Expense management platform Divvy has closed a $165m Series D round at a valuation of $1.6bn.
New investors Hanaco, PayPal Ventures, Whale Rock and Schonfeld joined previous backers NEA, Insight Venture Partners, Acrew and Pelion to support the raise.
Divvy’s centralised platform empowers businesses to manage their spend with real-time visibility and control over their budgets by combining free expense management software with corporate credit cards.
“The best in every vertical choose Divvy,” said Blake Murray, CEO of Divvy. “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. 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.”
Divvy’s boasted that the company has proven instrumental in helpingn companies navigate the challenges and opportunities brought on by the Covid-19 pandemic. As a result, Divvy has driven a 500% increase in monthly sign-ups since March 2020.
“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 and head of corporate development at PayPal and managing partner of PayPal Ventures. “PayPal and Divvy share a goal of simplifying all that goes into running a business, which creates more time to focus on customers. We’re thrilled to support Divvy’s continued expansion.”
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