Bulletins

Bill.com buys Divvy for $2.5 billion

The deal is the latest example of the frenzy in the industry for startups focused on spend management and corporate credit cards.

Money

Bill.com now can add spend management and corporate cards to its automated accounts payables and receivables software.

Image: Neon Brand / Unsplash
Small-business payments company Bill.com has agreed to acquire corporate card and spend management company Divvy for $2.5 billion. The deal is the latest example of the frenzy in the industry for startups focused on spend management and corporate credit cards.

Competitor Brex just raised $425 million at a $7.4 billion valuation, and Ramp also raised at a $1.6 billion valuation.

Investors believe that companies can benefit from an all-in-one software platform to manage all aspects of spending. Brex is looking to build this, and Bill.com now can add spend management and corporate cards to its automated accounts payables and receivables software.

Bill.com also reported earnings today, with revenue up 45% year over year.

Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. He was also as a staff writer at Forbes covering social media and venture capital, and edited the Midas List of top tech investors. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

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