Divvy, a Lehi, UT-based payment and expense management platform for business, raised $200m in Series C financing.
The round, which brought total equity financing to $245.5m, was led by NEA, with participation from existing investors Pelion Venture Partners and Insight Venture Partners. In conjunction with the funding, Scott Sandell, Managing General Partner of NEA, will join Divvy’s Board of Directors. Ben Narasin, Venture Partner at NEA, will join as a board observer.
The company intends to use the funds to accelerate product development and customer growth, while further refining its smart money payment and expense platform.
Led by Blake Murray, Co-Founder and CEO, Divvy is a financial software company that provides customers with tools to manage payments and subscriptions with integrated virtual and physical corporate credit cards, with each tied to dynamic limits controlled by centrally managed budgets.
Divvy’s system centralizes budget management, delegates payment process, automates expense management, and gives financial leaders real-time control over spending.