Australia-based DiviPay has reportedly collected an additional $1.7m in Series A funding, bringing the round’s total to around $4m.
The fresh investment was led by ANZi, the corporate venture division of ANZ Bank, according to a report from Australian FinTech.
With the extra capital, the FinTech hopes to expand its marketing, sales and engineering teams, and expand its customer base.
DiviPay previously raised $2.3m in funding back in 2019 from Seed Space Ventures and a series of angel investors.
The FinTech issues virtual corporate cards as well as tools to manage expenses. Its services include subscription managements, expense reporting, real-time transactions, accounting integrations, card controls and more.
Its latest feature is automated bill payments, which can streamline payment workflows. It also lets the client automate the types of bills that need approval.
DiviPay CEO Daniel Kniaz told Australian FinTech “Up until this year, DiviPay’s customer growth has been mainly through word of mouth. We have built strong advocates of our product because we involved customers in our business journey and truly built a product that solves a common problem. This year, we plan to attract larger customers and will continue to grow our non-profit customer base.”
Kniaz continued to state the non-profit sector is prime for the DiviPay product due to their tight budgets, short reconciliation cycles and an inability to get cards from traditional providers.
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