LEHI, Utah, April 30, 2019 /PRNewswire/ -- Divvy, a modern payment and expense management platform for business, today announced a $200 million financing round led by NEA, with participation from existing investors Pelion Venture Partners and Insight Venture Partners. The Series C is the third round of funding Divvy has closed in less than a year, bringing the company's total equity financing to $245.5 million. The new investment will allow Divvy to accelerate product development and customer growth, while further refining the company's smart money payment and expense platform.
"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," noted Scott Sandell, Managing General Partner of NEA.
Blake Murray, Co-Founder, and CEO of Divvy commented, "This investment allows us to deepen the Divvy platform and experience; furthering our mission to "make money smarter" for all businesses. Beyond that, it gives us the resources we need to invest deeply in our team and platform in a way that greatly accelerates our vision. We're also excited to welcome NEA to the Divvy community, and we share their commitment to helping reshape financial technology."
This investment further validates and gives fuel to Divvy's ambitious vision to modernize financial processes by fusing payments and expense management into one smart money platform. Since launching only 15 months ago, Divvy has quickly established a loyal user base approaching 3,000 businesses, with hundreds of thousands of active credit cards spending on the Divvy platform backed by over $1.6B in credit. Plus, Divvy has generated quarter-over-quarter revenue growth of over 30% with no signs of slowing down. This cash injection comes at a key time in Divvy's growth and is expected to help the company continue to expand for years to come.
Scott Sandell, Managing General Partner of NEA, will join Divvy's Board of Directors. Ben Narasin, Venture Partner at NEA, will join as a board observer.
Divvy is a financial software company that helps businesses modernize payment processes and expense management. With Divvy, customers can manage payments and subscriptions with integrated virtual and physical corporate credit cards, with each tied to dynamic limits controlled by centrally managed budgets. Divvy centralizes budget management, delegates payment process, automates expense management, and gives financial leaders real-time control over spending. More at www.getdivvy.com.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors, and geographies. With more than $20 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 225 portfolio company IPOs and more than 375 acquisitions. For additional information, visit www.nea.com.