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Fast-growing Divvy adds flex funding to growing business platform

SHARE Fast-growing Divvy adds flex funding to growing business platform
Divvy, one of Utah’s fastest growing tech firms, broke ground on a new 150,000-square-foot headquarters in Draper on Monday. The company has innovated an expense account management platform that has attracted over 3,000 clients, and some $250 million in venture capital investment, in less than two years.

Divvy, one of Utah’s fastest growing tech firms, is building a new 150,000-square-foot headquarters in Draper.


LEHI — Expense management platform Divvy continues to expand its product offerings and on Tuesday unveiled Divvy Capital, a new tool that offers short-term funding solutions for businesses.

The flexible funding option comes on top of the company’s expense management, credit card and bill pay functions, all of which flow from an innovative, cloud-based platform that launched about 2 12 years ago. Since that time, Divvy has emerged as one of Utah’s fastest-growing tech companies.

Tyler Hogge, Divvy’s vice president of product, said Divvy Capital is geared to help businesses address short-term cash flow issues with a system that beats traditional lenders with a pre-approval process and real-time funding options.

“We’re launching Divvy Capital to give businesses access to the funds they need, when they need them,” Hogge said. “For example, Flex Plans for Bill Pay gives businesses flexibility to pay their vendors on their timeline. The response from our users has been overwhelming—they love how transparent and simple we’ve made it.” 

Divvy Capital gives its client base — now numbering around 5,000 small- to midsize-businesses — the ability to tap resources to back payments made in its Bill Pay system or float a portion of their Divvy card balances, with a one- to three-month payback cycle. Eligible clients can also access short-term loans with longer six- to 12-month repayment schedules. Hogge said the funding options come with a small but transparent fee, based on the size and term of the financing.

He said the new product continues Divvy’s mission of becoming the “software-led, one-stop shop for every business’ financial needs.”

Last September, Divvy launched Bill Pay, 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.

Bill Pay, and now Divvy Capital, 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 is free. Divvy earns its money on the banking side of its transactional system.

Last spring, 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.”