Divvy has raised $416.0M in total across 4 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 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 $416.0M across 4 funding rounds. Most recently, it raised $170.0M Series D in January 2021.
