The Divvy Card operates a fast application process that requires only six steps and may result in a near-instant underwriting (depending upon the business’s cash supply and income). This benefit is especially advantageous for businesses, as traditional credit lines take time – and a deep dive into corporate finances. East, Fast Approvalįintech credit cards are great at streamlining the application process. There may be certain cases in which applicants will need to provide one. However, as mentioned, Divvy does not require a personal guarantee in most situations. Because the Divvy Card removes this security requirement, business owners can feel safe knowing that opening a credit line through Divvy and Cross River Bank will not tie their business’ losses to their own credit. A personal guarantee is a standard feature for business credit cards and makes an applicant accept personal liability for the company’s debts. In most cases, the Divvy Card does not require a personal guarantee to open. The card is issued through fintech startup, Divvy, and Cross River Bank, and provides the ideal platform for helping small businesses (plus midsize businesses and larger commerce and retail brands) streamline the spending they make each month – without impacting their personal credit scores. The Divvy Corporate Business Card is a corporate credit card that promises no fees, scalable credit lines, enforceable budgets, and more.
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Spend heavily on travel, dining, and software.Want a corporate card that offers enforceable employee spending limits.Are looking for a card without interest rates or fees.Struggle with expense reports, reimbursements, and receipts.The card prioritizes good financial habits by maximizing rewards for companies that pay balances back early and often.
After covering the Ramp round in December and noting Divvy’s metrics at the same time, both Airbase ( more here) and Teampay ( more here) reached out with numbers of their own.The Divvy Card is a corporate business card for companies and business owners who want a corporate card’s flexibility along with the rewards of a traditional business rewards card. But that so many companies in its sector are managing similarly strong-to-line expansion stands out.
That Divvy was able to raise so much capital given its recent growth rates is not surprising. At the time, Brex, which also competes in the corporate spend space, declined to share metrics. At the same time Divvy shared with TechCrunch that it had seen 120% customer growth and over 100% growth in platform spend in 2020, compared to 2019. CompetitionĪ few weeks back Ramp, another corporate-cards-and-software startup, announced a $30 million raise and that it had reached $100 million in spend through its service in its first 18 months of business. Let’s take a look at who Divvy is taking on with its new round. The new capital for Divvy comes after multiple other competitors recently announced fresh funds itself, for example. Utah’s Divvy raises $200M to eliminate expense reportsĭivvy’s market, the corporate spend management space - broadly, corporate cards and software that helps firms manage and limit expenses - is incredibly active today as businesses look to modernize their financial infrastructure.
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