![]() ![]() ![]() Airbase noted what it described as 250% growth in ARR - up by 2.5x, in other words - and 700% growth in payment volume (annualized).ĭivvy, Teampay, and Airbase are therefore growing like all heck, though in slightly different fashions. Teampay reiterated its October-era metrics, that it has seen its annual recurring revenue (ARR) grow by 320% and its total spend grow by 800% since its then year-ago Series A. After covering the Ramp round in December and noting Divvy’s metrics at the same time, both Airbase ( more here) and Teampay ( more here) reached out with numbers of their own. But that so many companies in its sector are managing similarly-strong to-line expansion stands out. ![]() That Divvy was able to raise so much capital given its recent growth rates is not surprising. At the time, Brex, which also competes in the corporate spend space, declined to share metrics. At the same time Divvy shared with TechCrunch that it had seen 120% customer growth and over 100% growth in platform spend in 2020, compared to 2019. CompetitionĪ few weeks back Ramp, another corporate-cards-and-software startup, announced a $30 million raise and that it had reached $100 million in spend through its service in its first 18 months of business. Let’s take a look at who Divvy is taking on with its new round. The new capital for Divvy comes after multiple other competitors recently announced fresh funds itself, for example. Utah’s Divvy raises $200M to eliminate expense reportsĭivvy’s market, the corporate spend management space - broadly corporate cards and software that helps firms manage and limit expenses - is incredibly active today as businesses look to modernize their financial infrastructure. ![]()
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