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

Bloomberg | Jennifer Surane | Jan 5, 2021

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.

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