Divvy raises $165 million at a $1.6 billion valuation

Utah-based financial platform for businesses to manage payments and subscriptions Divvy announced a $165 million funding round at a valuation of $1.6 billion. The Series D investment includes new investors Hanaco, PayPal Ventures, Whale Rock, Schonfeld, and participation from previous backers NEA, Insight Venture Partners, Acrew, and Pelion.

Founded in 2016 and a team of ~323, Divvy’s centralized platform allows 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. 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.” – Blake Murray, CEO of Divvy.

The valuation of $1.6 billion and the addition of key investors validates Divvy’s ambition to modernize financial processes by combining credit, vendor, and spend management into a single platform. With this round of funding, Divvy plans to invest heavily in product development and engineering in order to accelerate their future roadmap.

“With its compelling free software, Divvy is poised to become a key part of the financial nervous system for businesses. 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.” – Peter Sanborn, Vice President, head of corporate development at PayPal and managing partner of PayPal Ventures.

Financial Technology Partners (FT Partners) served as exclusive advisor to Divvy on this transaction.