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Founded in 2016 by CEO Blake Murray and Alex Bean, Divvy is a Draper, Utah-based startup providing a SaaS platform that combines expense management software with corporate cards. The automated system helps businesses of all sizes track their finances in real time, addressing gaps in financial data while offering tools for payments, decision-making, and access to capital. By pairing a SaaS subscription model with corporate cards, the company became one of the fastest-growing startups, scaling its operations to support a workforce of 301 to 500 employees. This rapid growth was driven by a strong team, product, and culture, supported by key leaders including SVP Tyler and CRO Sterling. Ultimately, Divvy's success in delivering these financial tools led to its acquisition by Bill.com a couple of years ago for a valuation of $2.5 billion.
Divvy has raised $673.0M across 6 funding rounds.
Divvy has raised $673.0M in total across 6 funding rounds.
Divvy is a fintech company that builds an expense management platform combining corporate cards, real-time spend tracking, budgeting tools, and AI-powered automation to eliminate manual expense reports.[1][2][4] It serves businesses of all sizes—from startups to enterprises—helping them control employee spending, integrate payments and subscriptions, and gain insights into transactions via a secure platform.[1][2][4] Prior to its 2021 acquisition by Bill.com for $2.3 billion, Divvy raised $667.5M, achieved over $1B in annual transactions, and grew to 10,000+ customers with 600+ employees, demonstrating explosive momentum in the spend management space.[1][2][3]
Now operating as BILL Spend & Expense (formerly Divvy), the platform offers credit limits up to $5M, free AI-enhanced software for auto-categorization, receipt matching, fraud detection, and mobile access, positioning it as a leader in streamlining financial operations.[2][4]
Divvy was founded in September 2016 in Lehi, Utah, by Blake Murray and Alex Bean, who launched a corporate credit card and expense management platform just months later in March 2017.[2] The idea emerged amid growing demand for real-time spend controls in SMBs, evolving quickly with features like automated reporting (2018), virtual cards (2020), and rapid funding: $7M seed (2017), $10.5M Series A (2018), $200M Series C at $1.6B valuation (2019), and $165M Series D (2021).[2] Pivotal moments included 2019 revenues of $32M, Forbes recognition as a top cloud company, and scaling to $1B+ annual transactions by mid-2021, culminating in its blockbuster acquisition by Bill.com in June 2021 for $2.3B ($665M cash + stock).[1][2]
This Utah-based "fintech rocket ship" transformed from a local startup to a category leader in under five years, humanizing its success through founder-driven innovation in a post-pandemic remote work era.[2][3]
These features set Divvy apart from competitors like Ramp, Soldo, and Navan by prioritizing ease, security, and comprehensive spend management without legacy friction.[1]
Divvy rides the corporate card and spend management wave, fueled by digital transformation in fintech, remote work, and SMB digitization post-2020.[2] Its timing capitalized on rising demand for no-receipt, real-time controls amid economic volatility, influencing the ecosystem by accelerating Bill.com's expansion into AI-driven financial ops—now handling 1%+ of US GDP in payments.[2][4] Market forces like regulatory pushes for compliance, AI adoption in finance, and competition from Ramp/Navan favor its growth, as businesses seek integrated platforms over fragmented tools.[1][4] By normalizing virtual cards and predictive analytics, Divvy shapes broader trends toward autonomous finance, empowering startups and enterprises alike.
Divvy's integration into Bill.com positions it for dominance in AI-enhanced spend management, with expansions into global payments, effortless travel tools, and vendor onboarding on the horizon.[4] Trends like predictive fraud AI, multi-country scalability, and embedded finance will propel its evolution, potentially capturing more mid-market share amid fintech consolidation. As BILL Spend & Expense, its influence grows from a $2.3B exit story to a foundational platform, redefining expense control for millions—proving one Utah startup's platform can streamline business finance at scale.[2][4]
Divvy has raised $673.0M in total across 6 funding rounds.
Divvy's investors include 305 Ventures, 9Yards Capital, Accel, Arrive, Bora&Sons, Casa Verde Capital, Cosmic Venture Partners, Craft Ventures, Draper Associates, Elefund, FPV Fund, Index Ventures.
Divvy has raised $673.0M across 6 funding rounds. Most recently, it raised $170.0M Series D in January 2021.
