The expense management technology provider has secured funding from investors including Hanaco and PayPal Ventures at a $1.6bn valuation.

Divvy, a US-based provider of business expense management software, raised $165m yesterday from investors including electronics wholesaler Hanaco and PayPal Ventures, the investment arm of digital payment processor PayPal.

Whale Rock Capital Management, Schonfeld Strategic Advisors, New Enterprise Associates (NEA), Insight Partners, Acrew Capital and Pelion Venture Partners also participated in the series D round, which valued the company at $1.6bn.

Founded in 2016, Divvy offers businesses expense management software in addition to smart corporate cards that help them track…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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