Louis to support small and midsize businesses to provide insights into how different regions are approaching business in the next year. It recently partnered with the San Francisco Chamber of Commerce, the Black Chambers of Atlanta, and the regional economic development organization Greater St. Meanwhile, continued to expand its payment offerings through partnerships. Prior to the acquisition, Divvy had raised $417.5 million in five rounds of funding from investors including New Enterprise Associates, Pelion Venture, Insight Partners, Jonathan Weiner, PayPal Ventures, Whale Rock Capital Management, Schonfeld Strategic Advisors, Hanaco Venture Capital, and Acrew Capital. It will give businesses the opportunity to automatically manage both payable and receivable accounts as well as corporate card spend in one combined space. The acquisition enhances ’s ability to deliver value to the combined customer base. It integrates real-time tracking with each business transaction, giving organizations instant insight into their spends. Founded in 2016 by Alex Bean and Blake Murray, Divvy is a secure financial platform that allows businesses to manage payments and subscriptions, build strategic budgets, and eliminate expense reports. Recently, announced its acquisition of Utah-based Divvy. It processed $35 billion in total payment volume, growing 44% over the year from 7.2 million transactions. Subscription fees grew 32% to $29.3 million, and Transaction fees increased 112% to $29.3 million.Īmong key metrics, it reported a customer growth of 27% over the year to over 115,600. The market was looking for a loss of $0.07 per share for the quarter.īy segment, subscription and transaction revenues grew 62% to $58.6 million. Non GAAP net loss was $1.7 million, or $0.02 per share, compared with a net loss of $2.4 million or $0.03 per share last year. Revenue for the quarter grew 38% to $59.74 million, significantly ahead of estimates of $54.64 million. GAAP net loss was $26.7 million, compared to net loss of $8.3 million a year ago. continues to expand its offerings for the sector through partnerships and acquisitions. “I’m proud that Divvy is joining to bring the one-stop-shop platform that our customers and the market have been asking for,” CEO Blake Murray (NYSE:BILL), a cloud-based provider of financial services for SMBs, recently announced its third quarter results that surpassed market expectations. “By buying Divvy, will be able to offer expense management and budgeting software, along with smart corporate cards, to its more than 115,000 customers and its 2.5 million network members,” Barron’s said.ĭivvy currently serves more than 7,500 small businesses. “Investors believe that companies can benefit from an all-in-one software platform to manage all aspects of spending,” Protocol said.īill.com, which employs roughly 800 people and has a $10.7 billion market capitalization, reported first-quarter revenue of $59.7 million on Thursday, beating estimates of $54.63 million. On the news of the deal, shares jumped 14.3% to $149 in after-hours trading Thursday.Īccording to Protocol, there has been a “frenzy in the industry for startups focused on spend management and corporate credit cards.” Among Divvy’s rivals, Brex just raised $425 million at a $7.4 billion valuation and Ramp also raised capital, at a $1.6 billion valuation. “Our expanded platform will provide more automation and real-time information to SMBs, enabling them to make more informed decisions,” he added. “Customers have been asking us to help them with their spend management, and I am excited that together with Divvy, we can deliver on that ask, furthering our vision to transform SMB financial operations,” CEO René Lacerte said in a news release
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