![]() ![]() Budgeting and spend-management tools that allow businesses to set and track spending limits, monitor employee expenses, and identify areas for cost savings.Automated expense reports: Users can create and submit expense reports automatically using the data from their card and other expenses tracked in the platform.Virtual cards provide an additional layer of security and can be used for expenses that don’t require a physical card. Virtual cards that can be used for online purchases or one-time payments.The platform also provides automatic expense categorization, making it easier to track and manage spending. Expense tracking and reporting in real-time.It’s also a fairly robust system best used by larger small businesses with employees and more complicated expense management needs. The main downside is the initial time investment to set up and get all employees on board using the platform. Divvy also provides lines of credit offering up to $15 million.This can lead to increased efficiency and cost savings for the business. By using Divvy, businesses can reduce the time and effort spent on manual expense management tasks, as well as improve their visibility into company spending and make more informed financial decisions. ![]() Divvy’s platform also offers a range of features that can help businesses improve their financial management and control, such as the ability to issue virtual or physical corporate credit cards, reconcile expenses automatically, and generate reports on spending.With Divvy, businesses can easily track and manage employee expenses in real time, as well as set customized spending limits and receive instant notifications for purchases. Streamline and automate corporate spending and expense management processes.On the other hand, if they still owned it today, it is worth about $1.5 billion (as of July 2023). However, many shares could not be sold until after the 6-month lockup expired in December 2021. *Note: If the Divvy owners sold their shares at the market peak (Nov 2021), they would have fetched around $3.7 billion. May 2021: Acquired by for $2.3 billion in a cash ($665 million) and stock ($1.65 billion*) deal (source: SEC).May 2021: More than 10,000 customers, more than $1 billion in annual transactions (source: Nathan Latka).January 2021: Raises $165M series D with Paypal as lead investor bringing total capital raised to $418M.June 2020: Launches virtual cards 2019 revenues of $32 million (source: Forbes).It is also named one of the top 100 private cloud companies in the world by Forbes. October 2019: Raises $200 million in a series C funding round, valuing the company at $1.6 billion.Aug 2019: Hits milestone of 3,000 companies served and secures a major commitment from Credit Suisse to purchase up to $500M in receivables (Source: Press release).April 2019: Raises $200M Series C hits unicorn status.April 2018: Adds automated expense reporting and budgeting tools.March 2017: Launches corporate credit card and expense management platform.September 2016: Founded in Lehi, Utah by Blake Murray and Alex Bean.The exit occurred in mid-2021 when was looking to expand its offerings in the corporate card and expense management space. While several companies have reached $2.3B+ valuations in that time ( see Appendix), few, if any have actually cashed in so quickly. Founded in late 2016 by Blake Murray and Alex Bean, the Lehi, Utah-based startup went from founding to a $2.3 billion exit in just 4.5 years. Divvy is one of the biggest fintech success stories of the 2020s. ![]()
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