According to a statement from the company, the Series A funds will be used to expand DiviPay into new international markets, and further build out DiviPay’s holistic product offering
Sydney-based startup DiviPay which offers all-in-one spend management for small-to-medium sized businesses, is advancing its operations and objectives with a $20 million Series A funding round.
The round was led by an undisclosed global fintech-focused growth equity investor, with participation from Global Founders Capital, and Rapyd Ventures – the new venture capital arm of Rapyd.
The round also included prominent founders such as Raffael Johnen from Auxmoney, who leads the largest credit marketplace in continental Europe, and Guy Pearson, the founder of Tiger Global-backed accounting and client engagement platform, Practice Ignition.
According to a statement from the company, the Series A funds will be used to expand DiviPay into new international markets, and further build out DiviPay’s holistic product offering.
Headcount is set to rise at least fourfold from the existing team of 20 over the coming year, the company states.
Beginning life as Australia’s first all-in-one expense management solution, DiviPay has grown to now serve more than 1,000 companies.
The company offers access to an integrated corporate card for the small to mid-market, who often struggle to access traditional cards via the banks.
To proactively manage expenses, DiviPay’s cards are seamlessly tied to an intuitive platform where finance can flexibly set budgets and spending allocations for users – the platform also delivers other in-built spend management features.
To close the reconciliation gap, DiviPay also provides integrations into leading accounting platforms to automatically assign the expenses at the point of purchase to the correct accounting code.
Hours of manual work have been saved by switching from traditional corporate cards and reimbursements to DiviPay’s integrated spend-management solution, the company states.
DiviPay’s CEO Daniel Kniaz says: 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.
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, he said.
He said: 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!