![]() ![]() The real sign that Divvy is gaining traction will be if companies completely eliminate their use of paid expense management platforms like Concur or Expensify. Of course, it’s easy for companies to commit to testing out Divvy for two or three months, given that it doesn’t cost anything. #Divvy utah software“Banks are looking at us as the software company that can build the user experience that they can’t,” Bean told VentureBeat.Īfter making its platform publicly available in December, Divvy now has more than 450 companies signed on as customers. Currently, the company issues Divvy-branded Mastercards through Wex Bank. The company makes money by taking a cut of the interchange fee the merchant issues to the bank after a credit card transaction is processed (Bean declined to say what percentage of the fee Divvy gets). #Divvy utah freeUnlike other expense management platforms, Divvy is free for businesses to use. That way, if the website gets hacked and the company’s credit card number is stolen, the hacker can’t use that number to make any other purchases in the company’s name. The executive in charge of that part of the budget can then approve or deny the request in real time, eliminating the need to review all department purchases at the end of the month.ĭivvy also allows companies to generate a virtual credit card number for single online purchases, like a subscription. Divvy’s platform is similar to Venmo in that an employee can send a request via the Divvy mobile app for say, $100 to take a client out to lunch. Once a company signs up to use Divvy, the CEO and other designated executives receive physical Divvy cards that they can use just like a regular corporate card. “Alex and Blake have created a simple solution to fix a problem facing all companies, with a huge upside for growth.” “As a founder and CEO, I know all too well the hassles associated with business expensing, so I can relate to the problem Divvy is solving,” Skonnard told VentureBeat in an email. “At the end of the day, we just found the right partners,” Bean told VentureBeat in a phone interview. Understand and categorize spend in real timeso what used to take weeks (and lots of email chains) gets done in seconds. Divvy provides expense reporting in just a few clicks, so you can have the fastest month-end possible. But then, Bean said, he and his cofounder - Divvy CEO Blake Murray - started receiving five to 10 requests each week from VCs interested in meeting with the pair. Expense Management Software for Businesses Divvy Expense management software made easy. Divvy is as much of a no brained for an investor as it is for potential clients.Divvy cofounder and COO Alex Bean told VentureBeat that his company wasn’t planning on raising any more money after securing a $7 million seed round in December. Our semi-annual childrens consignment sale is held in Beautiful Logan, Utah We offer over 50,000 gently used childrens items, including clothing, shoes. 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. #Divvy utah series“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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