Divvy, a modern payment and expense management platform for business, announced on Tuesday it secured $200 million through its Series C financing round led by NEA, with participation from existing investors Pelion Venture Partners and Insight Venture Partners. According to Divvy, the Series C is its third round of funding that has closed in less than a year, bringing the company’s total equity financing to $245.5 million.
Divvy describes itself as a financial software company that helps businesses modernize payment processes and expense management. With Divvy, customers can manage payments and subscriptions with integrated virtual and physical corporate credit cards, with each tied to dynamic limits controlled by centrally managed budgets. Divvy centralizes budget management, delegates payment process, automates expense management, and gives financial leaders real-time control over spending.
Speaking about the investment round, Scott Sandell, Managing General Partner of NEA., stated:
“We are thrilled to support Divvy in their mission to modernize the way businesses handle money. 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.”
Blake Murray, Co-Founder, and CEO of Divvy, also commented:
“This investment allows us to deepen the Divvy platform and experience; furthering our mission to “make money smarter” for all businesses. Beyond that, it gives us the resources we need to invest deeply in our team and platform in a way that greatly accelerates our vision. We’re also excited to welcome NEA to the Divvy community, and we share their commitment to helping reshape financial technology.”
Divvy added that the investment further validates and gives fuel to Divvy’s ambitious vision to modernize financial processes by fusing payments and expense management into one smart money platform.