Business payment and expense management platform Divvy has closed a $200m Series C invesment round led by New Enterprise Associates.
NEA was joined by exiting investors Pelion Venture Partners and Insight Venture Partners in the round which brings the PayTech’s total equity financing raised to $245.5m.
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.
The company will use the new funding to accelerate its product development and customer growth, according an official statement.
The Series C is the third funding round for the company to close in less than a year. Earlier this year the start-up secured a $250m facility from Waterfall Asset Management to address expected customer growth during 2019.
“We are thrilled to support Divvy in their mission to modernize the way businesses handle money,” NEA managing general partner Scott Sandell. “In only a year in a half, Divvy has established itself as one of the fastest growing FinTech companies we’ve ever seen.
“The company’s unprecedented growth is a testament to both the team and the compelling product they have built, which is alleviating a major pain point experienced by all businesses.”
NEA typically targets tech and healthcare companies and recently began its largest fundraise to date, with eyes on $3.6bn.
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