DiviPay (now Weel) raises $20 million Series A to fortify its full-stack spend management suite for SMEs
December 13, 2021
By Daniel Kniaz
DiviPay (now Weel), the Sydney-based start-up that offers all-in-one spend management for small-to-medium sized businesses, is advancing its aspirations with a $20 million Series A.
The round was led by an undisclosed global fintech-focused growth equity investor, with participation from Global Founders Capital, and Rapyd Ventures – the new venture capital arm of Rapyd. The round also included prominent founders such as Raffael Johnen from Auxmoney, who leads the largest credit marketplace in continental Europe, and Guy Pearson, the founder of Tiger Global-backed accounting and client engagement platform, Practice Ignition.
The Series A funds will be used to expand DiviPay into new international markets, and further build out DiviPay’s holistic product offering. Headcount is set to rise at least fourfold from the existing team of 20 over the coming year.
Beginning life as Australia’s first all-in-one expense management solution, DiviPay has grown to now serve over 1,000 companies. DiviPay offers access to an integrated corporate card for the small to mid-market, who often struggle to access traditional cards via the banks.
To proactively manage expenses, DiviPay’s cards are seamlessly tied to an intuitive platform where finance can flexibly set budgets and spending allocations for users - the platform also delivers other in-built spend management features.
And to close the reconciliation gap, DiviPay provides powerful integrations into leading accounting platforms to automatically assign the expenses at the point of purchase to the correct accounting code.
Hundreds of hours of manual work have been saved by switching from traditional corporate cards and reimbursements to DiviPay’s integrated spend-management solution.
Customers are increasingly realising the benefits of DiviPay’s offering, with the company reporting growth of over 300% in the past year.
Clients include Australia’s best-known unicorn Canva, fast-growing fintechs, including Superhero and Eucalyptus, and more established companies, such as Slater and Gordon and Michael Hill.
DiviPay also proudly serves the third sector, including not-for-profit organisations and charities, and currently works closely with Uniting AgeWell and the Autism Association of Western Australia.
In recognition of their rapid growth, DiviPay recently won ‘Best Payment Innovation’ at the 2021 Finder Awards.
Daniel Kniaz, DiviPay’s CEO comments:
‘DiviPay helps finance leaders control who can spend company funds, how much they can spend, and where they can spend it – we deliver transparency, security and autonomy in expense management.
‘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.
‘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 - fintech is definitely the place to be right now!’.
Tito Costa, Partner at Global Founders Capital states:
‘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. We are excited to back the team in their next phase of growth.’
Joel Yarbrough, MD of Rapyd Ventures says:
‘Rapyd Ventures is thrilled to partner with Divipay, a leading expense management software in Australia. We are excited with what Daniel and Russell are building to help businesses and SMEs transform payment flows and financial software in the region.’
- Daniel Kniaz is available for comment
- Previous funding:
- 2016, DiviPay received $100,000 in funding from H2 Ventures when they joined its fintech accelerator program.
- 2019, DiviPay received the first instalment of $2.3 million in a funding round led by 1835i (ANZ Bank’s venture capital arm). The consortium of investors included Seed Space ventures and former Pepper Money CEO Patrick Tuttle. The funding enabled DiviPay to build its engineering team and execute its product vision.
- 2021, DiviPay received an additional $1.7 million in its funding round led by 1835i. The funding was used by DiviPay to build its marketing, sales and engineering teams, and ensure it had the resources needed to grow and broaden its customer base.
- Further information on Global Founders Capital and Rapyd Ventures available on request
Find out more about Weel here.