Divvy, a modern payment and expense management platform for businesses, announced on Tuesday it raised $165 million through its Series D investment round, which included participation from Hanaco, PayPal Ventures, Whale Rock, Schonfeld, NEA, Insight Venture Partners, Acrew, and Pelion. The investment round comes less than two years after Divvy secured $200 million through Series C round. The company had a valuation of $1.6 billion.
As previously reported, Divvy describes itself as a financial software company that helps businesses modernize payment processes and expense management. With Divvy, customers can manage payments and subscriptions with integrated virtual and physical corporate credit cards, with each tied to dynamic limits controlled by centrally managed budgets. Divvy centralizes budget management, delegates payment process, automates expense management, and gives financial leaders real-time control over spending.
“By 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.”
Speaking about the company’s growth and development, Blake Murray, CEO of Divvy, stated:
“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.”
Financial Technology Partners (FT Partners) served as exclusive advisor to Divvy on this transaction. Divvy added that with this round of funding, it plans to invest heavily in product development and engineering in order to accelerate their future roadmap.