[NEWS] Utah’s Divvy raises $200M to eliminate expense reports – Loganspace

In February 2016, Blake Murray wrote down a theory for a commerce expense and budgeting platform on the abet of a serviette. This day, that’sDivvy,a tech-enabled replacement of monthly expense reviews.

The firm, no longer to be puzzled withDivvy PropertiesorDivvy Bikes, has raised an additional $200 million in enterprise capital funding as share of Series C financing led by NEA with participation from Pelion Mission Partners and Perception Mission Partners. Murray, Divvy’s co-founder and chief executive officer, declined to list Divvy’s valuation though he did verify it’s grown 4x from the firm’s $35 million Series B. In step with PitchBook, the Series B financing valued Divvy at $173 million, suggesting a unusual valuation of nearly $700 million.

For a commerce headquartered in Lehi, Utah — for a Silicon Valley startup even — that’s a seriously quickly growth fee. Divvy most sensible doubtless launched its platform, which enables customers to send and quiz funds, web digital credit playing cards, organize crew spending and extra, in January 2018. Its valuation has grown 1000 percent since then all the contrivance thru three rounds of fairness funding. Murray tellsTechCrunchthe commerce hasn’t adopted a hypergrowth strategy, opting as an different to use nearly two years sparsely crafting and iterating the product sooner than its public open.

Divvy co-founders Alex Bean (left) and Blake Murray.

“We aren’t taking the route of web quickly and ruin quickly,” Murray acknowledged. “In negate for you to disrupt a market or no longer you’ll be able to have to be very deliberate on your plan and or no longer you’ll be able to have to web extremely efficient experiences that in point of truth pull the rug out from below your opponents.”

Divvy’s expense instruments are free. The commerce makes cash from every transaction because of a price paid by the service provider. That price is ruin up between Divvy,MasterCardand the issuing monetary institution. The firm’s key opponents are legacy expense system Concur andExpensify,a decade-veteran fellow enterprise-backed expense manager. Divvy, nonetheless, items itself apart with a person-friendly cell app and its corporate bank card, parts that allow customers genuine-time visibility into their spending.

“It doesn’t purchase a genius to gape that there’s been unheard of innovation with B2B device that provides you genuine-time recordsdata,” Murray acknowledged. “Whether intentional or no longer, Divvy is creating a unusual category. Divvy took what looked love a bunch of disparate tips, mixed them and acknowledged holy crap that every makes a bunch of sense.”

The firm at unusual counts 200 workers and 3,000 customers on earnings growth of 30 percent quarter-over-quarter. Divvy plans to make use of essentially the most fashionable funding to bolster product and engineering groups, to boot to open a bill pay product. Subsequent one year, Divvy will develop internationally.

The spherical brings Divvy’s entire raised to $245.5 million, no longer including a $250 million credit facility it secured in January.NEAmanaging popular partner Scott Sandell is joining Divvy’s board of directors as share of the transaction.

The firm has beforehand landed monetary pork up from Utah’s tech unicorn CEOs Domo founderJosh JamesandPluralsightco-founderAaron Skonnard.