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customers have been increasingly looking for to handle more of their spending, budgeting and expense management capabilities. To get a better handle on how the startups that compete with Divvy feel about the deal, TechCrunch reached out to both Ramp CEO Eric Glyman, and Brex CEO Henrique Dubugras. Divvy and both serve small and mid-sized businesses. Together, we hope to become that single partner you can count on to help control and simplify. Our shared vision is to serve business and finance leaders, helping SMBs to thrive. Thus, it makes sense to see decide to take on the yet-private corporate spend startups that are playing the field why not absorb a growing customer base and fend off competition in a single move? Together, Divvy and are creating the all-in-one spend management solutionfrom automated payables and receivables to real-time budgets and corporate cards. For in the payments world, and Expensify in the expense universe, that possible incursion could prove to be a growth-retarding concern.
BILL COM DIVVY SOFTWARE
As the software work from the corporate spend startups has improved, it may have begun cutting into the corporate payments and expense software categories. So much so that the company, in conjunction with its huge recent fundraise, announced that it will begin offering a software package for a monthly fee.Ĭompetitors like Airbase charge for their code, while some, like Divvy, traditionally have not.Įnter . On May 6, 2021, (NYSE:BILL) announced it has entered into a definitive agreement to acquire Divvy in a stock and cash transaction valued at. And Brex, an early leader in its efforts to get corporate cards into the hands of smaller, and more nascent businesses, has also built out its software efforts. More recently Ramp added expense tracking efforts to its own software suite. The latter category was what Ramp focused on when it launched.
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Their growth and its resulting private investment were earned by a popular approach to offering corporate cards, and, increasingly, the group’s ability to build software around those cards that took into account a greater portion of the functionality that companies needed to track expenses, manage spend access, and, perhaps, save money. Like digital envelopes, you can dedicate parts of your savings to.
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For the fintech sector, it’s big news.Ĭorporate spend startups including Ramp and Brex are raising rapid-fired rounds at ever-higher valuations and growing at venture-ready cadences. Divvy up your savings without multiple bank accounts or hard math. Earlier today recent dog-parent Alex Konrad and fellow Forbes staffer Eliza Haverstock broke the news that Divvy, a Utah-based corporate spend unicorn, is considering selling itself to for a price that could top $2 billion.