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FT Partners Advises Divvy on its $165,000,000 Series D Financing

Overview of Transaction

  • On January 5, 2021, Divvy announced its $165 million Series D round at a valuation of $1.6 billion with investments from new investors Hanaco, PayPal Ventures, Schonfeld and Whale Rock
  • Existing investors that participated in this round include NEA, Insight Venture Partners, and Pelion
  • Divvy received strong investor interest leading the company to upsize the round from the initial target; nonetheless, the round remained oversubscribed at the new level
  • By combining free expense management software with corporate credit cards, Divvy’s centralized platform allows businesses to manage their spend with real-time visibility and control over their budgets
  • A rapidly growing number of businesses are choosing Divvy, including tech companies like Noom, e-commerce merchants like Solo Stove and Rhone, vision care leaders like EyeCare Partners, LLC, and iconic sports franchises like the Utah Jazz and the Atlanta Dream

Significance of Transaction

  • The valuation of $1.6 billion and the addition of key investors validates Divvy’s ambition to modernize financial processes by combining credit, vendor, and spend management into a single platform
  • With the Series D funding, Divvy plans to invest heavily in product development and engineering to accelerate the Company’s future roadmap

FT Partners' Role

  • FT Partners served as exclusive financial and strategic advisor to Divvy and its Board of Directors
  • This transaction underscores FT Partners' deep payments and software domain expertise, as well as our successful track record generating highly favorable outcomes for high-growth, unicorn FinTech companies globally