Expense management FinTech Divvy has raised $165mn in its latest funding round.
In Brief:
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Divvy offers corporate cards and software to help small businesses manage expenses.
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It has seen investment from PayPal Holdings, NEA and Pelion Venture Partners.
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The firm is now valued at $1.6bn.
What does this mean?
With the impact of Covid-19, it’s more important than ever for small businesses to be able to manage their cashflow and gain control over finances. Since the outbreak of the pandemic, Divvy reports it has seen monthly signups increase by 500%.
