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Divvy bill com6/13/2023 But SMBs in general, that’s who we’re going after. One to 50, and 50 to 500, slightly different use cases for the most part. So, honestly, when we started Divvy, my partner Blake and I, it was just like, “Well, we’ve ran multiple businesses and we understand the needs.” And so we built it not as tech engineers, but as business owners and saying we’re building something that we would’ve wanted to use in our prior companies.Īnd who’s the customer target today? Is it the Luckys of the world? SMBs? We could have said, “Hey, here’s your budget, had cash, check, credit, everything inside of that, expense reports from all the riders and all the employees would’ve come directly.” So we were going over without knowing we were going over and Divvy would’ve solved that entirely. But everyone was using their own card, we were getting expense reports a month and a half late. And we’re a small company, we didn’t have a ton of cash, so spending the budget of $15,000 for the conference was imperative. And so I would send seven guys to Vegas on a trade show conference. Because when I’m running Lucky, which was the scooter company, we had 10 riders all over the world, traveling for various tournaments, building content, we would do trade shows. Yeah, but it’s funny because you might say like, “Well, how’d you go from selling scooter parts to doing Divvy?” And, to me actually, it’s super natural. So if you had Divvy when you were running that business, what sort of credit lines would you been pulling? What sort of expense management would you have been doing? Explain the current product as how you would’ve used it back then. So learned a lot, a lot of fun, but definitely different than FinTech, for sure. And he got healthy, so that’s when I gave it back to him and got into tech. But we did some fun stuff, learned a lot about manufacturing and branding. Can you come in and run it? Can you come in and build this thing?” And at the time we thought we were going to take over the X-Games and take over skateboarding, so you kind of thought big. Knew the owner of the business, he got sick and he said, “Hey, I’m sick. I mean, I actually feel like those are some of my most formative years. Yeah, so real quick on the scooter business. This guy went from basically being a GM at a scooter place to running one of the fastest-growing FinTech businesses today. I mean, my research team, they’re going, “Wait. I wasn’t ready for the scooter business reference, but we can dig into it. Finance leaders can now get real time visibility into their company spend and flexible control that prevent teams from ever going over budget. Divvy modernizes finance for businesses by combining expense management software and smart corporate cards into a single platform. What happened? We’re going to dive in today. He’s sitting on a rocket ship with Divvy, but 10, 11 years ago he’s selling scooter parts. Processes more than $1b in transactions.Nathan Latka sat down with Alex Bean, CEO of Divvy, to discuss his rockstar growth. The company was founded in 2016 and is based in Lehi, Utah. The fintech industry has seen burgeoning investment, with Q1’21 seeing record fintech funding.Divvy is a B2B SaaS fintech that provides everything from expense management to virtual cards and AP automation.Global fintech adoption stands at 25% and provides an enormous opportunity for growth to service providers and first movers.The global fintech market is projected to grow at a CAGR of 22.2% and reach a value of $305B by 2025, according to Market Data Forecast. The acquisition materialized in the fintech space where: Source: Divvy WHY DOES THE MARKET MATTER? Its revenue in Q1’21 stood at $59.7M with a market capitalization of $10.7B. The company has offices in San Jose, Calif., and Houston, Texas. Its customer base includes institutions like Cornerstone, Maxwell Money, among others. It serves over 115,000 customers in a network consisting of 2.5M members. Its AI-enabled platform helps its customers manage cash flows. : California-based, a cloud-based payments platform, assists SMBs automate their back-end financial operations.The company serves 7,500 small and medium business (SMB) users and has about 400 employees. Divvy’s revenue doubled year-over-year to reach $8.3M in March 2021. Corporate partners benefit from real-time insight into their expenses and are offered agile measures to keep track of finances. Divvy: Utah-based Divvy is a spend management platform that integrates expense management and smart corporate cards into a single platform for enterprises.The deal is expected to be completed by the end of ’s first fiscal quarter on September 30, 2021. , a cloud-based billing, accounting, and payments platform, has acquired Divvy, a spend management platform, in a stock and cash deal valued at $2.5B.
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