DiviPay Gets $20M in Series A Round

Sydney’s DiviPay, which works with spend management for smaller firms, has completed a Series A for $20 million, a press release says.

With the new funds the company plans to expand into international markets and build out its product offering.

It will also be expanding its employee base in the coming year.

DiviPay offers an integrated corporate card for the small-to-midsize business market to help them manage expenses via an “intuitive platform” with flexible budget-setting and spending allocations.

DiviPay also offers integrations into accounting platforms to help close the reconciliation gap through automation.

“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,” said CEO Daniel Kniaz.

Kniaz is quoted in the release saying DiviPay’s objective is to help control “who can spend company funds, how much they can spend, and where they can spend it.” He said the company’s priorities were in “transparency, security and autonomy in expense management.”

The round was led by an undisclosed investor in the FinTech world. Other participants included Global Founders Capital, Rapyd Ventures, and founders like Auxmoney’s Raffael Johnen and Practice Ignition’s Guy Pearson, the release notes.

In 2019, DiviPay got backing from ANZ Bank, PYMNTS writes.

Read on: ANZ Bank Backs Virtual Corporate Card Startup DiviPay

ANZi, the bank’s VC unit, led a round for $1.56 million, with other participants including Seed Space Ventures and Patrick Tuttle, the former chief executive of Pepper Money.

Kniaz, speaking with PYMNTS, said the genesis of the company’s virtual cards was the friction surrounding employee spending.

“What we found was it was very difficult for small businesses in Australia to get access to corporate cards,” Kniaz said. “Either they would require staff to use their own money, or maybe there would be one or two company cards that would get passed around the office. One business used to photocopy the company card so it was in the top drawer of about 30 people’s desks.”