News of the deal caused ’s stock to gain nearly 14% in aftermarket trading to USD 148.50. By buying Divvy, will be able to offer expense management and budgeting software, along with smart corporate cards, to its more than 115,000 customers and its 2.5 million network members. The much bigger, which has a USD 10.7 billion market capitalisation, offers cloud-based software that helps small and midsize businesses automate their back-office financial operations. The round valued Divvy at USD 1.6 billion. Earlier today recent dog-parent Alex Konrad and fellow Forbes staffer Eliza Haverstock broke the news that Divvy, a Utah-based corporate spend unicorn, is considering selling itself to. This includes a USD 165 million Series D round in January 2021 that saw Hanaco, PayPal Ventures, Whale Rock Capital Management, and Schonfeld Strategic Advisors participate. Divvy has raised USD 417.5 million in funding, as Crunchbase shows. The boards of both Divvy and have approved the sale, which is expected to close by the end of ’s first fiscal quarter ending on 30 September 2021.įounded in 2016, Divvy provides software that helps businesses combine expense management software and smart corporate cards onto a single platform. The deal calls for to pay USD 625 million in cash plus USD 1.875 billion in stock, a statement said. Divvy also automates expense management, delegates payment process, and gives financial leaders real-time visibility and control of company-wide spending.US-based fintech has announced it is buying Divvy, an expense reporting start-up, for USD 2.5 billion. With Divvy, businesses can make one-time or recurring payments using integrated virtual and physical corporate credit cards - each tied to dynamic limits controlled by centrally-managed budgets. Since launch, Divvy has raised $260 million in venture capital and secured $750 million in debt and capital markets.įor more information about Divvy, visit .ĭivvy is a financial technology company with a mission to make money smarter by modernizing payment processes and expense management. Launched in 2018, Divvy gives financial leaders a comprehensive view of budgets and spending within their organization. More than 3,500 businesses rely on Divvy to better manage their money. "Bill Pay, paired with the rest of the Divvy platform, offers financial leaders a single source for all their spend and expense management needs." "Bill Pay is evidence of our ongoing commitment to be the financial nervous system of every business," said Tyler Hogge, VP of Product at Divvy. Consistent with the entire Divvy platform, Bill Pay is free for all users, available immediately. Using Bill Pay, businesses can reduce time-consuming and expensive steps required to pay invoices-such as manually sending checks and initiating ACH transfers-while Divvy does the work to contact vendors about preferred payment methods, and remits payments on behalf of its users. "We designed Bill Pay as a modern approach to an outdated process, giving leaders real-time control and visibility of credit card and non-credit-card spending, all in one place and tied to one budget." "Businesses shouldn't be spending money to spend money," said Blake Murray, co-founder and CEO at Divvy. The new features allow team members to submit invoices, immediately reflecting on a given budget, with an option for financial leaders to later approve the final transaction. Unlike other spend and expense management platforms, Divvy Bill Pay allows users to consolidate credit card spend and invoices under one budget, for a comprehensive, clear, and up-to-date view of the company's total spend. Bill Pay, designed to replace traditional invoice processes, joins the Divvy platform as another free tool to help businesses manage budgets and spend smarter. 5, 2019 /PRNewswire/ - Divvy, the leader in spend and expense management, today announced a new product to give financial leaders greater visibility into budgets and total companywide spend.
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