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Divvy also automates expense management, delegates payment process, and gives financial leaders real-time visibility and control of companywide spending. With Divvy, businesses can make one-time or recurring payments using integrated virtual and physical corporate credit cards - each tied to dynamic limits controlled by centrally-managed budgets. Following this announcement, Divvy was named one of Forbes' Next Billion-Dollar Startups, a list of the country's 25 fastest-growing, venture-backed startups.įor more information about Divvy, visit .ĭivvy is a financial technology company with a mission to make money smarter by modernizing payment processes and expense management. Earlier this year, Divvy announced a $200 million financing round led by NEA, with participation from Pelion Venture Partners and Insight Venture partners. Trusted by more than 3,000 companies, Divvy gives financial leaders real-time visibility into the spending within their organization. 'We're building for how we work and are being intentional about how our space best supports our people,' said Casey Bailey, VP of people and places. The Divvy team grew by more than 500 percent in 2018, will more than double in 2019 and is projected to double again in 2020.

'We're excited to have a place where our team can come together, be collaborative and deliver their best work.' 'This space will allow us to continue investing in our people and our product,' said Murray. Once completed in June 2020, the new building will accommodate up to 850 team members. The 150,000 square foot building will include an outdoor basketball court, gender neutral restrooms and a striking hotel-inspired lobby, designed for flexibility and team collaboration. The company has created a dashboard that allows executives. Co-Founder and CEO Blake Murray was joined by the Divvy team for a groundbreaking ceremony to celebrate the occasion. Lehi, Utah-based Divvy seeks to eliminate a familiar paint point for many office workers: filing expense reports at the end of the month.

12, 2019 /PRNewswire/ - Divvy, the leader in spend and expense management, today broke ground on its new headquarters in Draper, Utah to accommodate the company's rapid growth.

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By providing the capital and financial software they need, Divvy helps businesses in every industry to thrive. With Divvy, finance leaders get real-time visibility into their company spend and flexible controls that prevent teams from ever going over budget. We’re thrilled to support Divvy’s continued expansion.”įinancial Technology Partners (FT Partners) served as exclusive advisor to Divvy on this transaction.ĭivvy modernizes finance for business by combining expense management software and smart corporate cards into a single platform. “PayPal and Divvy share a goal of simplifying all that goes into running a business, which creates more time to focus on customers.

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“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. With this round of funding, Divvy plans to invest heavily in product development and engineering in order to accelerate their future roadmap. The valuation of $1.6 billion and the addition of key investors validates Divvy’s ambition to modernize financial processes by combining credit, vendor, and spend management into a single platform. As a result, Divvy has driven a 500% increase in monthly sign-ups since March 2020.

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.”ĭivvy’s simplified process and cost-saving benefits are especially important to Main Street businesses that are navigating the challenges and opportunities brought on by the COVID-19 pandemic. “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. “The best in every vertical choose Divvy,” said Blake Murray, CEO of Divvy. A rapidly growing number of businesses are choosing Divvy, including tech companies like Noom, e-commerce merchants like Solo Stove and Rhone, vision care leaders like EyeCare Partners, LLC, and iconic sports franchises like the Utah Jazz and the Atlanta Dream.

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The Series D investment includes new investors Hanaco, PayPal Ventures, Whale Rock, Schonfeld, and participation from previous backers NEA, Insight Venture Partners, Acrew, and Pelion.īy combining free expense management software with corporate credit cards, Divvy’s centralized platform allows businesses to manage their spend with real-time visibility and control over their budgets. Divvy, a leader in spend management, today announced a $165 million funding round at a valuation of $1.6 billion.

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