Brex raised $425 million at a $7.4 billion valuation in April. Globally, a record $1.77 trillion in M&A transactions were announced through the first four months of 2021-up 124% year-over-year from 2020, and 10% higher than the first four months of any other year on record, according to market data firm Refinitiv.ĭivvy is far from the only startup chasing expense reports and corporate credit cards or their equivalents. The news comes on the heels of a hot deal-cutting quarter. The company announced a $165 million funding round that month, after raising $200 million in April 2019. The pandemic boosted Divvy, which has said new customers sign-ups surged 500% from March 2020 through January 5, 2021. With Divvy, customers receive credit cards with limits predetermined by their finance managers, who set a budget for a project to “divvy” up among workers, eliminating the need for expense reports from competitors like Concur or Expensify.įounded by Blake Murray and Alex Bean in 2015, Lehi, Utah-based Divvy took in more than $32 million in revenue in 2019, the company told Forbes in a 2020 profile. The startup, named a Forbes Next Billion Dollar Startup in 2019, offers an alternative to the corporate credit card for small businesses who don’t have the means to dole them out to staff. Since launching in February 2018, Divvy says it has signed up more than 9,000 customers, per a company blog post. On Tuesday prior to the news, shares of were down about 8% from yesterday’s closing price. Terms of the acquisition were not yet known, but a third source told Forbes that had approached Divvy in the past with an offer of more than $2 billion, suggesting the company would expect at least that price, if not more.ĭivvy didn’t respond to multiple requests for comment declined to comment. The companies may be planning to announce the deal as soon as Thursday, when, which currently carries a market cap of about $12 billion, is scheduled to report first-quarter earnings. Less than five months after vaulting to a $1.6 billion valuation, Divvy, an expense reporting startup for small businesses, is in talks to be acquired.īill.com, a cloud software-based platform that helps small and midsize businesses with back-office financial operations, is Divvy’s expected buyer, two sources tell Forbes.

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