April 30, 2019
Divvy Pay Inc., a payments and expense management platform, has raised $200 million in Series C financing led by New Enterprise Associates Inc., according to a press release.
The company said it will use the funding to accelerate product development and customer growth, and to further refine its smart money payment and expense management platform.
"This investment allows us to deepen the Divvy platform and experience, furthering our mission to make money smarter for all businesses," Divvy co-founder and CEO Blake Murray said in the announcement.
Scott Sandell, managing general partner at NEA, will join the Divvy board of directors, and Ben Narasin, venture partner at NEA, will join as a board observer.
Divvy officials said the funding, the third round in less than a year, was supported by existing investors Pelion Venture Partners and Insight Venture Partners. The company has now raised more than $245 million in equity funding, the release said.
In January, the company announced a $250 million credit facility through Waterfall Asset Management.
Since launching 15 months ago, more than 3,000 businesses have signed on to the platform, with hundreds of thousands of credit cards spending on the service, backed by $1.6 billion in credit.
Topics: Mobile Payments, Technology Providers
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