Automated expenses platform Divvy has collected $10.5m in its funding round led by Pelion Ventures.
Other backers to the round included Domo CEO Josh James, Pluralsight CEO Aaron Skonnard, and Traeger Grills CEO Jeremy Andrus. Capital from the round will be used to accelerate its growth the company has had over the past year.
Utah-based Divvy helps businesses to manage payments and subscriptions to create automated expenses reports and budgets. The company uses real-time tracking for all business transactions to boost fraud protection and identify wasteful spending.
Through the platform, users can send and request funds, create virtual credit cards, and manage team spending. Divvy launched its services at the beginning of the year and currently has ‘tens of thousands’ of users, and ‘hundreds’ of companies using its platform, according to the company.
Divvy CEO Blake Murray said, “We are positioning ourselves to be the one stop shop for business spending. We are removing barriers of entry by providing a free, yet powerful, solution for businesses as they spend. We’re passionate about helping every business spend smarter.”
This marks Pelion’s third FinTech investment of the year. The firm recently co-led the $5m seed round into real-time stream processing company Fastdata.io alongside CrossCut. The Californian company is a stream processing software company for real-time big data, speeding up and optimising data processing.
It’s other deal of the year was a contribution to the $30m investment into Canopy, a practice management platform for tax and accounting professionals.
Last month, expense management company Fyle closed its own equity round, reportedly bagging $1.1m to support the expansion of its marketing and sales teams.
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