Divvy, the Utah based payment and expense management platform has bagged a Series C financing worth $200 million which was led by NEA and saw participation from existing backers, Pelion Venture Partners, and Insight Venture Partners. Notably, the company had just picked up $250 million debt financing which was led by Waterfall Asset Management. The current round takes the total amount raised by Divvy over $400 million. The other backers who have pumped up funding in the firm include Peak Ventures, Aaron Skonnard, Josh James and others.
Divvy was launched in 2016 by Alex Bean and Blake Murray as a platform which will help an individual have a track of their spends and provide the reports on the same, removing all the hassle of keeping track of such things manually. Through the platform, Divvy also offers options to businesses where they can manage payment, subscriptions, build budgets and other payment and expense related reports.
Scott Sandell, Managing General Partner of NEA who is joining the board of Divvy as part of the investment commenting on the funding said, “We are thrilled to support Divvy in their mission to modernize the way businesses handle money. In only a year in a half, Divvy has established itself as one of the fastest growing fintech companies we’ve ever seen. The company’s unprecedented growth is a testament to both the team and the compelling product they have built, which is alleviating a major pain point experienced by all businesses.”
The company said that the fresh capital infusion indicates the success of the company and it also gives them the opportunity to work towards the ambitious vision of modernizing financial processes through a single smart platform.
Image Courtesy : getdivvy