Divvy 165m software#

The fintech counts businesses such as tech company Noom, e-commerce merchants like Solo Stove and Rhone, vision care firms like EyeCare Partners, LLC, and sports franchises like the Utah Jazz and the Atlanta Dream among its users.

Divvy 165m software#

Making life easier for pandemic-hit businessesĭivvy’s centralized platform allows businesses to manage their spending with real-time visibility and control over their budgets if they use its free expense management software and corporate credit cards. It, therefore, freed up cash to invest in customer teams, product development, and scaling up.Īs a result, the startup could boost monthly sign-ups by nearly 500% since March 2020. It reduced acquisition costs by 75% and doubled its contribution margin. In a blog, Divvy said it drew inspiration from the creative and inventive moves to counter the pandemic by companies such as PayPal (NASDAQ: PYPL), Square (NYSE: SQ), and Shopify (NYSE: SHOP).ĭivvy hunkered down. ( Business Day) Divvy and the pandemic: “No one is coming. Previous investors such as NEA, Insight Venture Partners, Acrew, and Pelion also chipped in, catapulting the leader in spend management to unicorn status. The investment valued Divvy at $1.6 billion.īig-name, new investors such as Hanaco, PayPal Ventures, Whale Rock, and Schonfeld participated in Divvy’s latest investment round.