Divvy: A Year Of Growth
This article appears in the Winter 2019 issue of Silicon Slopes Magazine.
By Alex Bean, COO & Co-Founder, Divvy.
If you don’t know, let’s get the who, or what, Divvy is out of the way. Divvy is a secure financial platform for businesses to manage payments and subscriptions, build strategic budgets, and eliminate expense reports. By integrating real-time tracking for every business transaction, Divvy provides organizations with instant insight into their spending. With Divvy, you can make informed cash flow decisions, curb losses long before they happen, and never have to save a receipt again.
Now that we’ve got the fun boilerplate out of the way, let’s talk about what’s been happening in our neck of the woods during 2018.
Divvy has had a huge, enormous, stupendous year — and that’s not hyperbole. Let’s start with our growth, or hyper-growth if you will. In 2018 alone we quadrupled the number of employees at Divvy — you read that right. In January 2018, we were fairly lean with just 30 employees; as of mid-November, we have over 140 employees and that number is growing every single day with no end in sight. We even outgrew our old office space and moved to a larger, more accommodating spot. Then we outgrew that, and had to expand again.
If that isn’t exciting enough for you, Divvy has raised two rounds of funding since the beginning of the year. Our Series A raised $10.5 million dollars and just three months later, we closed a Series B round that brought in another $35 million (from Insight Venture Partners) — bringing the company total to $57 million. After the second round of funding, Forbes reported that Divvy’s valuation tripled from between $50-$80 million to between $150-$220 million. We were even honored with the distinction of being called “the next billion-dollar unicorn” by Entrepreneur.
As far as the business is concerned, one might say that we are doing pretty darn good. Who cares about headcount if the “real” numbers aren’t moving at the same rate? Since launching earlier this year, we’ve added over 1,000 new customers and we’ve seen the amount of spend flowing through our platform increase by over 40% month-over-month — we don’t expect that trend to subside any time soon. Our organic traction has been massive. Each month we are receiving well over 5,000 demo requests, so we are keeping our sales team quite busy.
Other highlights from 2018 include:
- Divvy landed on the Utah 100 Emerging Elite list.
- We were named one of CB Insights Top 250 Fintech Startups.
- UVBizQ called us the #1 startup to watch.
- Capterra & Gartner Awards named us the Best Value of 2018 and Best Ease Of Use for 2018.
- Our CEO, Blake Murray, was honored with being recognized on Utah Valley’s Top 40 Under 40 list.
What does the future of Divvy look like? We hope to continue to capitalize on the trends we’ve seen throughout 2018. In 2019 we will keep scaling up our staff, continue to improve our processes, and keep building out our platform. We also plan on adding more and more features to the Divvy platform. Improving the experience for our customers is top priority. That will mean things like smoother integrations, a more robust rewards programs, and better ways to help businesses spend smarter.
Finally, we’d like to end with just a few of the companies who’ve signed up for Divvy this year — we call this the toot our own horn section. We’re proud of what we’ve accomplished this year so in this instance, we feel like it’s ok.
Clients we’ve signed up for Divvy in 2018 include:
- Costa Vida