Australia-based DiviPay, which offers an all-in-one spend management solution for small-to-medium sized businesses, has bagged $20m in Series A funding.
The round was led by an unnamed global FinTech-focused growth equity investor, with commitments also coming from Global Founders Capital, and Rapyd Ventures. Contributions to the Series A also came from Auxmoney co-founder Raffael Johnen, Practice Ignition co-founder Guy Pearson.
With the equity, the company hopes to expand its international presence and deepen its product offering. Its expansion plans also include quadrupling its current team of 20.
DiviPay serves over 1,000 companies and offers access to an integrated corporate card for the small to mid-market. To proactively manage expenses, the cards are tied to platform where finance teams can flexibly set budgets and spending allocations for users.
The FinTech company claims to have experienced 300% growth in the past year.
DiviPay CEO Daniel Kniaz said, “DiviPay helps finance leaders control who can spend company funds, how much they can spend, and where they can spend it – we deliver transparency, security and autonomy in expense management.” He continued, “With tech at the forefront of recent changes in the working world, 2022 was always going to be a big year for DiviPay. This funding round allows us to make an even more significant impact on the market – fintech is definitely the place to be right now!”
The FinTech company previously raised $1.7m in Series A funding in April, which was led by ANZi.
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