Business fintech DiviPay, an expense management platform has raised an additional $1.7 million in its series A, led by ANZ Bank’s venture capital arm, ANZi.
The four-year-old startup previously raised $2.3 million in its series A in late 2019, once again led by ANZi, along with Seed Space ventures and former Pepper Money CEO Patrick Tuttle, taking the total for the round to $4 million.
The additional funds are earmarked to building the marketing, sales and engineering teams, and growing and broadening the customer base.
DiviPay set out to make it easier for company finance teams to better manage, control and streamline spending via its web platform and mobile app, which offers instant virtual corporate Mastercard, automatic bill payments, card controls and budgeting, a real-time transaction feed, automated expense reports, accounting integrations, subscription spending management and a rewards program. In 2020, companies processed $24.3 million through the platform.
The startup brags that it is “the first all-in-one business spend management platform of its kind in Australia”.
Its most recent product improvement is automatic bill payments, enables organisations to extract, code, approve and automatically pay bills. DiviPay integrates with accounting software such as Xero, which named it Emerging App of the Year in 2019.
DiviPay CEO and co-founder Daniel Kniaz said that up until 2021 customer growth has been mainly through word of mouth. They include Western Sydney University, Xero, Canva, and Michael Hill.
“We have built strong advocates of our product because we involved customers in our business journey and truly built a product that solves a common problem. This year, we plan to attract larger customers and will continue to grow our non-profit customer base,” he said.
“Not-for-profits are a sector in need of our product, as their budgets are tight, they have a short reconciliation cycle, and they are unable to get cards from traditional providers. One not-for-profit that we worked with used to drop-off envelopes of cash to their caregivers. Now they save hours by instantly issuing virtual corporate cards while tracking every dollar spent from our intuitive online platform.”
Ron Spector, ANZi Managing Director, who is on the DiviPay board, said: “DiviPay delivers an innovative solution for a major pain-point for businesses of all sizes and aligns with ANZi Ventures’ mission to invest in and partner with leading Fintech companies that support solutions for ANZ customers, bankers and partners.”