The company said that the new capital was raised from Hanaco, Schonfeld, PayPal Ventures, and Whale Rock, along with a cadre of prior investors. The new investment is not Divvy’s first megaround of private capital. The startup raised USD 200 million in April of 2019. At that time the round valued Divvy at around USD 700 million, making the present deal a more than 2x increase in valuation for the company.
Divvy’s market, the corporate spend management space — broadly, corporate cards and software that helps companies manage and limit expenses — shows noticeable activity today as businesses look to modernise their financial infrastructure.
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