Fintech start-up DiviPay plans international expansion following $20m Series A round
Australian fintech start-up DiviPay has landed $20 million in a Series A funding round led by an undisclosed growth equity investor.
DiviPay is looking to expand into new international markets
Global Founders Capital and Rapyd Ventures – the new venture capital arm of Rapyd – also participated in the round along with a number of angel investors.
The Sydney-based firm offers virtual corporate cards and an all-in-one spend management platform for small and medium-sized enterprises (SMEs).
Founded in 2016 by Daniel Kniaz and Russell Martin, it currently claims to serve over 1,000 companies across the country, including Australian unicorn Canva and fintech firms Superhero and Eucalyptus.
DiviPay also works with not-for-profit organisations and charities including Uniting AgeWell and the Autism Association of Western Australia.
The firm reports growth of over 300% in the last year.
The new capital will be used to fund the start-up’s expansion into new international markets and to further develop its product offering.
The company also says it is looking to boost its 20-strong staff by “at least fourfold” over the next year.
Daniel Kniaz, DiviPay’s CEO, says the company aims to deliver “transparency, security and autonomy in expense management”.
He adds DiviPay will now look to “rapidly expand our footprint in terms of team, product and location”.
