Australian expense management startup DiviPay has raised $2.3 million in a funding round led by ANZ.
Founded in 2017 by former members of Westpac's innovation team, DiviPay enables companies to provide staff with access to company money whilst controlling exactly how that money can be spent. After signing up to the DiviPay platform, managers are prompted to create budgets for their team and set their desired level of control by either allocating budget members a pool of funds or requiring approval for every expense.
Each budget member is then instantly issued a unique virtual card that can be loaded directly into their mobile wallet and spent both online and in-store. Once a payment is made DiviPay automatically categorises the expense and pushes the data directly into the company’s accounting software ready for reconciliation.
The company, which originally started life as a bill-splitting app before pivoting to focus on the SME sector, claims to have signed up "a couple of hundred" customers since launch last year, ranging from two-person construction companies to tech scaleups with over 200 staff.
The round was led by ANZi, the corporate venture capital arm of ANZ. Seed Space Ventures also contributed, along with Patrick Tuttle, the former chief of Pepper Money.