Breaking-Finance.Com - Divvy, an American outfit offering businesses a combination of free expense management software and corporate credit cards, has raised $165 million at a valuation of $1.6 billion. The Series D investment includes new investors Hanaco, PayPal Ventures, Whale Rock, Schonfeld, and participation from previous backers NEA, Insight Venture Partners, Acrew, and Pelion.

. The firm says its simplified process and cost-saving benefits are especially important to Main Street businesses during the Covid-19 pandemic, prompting a 500% increase in monthly sign-ups since March.The new funding will be used for product development and engineering as the Utah-based firm pushes its vision of combining credit, vendor, and spend management into a single platform. Blake Murray, CEO, Divvy, says: "We're not just building for tech startups—we help businesses across the country by providing the capital and financial software they need to thrive."

Source = Breaking-Finance.Com

Financial breaking news