Sydney-based startup DiviPay is set to increase its headcount at least fourfold following a $20 million Series A raise, bolstering international growth ambitions for the company that makes spend management easier for SMEs.
Founded by Daniel Kniaz and Russell Martin, DiviPay's integrated corporate card are now servicing more than 1,000 companies including Canva, Superhero, Slater & Gordon and Michael Hill International, as well as non-profits Uniting AgeWell and the Autism Association of Western Australia.
To proactively manage expenses, the cards are seamlessly tied to an intuitive platform whereby finance departments can flexibly set budgets and spending allocations for users, which DiviPay claims can save hundreds of hours of manual work compared to traditional corporate cards and reimbursements.
The Series A was led by an undisclosed global fintech-focused growth equity investor, with participation from Global Founders Capital and Rapyd Ventures. Other prominent backers took part such as Raffael Johnen from Auxmoney, the largest credit marketplace in continental Europe, and Guy Pearson, the founder of Tiger Global-backed accounting and client engagement platform Practice Ignition.
Funds will be used to substantially increase the current team of 20, expand into new international markets, and further build out DiviPay’s holistic product offering.
"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," Kniaz says.
"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."
Global Founders Capital partner Tito Costa says his group loves how DiviPay entered the expense management space focusing on an easy-to-use, powerful software product.
"On that foundation we believe the opportunities for expansion are endless. We are excited to back the team in their next phase of growth," Costa says.
"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," adds Rapyd Ventures MD Joel Yarbrough.
The funding adds to several raises in recent years including $1.7 million in a round in 2021 led by ANZ Bank's venture capital arm 1835i, with the proceeds going towards building out DiviPay's marketing, sales and engineering teams, and ensure it had the resources needed to grow and broaden its customer base.
That same backer also led a $2.3 million round in 2019, attracting investors such as Seed Space ventures and former Pepper Money CEO Patrick Tuttle.
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