7/21/2023 0 Comments Divvy crunchbaseThis does not impact their FAB score but does impact placement on the site. *Sponsor: FintechLabs may receive referral revenues or sponsorships from issuers. Source: Compiled by FintechLabs, 7 June 2023, from Crunchbase, SEMrush, SimilarWeb Ranked by FAB score (Fintech Attention Barometer**) Rank Leading USA Digital Small Business Charge Cards ( updated 7 June 2023) The FAB Score Ranking (Fintech Attention Barometer) is a proxy for the size of a private fintech company. NEW: Looking for digital banks, lenders, payment providers, insurance or digital accounting for small businesses? Check out our latest lists: SMB online lenders (33) | SMB challenger banks (12) | SMB insurers (15) | SMB charge cards/expense management (16) | Billpay & invoicing (16)| Payment processors (7) | Subscription processors (7) | SMB digital accounting/bookkeeping (21) | Equity crowdfunding (7) Two have been acquired by large banks in 2021 ( Capital One bought Lola and US Bancorp acquired Bento for Business) and will stay on this list as long as they operate as independent brands. In addition, Expensify (founded in 2008), went public in Nov 2021 and is now worth $700M ( though it was valued at nearly $5B shortly after its IPO).īelow is a list of the 16 challenger business credit cards currently active in the United States. Divvy, meanwhile, touted impressive numbers as part of its last funding round announcement, reporting that “it had reached $100 million in spend through its service in its first 18 months of business,” according to TechCrunch.In the last six years, the corporate charge card market ( see definition below) has seen the launch of 3 major digital players ( Rampin 2019, Brex in 2017, and Divvyin 2016) that are already multi-unicorns. Its performance as a public company has been mostly seen as a success since it debuted in 2019. That’s a bit irregular typically, public fintech companies have made a few acquisitions during its time as a private company.Īs of this morning, ’s market is a touch above $11 billion. Notably, does not seem to have made any other acquisitions (or at least no acquisitions worth noting by the press and private capital databases). If the sale of Divvy to was to go through, a number of well-known venture firms- New Enterprise Associates, Paypal Ventures, Insight Partners, Tiger Global Management and others-would be adding another, likely successful, exit to their portfolio. Forbes reported that, although the acquisition price is not known, has floated paying $2 billion or more for Divvy in past exploratory conversations. The startup, founded in 2016 by Alex Bean and Blake Murray, has raised $417.5 million across five publicly known funding rounds. The corporate expense management platform, as of today, is reportedly worth a pre-money valuation of $1.6 billion, according to Crunchbase. This article has been updated to reflect recent breaking newsĪccording to Forbes’ Eliza Haverstock and Alex Konrad, may announce its acquisition of Utah-based Divvy when it reports its first-quarter earnings tomorrow. 30, subject to regulatory approvals and closing conditions. The transaction is expected to close by the end of Sept. Our expanded platform will provide more automation and real-time information to SMBs, enabling them to make more informed decisions,” René Lacerte, CEO and Founder, said in a statement. “Customers have been asking us to help them with their spend management, and I am excited that together with Divvy, we can deliver on that ask, furthering our vision to transform SMB financial operations. will acquire Divvy for about $625 million in cash and $1.875 billion of. The acquisition will enable ’s offerings to be expanded to let businesses automatically manage accounts payable, accounts receivable and corporate spend. has entered into a definitive agreement to acquire Divvy in a stock and cash transaction valued at about $2.5 billion, according to a press release.
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