Divvy 165m series#

*Note: If the Divvy owners sold their shares at the market peak (Nov 2021), they would have fetched around $3.7 billion.

May 2021: Acquired by for $2.3 billion in a cash ($665 million) and stock ($1.65 billion*) deal (source: SEC).

May 2021: More than 10,000 customers, more than $1 billion in annual transactions (source: Nathan Latka).

Divvy 165m series#

January 2021: Raises $165M series D with Paypal as lead investor bringing total capital raised to $418M.June 2020: Launches virtual cards 2019 revenues of $32 million (source: Forbes).It is also named one of the top 100 private cloud companies in the world by Forbes. October 2019: Raises $200 million in a series C funding round, valuing the company at $1.6 billion.Aug 2019: Hits milestone of 3,000 companies served and secures a major commitment from Credit Suisse to purchase up to $500M in receivables (Source: Press release).

April 2019: Raises $200M Series C hits unicorn status.April 2018: Adds automated expense reporting and budgeting tools.March 2017: Launches corporate credit card and expense management platform.September 2016: Founded in Lehi, Utah by Blake Murray and Alex Bean.The exit occurred in mid-2021 when was looking to expand its offerings in the corporate card and expense management space. While several companies have reached $2.3B+ valuations in that time ( see Appendix), few, if any have actually cashed in so quickly. Founded in late 2016 by Blake Murray and Alex Bean, the Lehi, Utah-based startup went from founding to a $2.3 billion exit in just 4.5 years. Divvy is one of the biggest fintech success stories of the 2020s.