Expense management app Divvy closes $200m funding
Divvy, a payment and expense management platform for business, has closed a $200 million financing round led by NEA, with participation from existing investors Pelion Venture Partners and Insight Venture Partners.
“This investment allows us to deepen the Divvy platform and experience”
The Series C is the third round of funding Divvy has closed in less than a year, bringing the company’s total equity financing to $245.5 million.
The new investment will allow Divvy to accelerate product development and customer growth.
Blake Murray, co-founder and CEO of Divvy, comments: “This investment allows us to deepen the Divvy platform and experience; furthering our mission to ‘make money smarter’ for all businesses. 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.”
Since launching 15 months ago, Divvy has established a loyal user base approaching 3,000 businesses, with hundreds of thousands of active credit cards spending on the Divvy platform backed by over $1.6 billion in credit.
Divvy has generated quarter-over-quarter revenue growth of over 30% with no signs of slowing down. Divvy says that this cash injection comes at a key time in the firm’s growth and is expected to help the company continue to expand for years to come.
Scott Sandell, managing general partner of NEA, will join Divvy’s board of directors. Ben Narasin, venture partner at NEA, will join as a board observer.
