DiviPay has just attracted an AUS$2.3m investment led by ANZ Bank’s venture arm ANZi to keep developing its virtual corporate cards to help businesses take charge of their employee expenses.
VC firm Seed Space Ventures and the angel investor Patrick Tuttle, the former CEO of Pepper Money. The money is on top of the AUS$100,000 the founders received from accelerator H2 to get started.
The idea behind the company is to empower enterprises by giving them virtual corporate cards. By doing so, DiviPay hopes remove the need of sharing credit cards, lengthy expense reporting and reimbursements.
The company has 150 businesses as its customers and over 1,000 end users.
Daniel Kniaz told The Sidney Morning Herald that working closely with ANZ will allow DiviPay to get access to core financial products it can innovate on top of. “I think banks now are really proactively trying to work with the startup ecosystem and one of the reasons we see this amount of investment come from banks to startups is startups can still operate as their own entity,” he said. “We can still be agile and nimble and a small team and we can move more quickly with support from them.”
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