Expense management platform DiviPay raises $20 Mn
Sydney-based startup DiviPay has announced raising $20 Mn in series-A funding. The round was reportedly led by an undisclosed global fintech-focused growth equity investor. Among other investors were Global Founders Capital and Rapyd Ventures. Prominent industry experts 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, also backed the round.
The startup had raised $1.7 Mn in another funding in 2021, led by ANZ Bank's venture capital arm 1835i. Those funds were used to build DiviPay's marketing, sales and engineering teams, as well as customer expansion capabilities. With aggressive growth plans, DiviPay will direct the new funds towards international expansion, enhancing holistic product offering and boosting people capabilities. The startup currently has a headcount of 20 and aims to grow fourfold in the upcoming months.
Founded by Daniel Kniaz and Russell Martin, DiviPay aims to save hundreds of hours of manual work that involve corporate cards and reimbursements. Several business hours and resources are lost in carrying out redundant tasks of monitoring transactions, seeking approvals, and managing expenses. Through its integrated services, DiviPay minimises the efforts directed towards these tasks by making expense management easier for SMES through flexible budgeting and spending allocations for its users.
Currently, DiviPay’s integrated corporate cards service over 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.
"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,” he added.
Commenting on how DiviPay is shaping the payment flows for SMEs, Rapyd Ventures MD Joel Yarbrough said, "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.”
Efficient, intelligent and relevant technology are core to worktech adoption in any organisation. Amid rising competition in the worktech space for smart financial solutions, how DiviPay positions its offerings to SMEs in international markets will be crucial to accomplish its ambitious growth plans.