Expense management firm Divvy raises $165m

Divvy, an American outfit offering businesses a combination of free expense management software and corporate credit cards, has raised $165 million at a valuation of $1.6 billion.

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.

Divvy’s centralised platform promises to allow businesses to manage their spend with real-time visibility and control over their budgets.

The firm says its simplified process and cost-saving benefits are especially important to Main Street businesses during the Covid-19 pandemic, prompting a 500% increase in monthly sign-ups since March.

The new funding will be used for product development and engineering as the Utah-based firm pushes its vision of combining credit, vendor, and spend management into a single platform.

Blake Murray, CEO, Divvy, says: “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.”