Sydney Startup Lands $20 Million Series A

DiviPay | Sydney Startup Lands $20 Million Series A Funding

Sydney fintech startup, DiviPay is set to advance with its big aspirations following a $20 million Series A. 

Founded by Daniel Kniaz and Russell Martin, DiviPay is Australia’s first all-in-one virtual corporate cards and expense management solution for small-to-mid-sized enterprises. The award-winning spend management technology helps businesses reduce the need for staff reimbursements and eliminates credit card sharing with its virtual Corporate card.

Additionally, DiviPays integrated suite streamlines company expenses with automatic bill payments, expense management software, bill processing and accounting integrations, which reduces the time spent on data entry—saving businesses hours of manual labour. 

DiviPay CEO Daniel Kniaz said the Series A funds will be used to expand into new international markets, further build out DiviPay’s holistic product offering and increase the existing headcount fourfold over the coming year.

“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,” said Mr Kniaz.

“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.” 

The round was led by an undisclosed global fintech-focused growth equity investor. The round was also backed by Global Founders Capital and Rapyd Ventures—the new venture capital arm of Rapyd. 

“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.” Explained Tito Costa from Global Founders Capital.

“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.”

The consortium of investors also included notable 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. 

This significant round of venture capital financing follows previous successful raises including $1.7 million in a 2021 round led by ANZ Bank’s venture capital arm 1835i, which DiviPay allocated to strengthening its marketing, sales and engineering teams.  

The same backer also led a $2.3 million round in 2019, which attracted investors such as Seed Space ventures and former Pepper Money CEO Patrick Tuttle. In 2016, the company also received $100,000 from H2 Ventures when DiviPay joined its fintech accelerator program. 

Over the past year, DiviPay has reported a 300% growth and received the “Best Payment Innovation” award at the 2021 Finder Awards. 

DiviPay | Sydney Startup Lands $20 Million Series A Funding

Elements of this article have been sourced from DiviPay raises $20 million Series A to fortify its full-stack spend management suite for SMEs.

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