Divvy, a Lehi, Utah-based payment and expense management platform for businesses, as per recent reports this week, has just closed a Series C funding round, raising $200 million in investments. The recent financing round was led by NEA (New Enterprise Associates), a Chevy Chase, Maryland-based venture capital firm, and was participated by Divvy’s existing investors Pelion Venture Partners and Insight Venture Partners.
With this Series C funding, Divvy has closed the third round of funding in less than a year time, raising in total $245.5 million in equity financing. The Utah-based Divvy plans on utilizing this investment to accelerate its product development process and boost its customer growth.
Blake Murray, co-founder and CEO of Divvy, says, “This investment allows us to deepen the Divvy platform and experience; furthering our mission to ‘make money smarter’ for all businesses. Beyond that, it gives us the resources we need to invest deeply in our team and platform in a way that greatly accelerates our vision.”
Divvy, which was established just 15 months ago, has come a long way. The Utah-based payment platform already has a dedicated and loyal user base, approaching 3,000 businesses, with hundreds of thousands of active credit cards spending on the Divvy platform backed by over $1.6 billion in credit.
The firm has reported revenue growth of over 30% quarter-over-quarter. With no signs of slowing down, Divvy says that the recent cash inflow comes at a key time in the platform’s growth.
As part of this investment, Scott Sandell, Managing General Partner of NEA, will be joining Divvy as a member of its board of directors, along with Ben Narasin, Venture Partner at NEA, who will be joining as a board observer.