![]() Its product is aimed at whole companies, instead of just regular recipients of corporate cards (executives, founders, etc.). Instead, Divvy wants to provide teams and individuals with access to set spend for projects and more, essentially providing access to slices of the firm’s credit to employees. It’s worth noting at this point that Divvy told this publication that it does not want to become a bank.ĭivvy also says that it isn’t competing with Brex, a buzzy tech startup which is working vertical-by-vertical to improve corporate credit cards. This model should be familiar to regular Crunchbase News readers as a similar monetization model to what Chime ( more here) and Acorns ( more here) use. Notably, Divvy manages to charge nothing for its service as it makes money from interchange fees (a small cut of what users spend on their Divvy cards). ![]() That means employee access to company credit with company-set limits, further corporate card distribution, and expensing help. The firm provides expense and budget tooling for businesses. So, I got on the phone with the company to try and figure it out. Toss in the company’s quarter billion dollar debt financing and its new, $200 million equity round and the company has accreted just over $500 million in capital to-date.Įven in today’s era of large rounds and venture pre-emption (VCs going to companies, looking to invest, instead of companies going to VCs, looking for investment), Divvy’s capital story is fast. The capital, led by NEA with participation from Insight Venture Partners and Pelion Ventures Partners, closely follows Divvy’s recent debt raise from earlier this year.ĭivvy has raised capital quickly, including a December 2017 Seed Round and both its Series A and Series B in 2018. This morning Divvy, a Utah-based startup focused on business expenses and budgeting, announced that it has completed a $200 million financing round. Freelance Writers: How To Pitch Crunchbase News.
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