Sydney-based DiviPay, which offers an all-in-one virtual corporate card and expense management platform for SMEs, has received $20m in a Series A funding round.
The fundraising was led by an unnamed global fintech-focused growth equity investor, who was joined by Rapyd Ventures and Global Founders Capital.
Other participants included Practice Ignition founder Guy Pearson and Auxmoney founder Raffael Johnen.
The latest infusion will support DiviPay’s expansion into new global markets as well as help the firm further build out its SME offering.
The firm’s staff count is expected to grow by at least four times over the coming year. At present, it employs 20 people.
DiviPay CEO Daniel Kniaz said: ‘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!”
DiviPay provides access to an integrated corporate card to help SMEs, who struggle to access traditional cards through banks.
These cards are linked to its platform that helps businesses proactively manage expenses by allowing them to set budgets and spending allocations for users.
Additionally, DiviPay offers integrations into accounting platforms to automatically assign expenses at the point of purchase to the correct accounting code.
The firm currently caters to more than 1,000 companies in the SME segment.
Global Founders Capital partner Tito Costa said: “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.”
In September this year, Australian cross-border payments start-up Airwallex raised $200m to expand its digital offerings for SMEs and larger enterprises.