Spend management platform DivvyPay has netted $35m in its Series B round, following a lead investment from Insight Venture Partners.
The investment comes just months after the company secured $10.5m in a round led by Pelion Ventures. Other backers to the former round included Domo CEO Josh James, Pluralsight CEO Aaron Skonnard, and Traeger Grills CEO Jeremy Andrus.
Utah-based Divvy helps businesses to manage payments and subscriptions to create automated expenses reports and budgets. The company uses real-time tracking for all business transactions to boost fraud protection and identify wasteful spending.
Through the platform, users can send and request funds, create virtual credit cards, and manage team spending. Divvy launched its services at the beginning of the year and currently has ‘tens of thousands’ of users, and ‘hundreds’ of companies using its platform, according to the company.
This new burst of capital brings DivvyPay’s total funding efforts to $57m. The new line of funding will be put towards supporting its ‘rapid customer adoption and growth.
Insight Venture Partners managing director Jeff Lieberman said, “We are thrilled to be investors in Divvy, which is transforming corporate expense tracking from a reactive to proactive process. Divvy offers a unified platform that enables real-time decision-making and budget management, ultimately creating operational efficiencies and savings.”
Earlier in the month, Insight Ventures held the $6.3bn final close for its 10th fund, bringing its total committed capital up to $23b. The vehicle is being used to back growth-stage software, software-enabled services and internet business companies.
This new deal marks the firm’s ninth in the FinTech space this year. Last month it completed two deals, leading the $20m funding of digital mortgage startup SimpleNexus and the $200m funding of product development platform provider Jama Software.
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