How Much Did Divvy Raise? Headquarters, Funding & Key Investors

Divvy has secured $448 million in total funding, rapidly scaling to unicorn status with a $165M Series D round in January 2021, valuing the company at $1.6 billion. The company’s major backers include PayPal Ventures, NEA, Insight Partners, Hanaco Ventures, Whale Rock, and Schonfeld, contributing heavily across Series B, C, and D rounds. Earlier funding from Pelion Venture Partners and initial seed capital helped build out Divvy’s spend management platform. This funding momentum eventually led to Divvy’s acquisition, solidifying its position as a leading cloud-based spend management solution.

How Much Did Divvy Raise? Funding & Key Investors

Divvy provides an integrated spend management platform that helps businesses control budgets, track expenses, issue virtual cards, digitize receipts, and access real-time spending insights. Designed for finance teams, Divvy seamlessly combines credit, expense management, and payment workflows into a single product.

The platform also offers corporate travel management tools that unify bookings, expenses, and reporting for teams.

What Is Divvy and What Does It Do?

Divvy, founded in 2016 by Alex Bean and Blake Murray, is headquartered in Lehi, United States. The company provides cloud-based spend management tools that help businesses manage budgets, track real-time transactions, issue virtual cards, and automate expense processes. Divvy also offers built-in travel management to streamline booking and reimbursements.

Divvy employs between 251-500 people, supporting companies in eliminating manual expense reports and centralizing financial visibility with a unified spend platform.

How Much Funding Has Divvy Raised?

1. Seed Round

Amount Raised: $7M
Date: December 2017
Motivation: To begin building Divvy’s spend management infrastructure and support early product development.

2. Series A

Amount Raised: $10.5M
Date: May 2018
Lead Investors: Pelion Venture Partners
Motivation: To expand the core product suite and grow the engineering team.

3. Series B

Amount Raised: $35M
Date: July 2018
Lead Investors: Insight Partners
Motivation: To scale operations and improve spend automation tools.

4. Series C

Amount Raised: $200M
Date: April 2019
Lead Investors: New Enterprise Associates (NEA)
Motivation: To support rapid customer growth and expand into new markets.

5. Series D

Amount Raised: $165M
Date: January 2021
Lead Investors: PayPal Ventures, Hanaco, Whale Rock, Schonfeld
Motivation: To accelerate product innovation and expand Divvy’s engineering roadmap.

Total Funding Raised: $448 Million

Current Valuation: $1.6 Billion (as of January 2021)

Latest Funding Date: January 2021

Key Investors

1. PayPal Ventures

Details: Venture arm of PayPal investing in companies transforming financial services.
Investment Focus Areas: FinTech, consumer payments, digital finance.
Notable Investments: Divvy, Tala, Acorns.

2. New Enterprise Associates (NEA)

Details: One of the world’s largest VC firms investing across technology and healthcare.
Investment Focus Areas: Software, consumer tech, enterprise, and healthcare.
Notable Investments: Divvy, Robinhood, Coursera.

3. Insight Partners

Details: Global VC/PE firm backing high-growth software companies.
Investment Focus Areas: SaaS, cloud, cybersecurity, FinTech.
Notable Investments: Divvy, Shopify, Twitter.

4. Pelion Venture Partners

Details: Early-stage venture firm backing innovative cloud and IT startups.
Investment Focus Areas: SaaS, cloud tech, developer tools.
Notable Investments: Divvy, Red Hat, Cloudflare.

5. Hanaco Ventures

Details: Growth-focused VC firm investing in disruptive global tech companies.
Investment Focus Areas: Consumer tech, enterprise software, mobility.
Notable Investments: Via, Yotpo, Moovit.

Where Is Divvy’s Headquarters?

Divvy is headquartered in Lehi, Utah, a thriving technology hub known as the "Silicon Slopes." This strategic location provides access to top engineering talent, enterprise clients, and collaborative ecosystems that accelerate product development and market expansion.

What’s Next for Divvy?

Divvy is positioned to continue growing through deep integration of spend management, credit, vendor payments, and travel tools into one unified platform. The company plans to expand automation capabilities, onboard larger enterprises, and enhance AI-powered financial insights. With strong backing from major investors and ongoing demand for modern finance solutions, Divvy’s adoption is expected to rise significantly post-acquisition.

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