Divvy Raises $35 Million led by Insight Venture Partners to Help Businesses Take Control of Corporate Spend
LEHI, Utah, July 24, 2018 /PRNewswire/ -- DivvyPay, Inc. ("Divvy"), a leading next-gen corporate spend management platform, today announced a $35 million Series B funding round with an investment led by Insight Venture Partners to continue its streak of rapid customer adoption and growth. This round brings the company's total funding to $57M.
Divvy is an end-to-end solution that turns the status quo for budgeting and expense reporting on its head. Within the Divvy web and mobile app, businesses can proactively cap corporate credit card spend, automate expense reports, and track transactions in real-time—all at zero cost.
"Every single day, businesses deal with the pain of outdated expense management tools and processes," said Blake Murray, CEO of Divvy. "Businesses want one place to see and control how their company spends money. Divvy is truly the solution the market has been waiting for."
For administrators, Divvy not only provides enhanced visibility and streamlined reporting across both T&E and procurement, but also for the issuance of corporate credit cards with significantly greater ease, speed, and peace of mind. For employees, Divvy delivers the freedom to send and request funds, instantly create virtual credit cards, manage software subscriptions, and forgo expense reports entirely.
"We are thrilled to be investors in Divvy, which is transforming corporate expense tracking from a reactive to proactive process," said Jeff Lieberman, Managing Director at Insight Venture Partners. "Divvy offers a unified platform that enables real-time decision-making and budget management, ultimately creating operational efficiencies and savings."
Divvy is a secure financial platform for businesses to manage payments and subscriptions, build strategic budgets, and eliminate expense reports. By integrating real-time tracking for every business transaction, Divvy provides organizations with instant insight into their spend. With Divvy, you can make informed cash flow decisions, curb losses before they happen, and never save a receipt again. For more information on Divvy, visit getdivvy.com
About Insight Venture Partners:
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $23 billion under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.