On January 5, 2021, Divvy, a leader in spend management, announced a $165 million funding round at a valuation of $1.6 billion. The Series D investment includes new investors Hanaco, PayPal Ventures, Whale Rock, and Schonfeld, and participation from previous backers NEA, Insight Venture Partners, Acrew, and Pelion. Wilson Sonsini Goodrich & Rosati represented Divvy in the transaction.

By combining free expense management software with corporate credit cards, Divvy's centralized platform allows businesses to manage their spend with real-time visibility and control over their budgets. A rapidly growing number of businesses are choosing Divvy, including tech companies like Noom, e-commerce merchants like Solo Stove and Rhone, vision care leaders like EyeCare Partners, LLC, and iconic sports franchises like the Utah Jazz and the Atlanta Dream.

The valuation of $1.6 billion and the addition of key investors validates Divvy's ambition to modernize financial processes by combining credit, vendor, and spend management into a single platform. With this round of funding, Divvy plans to invest heavily in product development and engineering in order to accelerate their future roadmap.

The Wilson Sonsini team that advised Divvy in the transaction includes Rezwan Pavri and Lester Ang.

Wilson Sonsini is proud to help support Divvy and the Silicon Slopes community.

For more information, please see Divvy's press release.