That fee is split between Divvy, MasterCard and the issuing bank.
The business makes money from every transaction thanks to a fee paid by the merchant. “If you want to disrupt a market you have to be very deliberate in your approach and you have to build powerful experiences that really pull the rug out from under your competition.”ĭivvy’s expense tools are free. “We aren’t taking the route of build fast and break fast,” Murray said. Murray tells TechCrunch the business hasn’t adopted a hypergrowth strategy, opting instead to spend nearly two years carefully crafting and iterating the product before its public launch.ĭivvy co-founders Alex Bean (left) and Blake Murray. Its valuation has grown 1000 percent since then across three rounds of equity funding. Divvy only launched its platform, which allows customers to send and request funds, create virtual credit cards, manage team spending and more, in January 2018.
Divvy crunchbase series#
According to PitchBook, the Series B financing valued Divvy at $173 million, suggesting a new valuation of nearly $700 million.įor a business headquartered in Lehi, Utah - for a Silicon Valley startup even - that’s a seriously rapid growth rate. Murray, Divvy’s co-founder and chief executive officer, declined to disclose Divvy’s valuation though he did confirm it’s grown 4x from the company’s $35 million Series B. The company, not to be confused with Divvy Homes or Divvy Bikes, has raised an additional $200 million in venture capital funding as part of Series C financing led by NEA with participation from Pelion Venture Partners and Insight Venture Partners. Today, that’s Divvy, a tech-enabled replacement of monthly expense reports. In February 2016, Blake Murray wrote down an idea for a business expense and budgeting platform on the back of a napkin.
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