Divvy and Credit Suisse close USD 500 mln purchase agreement

The terms of the agreement give Credit Suisse the ability to buy up to USD 500 million in Divvy receivables over the next two years. Through this partnership, Divvy can better serve its customers by giving them access to the capital they need to spend smarter and grow their business, the company says.

Divvy fuses financial management software with a smart corporate card. Divvy is a financial technology company that enables businesses to make one-time or recurring payments using integrated virtual and physical corporate credit cards — each tied to dynamic limits controlled by centrally-managed budgets. Divvy also automates expense management, delegates payment process, and gives its users real-time visibility and control of companywide spending.