Why does my VP of Finance put up with the fact that she has no visibility into how employees spend - until 30 days after the transaction actually happens? Isn’t that a huge business risk? Isn’t the finance function flying blind all month?.Why on earth am I taking a screenshot of my receipt? Isn’t OCR technology from the 1970’s? Can’t software do better than that?.The month-end hassle from your VP of Finance to get your reports in as soon as possible so they can close the books - “Subject: Expense reports are due EOD!”Īnd if you just take 11 seconds to think about that process, it’s pretty clear how broken and stupid it is:.The post-meal awkward picture of your receipt (if you even remember to take the picture in the first place).The monthly scramble to find receipts you have to submit.When I first learned what Divvy had built I had to pick my jaw off the floor.Įvery one of us has probably dealt with the hellish nightmare of expense reports: Divvy - how it looks when dogs devour the dog food I’ll be working closely with all of our teams, but especially product and business development, to ensure our roadmap and go-to-market are aligned and set up to win this massive market.Īnd as the pool of world-class engineers, designers, product leaders, and executives continues to grow in Utah, I think this next wave could be larger than the last. In fact, I’m so optimistic about one of these companies that I’m excited to join Divvy as the VP of Strategy. And that’s exciting enough in itself.Įven more exciting to me, however, is that there’s another wave of Utah companies on the horizon growing just as fast - or faster - than not only prior cohorts of Utah tech, but in some cases faster than just about any software company, anywhere. Over the past few years, four Utah software companies (Qualtrics, Pluralsight, Domo, Instructure) have created more than $15b in value for employees and investors - more than just about any state outside California. Learn more at ’s something special happening in Utah. 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. “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. 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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