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Fast-growing Divvy expands free money management tools

Divvy CEO Blake Murray
Divvy CEO Blake Murray
Divvy

SALT LAKE CITY — When a new product beta test shows 7,500% month-over-month growth, it’s a great indicator a company is on to something.

But that’s become familiar territory for the fast-growing Utah expense management platform Divvy, and on Thursday the company announced a new, integrated bill-paying tool has been added to its cloud-based suite.

Back in April and following the announcement of a whopping $200 million Series C funding round, Divvy co-founder and CEO Blake Murray told the Deseret News the company was going to finance product development and engineering with a “maniacal focus” on creating solutions for finance officers in the small- to mid-size business market. The end goal, Murray said, was to eventually have the entirety of business financial management “roll through Divvy.”

The new tool, Bill Pay, takes another step in that direction, adding the utility of invoice processing that the company said takes tasks like manually sending checks or initiating an account transfer off the plates of finance managers.

“Businesses shouldn’t be spending money to spend money,” Murray said in a statement. “We designed Bill Pay as a modern approach to an outdated process, giving leaders real-time control and visibility of credit card and noncredit card spending, all in one place and tied to one budget.”

Bill Pay compliments a Divvy software platform that already mediates expense management and enables users to create unique identifiers for every vendor and discrete credit card numbers for each employee that needs one. Managers, via the platform, can set purchase limits and restrictions, monitor activity in real time and make dynamic changes, as needed. Also, the platform, including the new Bill Pay tool, is free. Divvy earns its money on the banking side of its transactional system.

Tyler Hogge, Divvy vice president of product, said the company had recognized early on that it wanted to create a solution to its clients’ noncredit card spend sheet and saw an opportunity to update a system that is “beyond out of date.”

“Many of our clients have highly manual processes to pay their vendors, including licking stamps and sending out checks,” Hogge said. “That’s not what we want our clients dealing with in 2019.”

Bill Pay, Hogge said, removes that very analog pathway and instead employs some digital automation, along with subcontracted services, that takes care of processing remittances.

The new product release is another notch in Divvy’s belt of accomplishments that belie its short existence.

The barely 2-year-old company has built a client list that tops 3,500, has raised some $230 million in investment capital and, just last month, broke ground on a new, 150,000-square-foot headquarters in Draper. When completed, the complex will accommodate up to 850 employees. Divvy reports its staff has been doubling each year and expects that growth to continue.