Sydney startup DiviPay has raised $20 million in a Series A as it looks to expand internationally.
The company did not disclose who led the round, saying only that it was a “global fintech-focused growth equity investor”. Other backers in this round include Global Founders Capital, Rapyd’s new VC arm, Rapyd Ventures, Raffael Johnen from Auxmoney, and Practice Ignition founder Guy Pearson.
The capital will be used to expand into new international markets, product development and a quadrupling of the existing team of 20 in 2022.
Having emerged from the H2 Ventures accelerator program in 2016, the fintech when on to raise $2.3 million in 2019 in a round led by ANZ Bank’s VC arm 1835i with support from Seed Space. 1835i doubled down in April this year in a $1.7 million top up round.
DiviPay is spend management tool for small-to-medium sized businesses (SMBs) with more than 1,000 customers and has seen growth of more than 300% over the last 12 months. It offers access to an integrated corporate card tied to its platform where budgets and spending allocations for users can be individually set.
CEO Daniel Kniaz said the platform offers transparency, security and autonomy in expense management for SMB owners.
“I’m really proud and excited about DiviPay’s latest funding round because it gives us an opportunity to work with some great investors in fintech to further develop our mission, and to rapidly expand our footprint in terms of team, product, and location,” he said.
“With tech at the forefront of recent changes in the working world, 2022 was always going to be a big year for DiviPay. This funding round allows us to make an even more significant impact on the market.”
Global Founders Capital partner Tito Costa said he was excited to back the company for its next phase of growth.
“We loved how DiviPay entered the expense management space focusing on an easy-to-use, powerful software product and on that foundation we believe the opportunities for expansion are endless,” he said