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Paypal Backs Expense Management Fintech Divvy to Unicorn Valuation at $1.6 billion

Bloomberg | Jennifer Surane | Jan 5, 2021

Divvy expense management - Paypal Backs Expense Management Fintech Divvy to Unicorn Valuation at $1.6 billion

Divvy, the financial-technology company that offers corporate cards and expense-management software to small businesses, said it’s now valued at $1.6 billion after raising money from investors including PayPal Holdings Inc.

The $165 million fundraising round, which also included participation from previous backers including NEA and Pelion Venture Partners, made Divvy a unicorn, meaning it has a valuation of more than $1 billion.

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Thousands of small businesses have permanently closed during the pandemic after being forced to shut down to stem the spread of Covid-19. For those that remain, accessing capital and gaining control over finances have been paramount. Demand for Divvy’s products has surged during the pandemic, with monthly sign-ups climbing 500% since March, the company said in a statement Tuesday.

“Small businesses are the backbone of the United States and our software plays a significant role in ensuring that they not only survive, but thrive during these conditions,” Divvy Chief Executive Officer Blake Murray said in an email.


NCFA Jan 2018 resize - Paypal Backs Expense Management Fintech Divvy to Unicorn Valuation at $1.6 billion The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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