Australia-based DiviPay, an expense management platform and virtual corporate card that helps SME businesses streamline their spending, raised USD 20 million on 13th December.
Investors: The investment round was led by an undisclosed equity investor, alongside Global Founders Capital and Rapyd Ventures. Additionally, significant investors included founders including Raffael Johnen from Auxmoney, a dominant player in Europe’s credit market, and Guy Pearson, Tiger Global-backed accounting and client engagement platform, Practice Ignition.
Purpose of funding: DiviPay will use the funding to expand its offering across international markets and further develop its holistic product offering. In addition, the startup will increase brand promotion across Europe with more businesses in various sectors. It estimates its team of 20-plus will grow by at least four times in the coming year.
About DiviPay
Founded in 2017 by Daniel Kniaz and Russell Martin, DiviPay is located in Surry Hills, Australia. DiviPay is a fintech startup that offers SMEs streamlined spending management. Using the startup’s easy-to-use mobile app and web tools, users can manage their spending and take advantage of exclusive rewards. The startup offers solutions for issuing corporate cards to staff while keeping track of expenditures, receipts, and accounting information. Additionally, it allows businesses to give virtual corporate Mastercards to their employees for online and in-store purchases. With DiviPay’s integrated spend-management solution, countless hours of manual work have been saved. Since last year, DiviPay has grown by over 300%, proving that their offering is proving valuable to customers.
What the founder has to say
“DiviPay helps finance leaders control who can spend company funds, how much they can spend, and where they can spend it – we deliver transparency, security and autonomy in expense management,” said Daniel Kniaz, Co-founder and CEO at DiviPay,
“I’m really proud and excited about DiviPay’s latest funding round because it gives us an opportunity to work with some great investors in fintech to further develop our mission, and to rapidly expand our footprint in terms of team, product, and location.”
“With tech at the forefront of recent changes in the working world, 2022 was always going to be a big year for DiviPay. This funding round allows us to make an even more significant impact on the market – fintech is definitely the place to be right now!”
What the investors have to say
“We loved how DiviPay entered the expense management space focusing on an easy-to-use, powerful software product, and on that foundation, we believe the opportunities for expansion are endless. We are excited to back the team in their next phase of growth,” Tito Costa, Partner at Global Founders Capital states.
“Rapyd Ventures is thrilled to partner with Divipay, a leading expense management software in Australia. We are excited with what Daniel and Russell are building to help businesses and SMEs transform payment flows and financial software in the region,” said Joel Yarbrough, MD of Rapyd Ventures.
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