Fintech startup Divvy raises $10.5 million Series A to eliminate expense reports
Some of the biggest headaches business travelers face are: keeping track of receipts, submitting expense reports on time and facing questions about the legitimacy of certain charges. Now, technology is making expense reporting easier. One of the leaders in this area is Utah-based startup Divvy. Founded in 2016 by Alex Bean and Blake Murray, Divvy helps businesses manage payments and subscriptions, build strategic budgets, and eliminate expense reports. Divvy is the world’s first complete Expense Management solution,
Today the company announced it has raised a $10.5 Million round led by Pelion Ventures with participation from personal investors Josh James, CEO of Domo, Aaron Skonnard, CEO of Pluralsight, and Jeremy Andrus, CEO of Traeger Grills. The company raised funds to increase the growth rates of the already fast growing expense management company. Based on publicly available data, the company has raised a total of $17.5 million in funding to date.
Divvy software gives businesses complete control and real-time visibility into company spending while eliminating the hassle of expense reports. 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 have to save a receipt again.
Divvy is designed to give companies total control of business spend. Divvy eliminates the need for expense reports and allows all company employees to have a corporate credit card. All while increasing the real-time spend visibility and control.
“We are positioning ourselves to be the one stop shop for business spending,” said Blake Murray, CEO of Divvy. “We are removing barriers of entry by providing a free, yet powerful, solution for businesses as they spend. We’re passionate about helping every business spend smarter.”
Within the Divvy platform users can send and request funds, create virtual credit cards, manage team spending, and much more. Since launching its product in January 2018, Divvy boasts tens of thousands of users and hundreds of companies using the platform.
“We are very excited to be a part of the Divvy customer family. We feel that the enhancements that the Divvy platform has to offer in terms of us managing our expenses will greatly impact the efficiency of our employees as well as the accuracy of their spending.” – Jeff Jacobson, Chief Operating Officer at Costa Vida.