisor to Divvy on this transaction.