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Divvy bill com6/5/2023 ![]() ![]() The funding reportedly sets a $3 billion post-money valuation for the 6-year-old company. Lastly, they have also become the leading millennial focused brand for financial services and successfully made a once ‘boring’ topic cool.” Wefox lands $650M for digital insuranceīerlin-based Wefox, a provider of an app-based digital insurance platform, raised $650 million in a Series C funding round led by Target Global. … They have also become the infrastructure layer that powers other leading fintechs through their acquisition of Galileo. In a Tuesday blog post, DCM wrote that it watched SoFi go from refinancing student loans to becoming a “one-stop shop for financial independence. At that time, the company was valued at $4.8 billion post-money. In 2019, it raised another half-billion-dollar round of private equity led by Qatar Investment Authority. Its most recent venture capital round was a $500 million Series F in 2017 led by Silver Lake Partners. SoFi has raised $2.5 billion in known funding since it was founded in 2011, according to Crunchbase data. The deal gave San Francisco-based SoFi a post-money valuation of $8.65 billion and was expected to provide up to $2.4 billion in cash proceeds, according to the company. The company announced in January that it would enter the public markets through a merger with Social Capital Hedosophia Holdings Corp V, a special-purpose acquisition company led by billionaire Chamath Palihapitiya. It’s market capitalization now stands at $15.5 billion, according to investor DCM Ventures. This follows an opening at $21.97 per share, which were down slightly most of the day into the late afternoon before closing at $22.65 per share, according to Yahoo Finance. Shares of online lender SoFi closed 12 percent above its opening price on the first day of trading Tuesday on the Nasdaq under its new ticker SOFI. Subscribe to the Crunchbase Daily SoFi shares close up Today I’m proud that Divvy is joining to bring the one-stop-shop platform that our customers and the market have been asking for,” said Blake Murray, Divvy CEO and Co-Founder.Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know. As we listened to our customers, we heard them ask for a comprehensive payments platform so that they don’t have to use multiple software systems to manage their finances. At Divvy, our customers are our true north, and they always have been. ![]() “We are excited to be joining forces with to help SMBs grow and thrive by modernize ing and transforming their financial operations. Divvy will be able to offer automated payable, receivables, and workflow capabilities to the more-than 7,500 monthly active SMBs it serves. can offer expense management and budgeting software combined with smart corporate cards to its more-than 115,000 customer base and its network of 2.5 mn members. The combination is expected to expand the market opportunity for both companies. Together, we can further empower SMBs to transition quickly and easily,” said René Lacerte, CEO and Founder. We have a shared passion for helping SMBs succeed and both companies are driving our customers’ digital transformations. We are excited to work with the talented Divvy team. Our expanded platform will provide more automation and real-time information to SMBs, enabling them to make more informed decisions. 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. “Since founding, I have been driven by the desire to build solutions that make a real difference for small and mid-sized businesses. With real-time insight into all their B2B spending and access to multiple payment solutions, businesses will be empowered to spend smarter, better manage their budgets and cash flow, and simplify their back-office financial operations. The firm’s expanded solution will enable businesses to automatically manage accounts payable (AP), accounts receivable (AR), and corporate card spend all in one place, saving them time and money. ![]() The acquisition supports ’s mission and enhances its ability to deliver value to the combined customer base. The firm in January raised $165 mn in Series D funding round bringing its valuation to $1.6 bn. , a leading provider of cloud-based software that simplifies, digitizes, and automates complex, back-office financial operations for small and midsize businesses (SMBs) has announced entering into a definitive agreement to acquire Divvy in a stock and cash transaction valued at approximately $2.5 bn.įounded in 2016, Divvy is a leader in spend management that modernizes finance for business by combining expense management software and smart corporate cards into a single platform. ![]()
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