Designed to consolidate organizations’ spend data, Bill Pay combines credit card spend and invoices in a single view for a more holistic picture of company spend, Divvy said in its announcement. Companies can use the solution to submit invoices and see in real time how that payment would align with company budgets, with the option to approve that invoice for a final transaction.
In addition to including invoice payment data in a user’s spend analysis processes, the Bill Pay tool allows companies to initiate that transaction automatically. The Divvy platform communicates with vendors about preferred payment method, the firm explained, and remits payments for the client.
In a statement, Divvy Co-Founder and CEO Blake Murray said that Bill Pay was designed “as a modern approach to an outdated process, giving leaders real-time control and visibility of credit card and non-credit-card sending, all in one place and tied to one budget.”
“Bill Pay is evidence of our ongoing commitment to be the financial nervous system of every business,” said Divvy Vice President of Product Tyler Hogge in another statement. “Bill Pay, paired with the rest of the Divvy platform, offers financial leaders a single source for all their spend and expense management needs.”
Divvy’s announcement also included data on the company’s growth, with the firm now counting more than 3,500 businesses as clients.
In May the company raised $200 million in Series C funding led by NEA, while Pelion Venture Partners and Insight Venture Partners also participating. At the time, Divvy said it would use the investment to focus on customer outreach.
The company’s expense management solution initially integrated with commercial card data to help businesses understand how much they are spending — and how they are spending — with company cards.