The barely 2-year-old company has built a client list that tops 3,500, has raised some $230 million in investment capital and, just last month, broke ground on a new, 150,000-square-foot headquarters in Draper. The new product release is another notch in Divvy’s belt of accomplishments that belie its short existence.
“That’s not what we want our clients dealing with in 2019.”īill Pay, Hogge said, removes that very analog pathway and instead employs some digital automation, along with subcontracted services, that takes care of processing remittances.
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“Many of our clients have highly manual processes to pay their vendors, including licking stamps and sending out checks,” Hogge said.
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Tyler Hogge, Divvy vice president of product, said the company had recognized early on that it wanted to create a solution to its clients’ noncredit card spend sheet and saw an opportunity to update a system that is “beyond out of date.” Divvy earns its money on the banking side of its transactional system. Also, the platform, including the new Bill Pay tool, is free. Managers, via the platform, can set purchase limits and restrictions, monitor activity in real time and make dynamic changes, as needed.
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“We designed Bill Pay as a modern approach to an outdated process, giving leaders real-time control and visibility of credit card and noncredit card spending, all in one place and tied to one budget.”īill Pay compliments a Divvy software platform that already mediates expense management and enables users to create unique identifiers for every vendor and discrete credit card numbers for each employee that needs one. “Businesses shouldn’t be spending money to spend money,” Murray said in a statement. The new tool, Bill Pay, takes another step in that direction, adding the utility of invoice processing that the company said takes tasks like manually sending checks or initiating an account transfer off the plates of finance managers. The end goal, Murray said, was to eventually have the entirety of business financial management “roll through Divvy.”
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Divvy is as much of a no brained for an investor as it is for potential clients.SALT LAKE CITY - When a new product beta test shows 7,500% month-over-month growth, it’s a great indicator a company is on to something.īut that’s become familiar territory for the fast-growing Utah expense management platform Divvy, and on Thursday the company announced a new, integrated bill-paying tool has been added to its cloud-based suite.īack in April and following the announcement of a whopping $200 million Series C funding round, Divvy co-founder and CEO Blake Murray told the Deseret News the company was going to finance product development and engineering with a “maniacal focus” on creating solutions for finance officers in the small- to mid-size business market. The potential is hard to explain, with Divvy every single company can have the tools they need to manage their finances for free. I’ve never been part of a company that has scaled as fast as Divvy from a customer perspective. “Divvy is creating a category that businesses of all sizes and industries are adopting rapidly. “We have never seen product market fit like this before,” says board member Ben Lambert of Pelion - the source of Divvy’s Series A funding. Insight Venture Partners and Pelion -investment firms who funded the Series A and Series B Rounds - also contributed to this Series C Round for $200 million. 1 Startup to Watch in its 2018 annual UV50 awards when it toted the honor of receiving their Series A and Series B funding a short 11 weeks apart and had raised a total of $57 million. Just six months ago, Utah Valley BusinessQ named Divvy the No. The opportunity in front of us is bonkers. We’re creating our own category that’s never existed before, and we’re revolutionizing the finance department - much in the same way Salesforce revolutionized sales and marketing. “We couldn’t be more excited to take things to the next level,” says Alex Bean, co-founder of Divvy. Just in 2018, companies used Divvy’s platform for 1,531,859 transactions. This Lehi startup has caught national attention and revolutionized the way businesses manage finances. With Divvy’s innovative app, business owners and finance departments can manage and monitor spending by creating expense reports, budgets and virtual credit cards. In the beginning of January, Divvy had 30 employees, and now it has grown to over 200 employees and almost 3,000 customers. Today Divvy announced its Series C Round of funding for $200 million led by investor firm New Enterprise Associates (NEA).
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