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Albert Colburn 2018-10-09

Tech startups have found all kinds of ways to lend money to people who have either too little or not very good credit.

How it works: in Cleveland, Atlanta, and Memphis, where Zillow estimates that median home prices are $52,000, $82,00, and $242,000, respectively, Divvy will enable a person or family to select a home they’d like to someday own, then to buy that home with Divvy’s help.

Divvy pays for the rest, then it collects a monthly amount that includes both market-rate rent and an equity payment.

The reason, says the company: by partnering with Divvy, tenants — some of whom have credit scores as low as 550, which is considered “very poor” by the consumer credit ratings agency Experian — can build their credit scores and eventually land a mortgage insured by the Federal Housing Administration, which requires a credit score of at least 580.

For example, Divvy says that it charge less in rent as a buyer’s equity begins to add up.

For largely self-serving reasons, Divvy does what it can to ensure that the house isn’t a dud, too.

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0
Dennis Colella 2017-10-26
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By Matt Heinz, President of Heinz Marketing

“How I Work” is one of my favorite recurring features in Inc Magazine as well as via Lifehacker’s This Is How I Work Series, and recently several sales experts (including Anthony Iannarino, Dave Brock and Trish Bertuzzi) participated as well.

Periodically moving forward, we will feature a new B2B sales, marketing or business leader here answering what have become the standard “How I Work” questions.

This week I’m excited to feature Alex Bean, co-founder of DivvyPay and a veteran sales & marketing executive.

OneNote has become my go to note taking, both quick and detailed.

I also have multiple chrome profiles which allow me peace between my work and personal life.

collect
0
Jimmy Richmond 2019-02-16
img

Two angles facing left, which often indicate, "return to the beginning."

Divvy provides alternative financing options for potential home buyers who don't qualify for traditional mortgages.

It does so by purchasing homes outright and allowing customers to pay it back in a series of monthly payments — 25% of which goes toward building equity and 75% toward paying "rent."

Last October, Divvy raised a $30 million Series A round led by Andreessen Horowitz, with participation from Caffeinated Capital, DFJ, and Affirm CEO, Max Levchin.

Below is the investor deck that helped Divvy raise its $30 million Series A.

Divvy is one of the many Silicon Valley startups working to change the way people buy homes.

collect
0
Harold Roscoe 2018-11-21
img

Divvy provides alternative financing options for potential home buyers who don't qualify for traditional mortgages.

Divvy buys homes outright and allows customers to pay it back in a series of monthly payments — 25% of which goes toward building equity and 75% goes toward paying "rent."

The company's COO, Adena Hefets, told us: "We want [Divvy] to be the stepping stone that allows people to transition from renting to eventually owning their own homes."

The company operates in three cities currently (Cleveland, Memphis, and Atlanta) and in its first year, helped buy homes for over 100 people.

When Adena Hefets was growing up, her parents weren't able to get a traditional mortgage.

That's because Hefets and her co-founder Brian Ma have created a real-estate startup called Divvy, which emulates the idea of seller financing.

collect
0
Shane Higgins 2019-04-30
img

In February 2016, Blake Murray wrote down an idea for a business expense and budgeting platform on the back of a napkin.

The company, not to be confused with Divvy Homes or Divvy Bikes, has raised an additional $200 million in venture capital funding as part of Series C financing led by NEA with participation from Pelion Venture Partners and Insight Venture Partners.

Murray, Divvy’s co-founder and chief executive officer, declined to disclose Divvy’s valuation though he did confirm it’s grown 4x from the company’s $35 million Series B.

According to PitchBook, the Series B financing valued Divvy at $173 million, suggesting a new valuation of nearly $700 million.

For a business headquartered in Lehi, Utah — for a Silicon Valley startup even — that’s a seriously rapid growth rate.

Divvy only launched its platform, which allows customers to send and request funds, create virtual credit cards, manage team spending and more, in January 2018.

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0
Rosalie Lee 2019-04-30
img

Divvy has raised $200 million in venture capital as the Utah-based fintech continues to grapple with its rapid growth rate.

Founded in 2016, Divvy’s automated expense reporting system went live in early 2018.

From there, adoption has exploded and caused venture capitalists to swoon.

The company raised $10.5 million in May 2018, then $35 million just two months later.

“This past year has been a bit of a rollercoaster,” said Divvy CEO and cofounder Blake Murray.

“But our vision is still to really be the financial nervous system for every company.”

collect
0
Monte Martin 2021-06-08
img
This morning Airbase, a corporate spend startup, announced that it has closed a $60 million Series B led by Menlo Ventures. The deal’s announcement comes after Divvy, another corporate-spend focused startup, sold to Bill.com for several billion dollars, and other unicorns in the space like Brex and Divvy each raised nine-figure rounds. According to Airbase CEO […]
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0
Jerry Turk 2017-12-13
img

Hoping to reinvent the way companies track expense reports, Utah-based Divvy announced today it has raised $7 million in seed funding and has launched its platform to the public.

In addition, Divvy said it has partnered with WEX Bank and US Bank to bring its service to businesses at no cost.

“Business owners have been burdened by corporate credit card programs for decades, spending their time working in out of date software, chasing down receipts and uploading expense reports instead of focusing on growing their business,” said Blake Murray, founder and CEO of Divvy, in a statement.

“We created Divvy to give business owners a proactive way to manage their employees’ spending habits, while reducing the risks of fraud and wasteful spending.”

Murray said the money will be used to continue growing its development team, expand its sales department, and hire for its customer support team.

While the money is just a seed round, Murray also hinted that the company won’t necessarily need additional funding after this round.

collect
0
Rex Canale 2019-04-30
img

NEA led the round, the company's third in less than a year.

It has raised $245.5 million since 2017.

Existing investors Pelion Venture Partners and Insight Venture Partners also participated in Tuesday's round.

The company has added 3,000 business partners on its platform since January 2018 and is adding "hundreds more every month," Divvy cofounder and CEO Blake Murray told Business Insider.

Although corporate expense account tools don't typically generate the same buzz or excitement as consumer apps, Salesforce's success in the enterprise business has inspired a new generation of enterprise startups— and a frenzy of investment.

"Our design wasn't to grow as fast as we can and raise a ton of venture capital," Divvy cofounder and CEO Blake Murray told Business Insider.

collect
0
Ronald Breau 2018-12-19
img

Silicon Valley remains the undisputed leader of the U.S. startup scene.

But 2018 also left some investors envious of the exits taking place in other parts of the country — with Cisco acquiring Michigan’s Duo Security for $2.35 billion and SAP acquiring Qualtrics for $8 billion.

In 2018, Divvy added hundreds of customers every month (a spokesperson said that Divvy now has between 1,600 and 2,200 customers) and that number will likely only accelerate in 2019.

VC money raised: $177.5 million

What they do: Sells car insurance, with quotes generated using smartphone data.

Why they’re one to watch: When StockX raised its most recent VC round of $44 million in September, the company said it was facilitating a remarkable $2 million worth of transactions daily.

collect
0
Calvin Zohn 2021-03-29
img
Earlier this year Divvy, a Utah-based software company that provides corporate spend management software, raised a $165 million round at a $1.6 billion valuation. It followed its competitor Brex to unicorn-status as the market for financial services software and corporate payment solutions stayed red-hot in 2021 after a blockbuster 2020. Now Ramp, a competitor to […]
collect
0
Keith Brewton 2019-04-21
img

If you’re in a city with a Lyft-owned bikeshare program then you can use its two-wheelers for free on April 22 as part of the company’s Earth Day celebrations.

The app-based services include CitiBike in New York City (NY), Divvy in Chicago (IL), Capital Bikeshare in Washington, D.C., Nice Ride in Minneapolis (MN), Biketown in Portland (OR), and CoGo in Columbus (OH).

Each one has slightly different terms for Monday’s free rides, so be sure to check Lyft’s website for links to each provider where you’ll find all the information you need.

In Chicago, for example, you can score a free day of unlimited Divvy rides using an Explorer Pass, which offers up to three hours of usage in a single go.

To keep cycling, simply dock it to restart the clock.

“The benefits of bike riding are evident,” Lyft said in a blog post announcing the promotion.

collect
0
Daniel Patel 2021-05-04
img
Earlier today recent dog-parent Alex Konrad and fellow Forbes staffer Eliza Haverstock broke the news that Divvy, a Utah-based corporate spend unicorn, is considering selling itself to Bill.com for a price that could top $2 billion. For the fintech sector, it’s big news. Corporate spend startups including Ramp and Brex are raising rapid-fired rounds at […]
collect
0
Nicholas Patton 2021-05-06
img
Let's unpack the deal to gain a better understanding of the huge exit and the value of Divvy's richly funded competitors.
collect
0
Edward Hickey 2021-04-26
img
Mere weeks after rival corporate spend startup Ramp announced that it raised a two-part round worth $115 million at a $1.6 billion valuation, this morning Brex disclosed a $425 million Series D led by Tiger Global. The new capital marks Brex’s largest fundraise to date, and was compiled at a valuation that is more than […]
collect
0
Frank Wilkerson 2016-08-26
img

The maker of EpiPens offered patients more help to pay for its costly emergency allergy shots but didn't budge Thursday on the $608 price.

The announcement from Mylan N.V. triggered a new round of condemnation from politicians and consumer groups, who accuse the company of price gouging on a potentially lifesaving treatment.Critics stressed that insurers, employers and taxpayers will still foot most of the cost for EpiPens.

"Everybody suffers, except the Mylan investors," said Sabrina Corlette, of Georgetown University's Health Policy Institute.This week, Mylan joined other drugmakers such as Valeant Pharmaceuticals International Inc. and Turing Pharmaceuticals, which have been blasted for mammoth price increases.Mylan CEO Heather Bresch defended her company's price hikes Thursday, telling CNBC that lowering the price was not an option.

She said insurers, pharmacies, prescription benefit managers and distributors divvy up the rest.Instead of a price cut, Mylan said it was expanding programs that help people pay for EpiPens or give them out free.

It doubled the limit for eligibility for its patient assistance program, so a family of four making up to $97,200 would pay nothing out of pocket.

EpiPens, which have little competition, are used in emergencies to treat severe allergies to insect bites and foods like nuts and eggs that can lead to anaphylactic shock.

collect
0
Albert Colburn 2018-10-09

Tech startups have found all kinds of ways to lend money to people who have either too little or not very good credit.

How it works: in Cleveland, Atlanta, and Memphis, where Zillow estimates that median home prices are $52,000, $82,00, and $242,000, respectively, Divvy will enable a person or family to select a home they’d like to someday own, then to buy that home with Divvy’s help.

Divvy pays for the rest, then it collects a monthly amount that includes both market-rate rent and an equity payment.

The reason, says the company: by partnering with Divvy, tenants — some of whom have credit scores as low as 550, which is considered “very poor” by the consumer credit ratings agency Experian — can build their credit scores and eventually land a mortgage insured by the Federal Housing Administration, which requires a credit score of at least 580.

For example, Divvy says that it charge less in rent as a buyer’s equity begins to add up.

For largely self-serving reasons, Divvy does what it can to ensure that the house isn’t a dud, too.

Jimmy Richmond 2019-02-16
img

Two angles facing left, which often indicate, "return to the beginning."

Divvy provides alternative financing options for potential home buyers who don't qualify for traditional mortgages.

It does so by purchasing homes outright and allowing customers to pay it back in a series of monthly payments — 25% of which goes toward building equity and 75% toward paying "rent."

Last October, Divvy raised a $30 million Series A round led by Andreessen Horowitz, with participation from Caffeinated Capital, DFJ, and Affirm CEO, Max Levchin.

Below is the investor deck that helped Divvy raise its $30 million Series A.

Divvy is one of the many Silicon Valley startups working to change the way people buy homes.

Shane Higgins 2019-04-30
img

In February 2016, Blake Murray wrote down an idea for a business expense and budgeting platform on the back of a napkin.

The company, not to be confused with Divvy Homes or Divvy Bikes, has raised an additional $200 million in venture capital funding as part of Series C financing led by NEA with participation from Pelion Venture Partners and Insight Venture Partners.

Murray, Divvy’s co-founder and chief executive officer, declined to disclose Divvy’s valuation though he did confirm it’s grown 4x from the company’s $35 million Series B.

According to PitchBook, the Series B financing valued Divvy at $173 million, suggesting a new valuation of nearly $700 million.

For a business headquartered in Lehi, Utah — for a Silicon Valley startup even — that’s a seriously rapid growth rate.

Divvy only launched its platform, which allows customers to send and request funds, create virtual credit cards, manage team spending and more, in January 2018.

Monte Martin 2021-06-08
img
This morning Airbase, a corporate spend startup, announced that it has closed a $60 million Series B led by Menlo Ventures. The deal’s announcement comes after Divvy, another corporate-spend focused startup, sold to Bill.com for several billion dollars, and other unicorns in the space like Brex and Divvy each raised nine-figure rounds. According to Airbase CEO […]
Rex Canale 2019-04-30
img

NEA led the round, the company's third in less than a year.

It has raised $245.5 million since 2017.

Existing investors Pelion Venture Partners and Insight Venture Partners also participated in Tuesday's round.

The company has added 3,000 business partners on its platform since January 2018 and is adding "hundreds more every month," Divvy cofounder and CEO Blake Murray told Business Insider.

Although corporate expense account tools don't typically generate the same buzz or excitement as consumer apps, Salesforce's success in the enterprise business has inspired a new generation of enterprise startups— and a frenzy of investment.

"Our design wasn't to grow as fast as we can and raise a ton of venture capital," Divvy cofounder and CEO Blake Murray told Business Insider.

Calvin Zohn 2021-03-29
img
Earlier this year Divvy, a Utah-based software company that provides corporate spend management software, raised a $165 million round at a $1.6 billion valuation. It followed its competitor Brex to unicorn-status as the market for financial services software and corporate payment solutions stayed red-hot in 2021 after a blockbuster 2020. Now Ramp, a competitor to […]
Daniel Patel 2021-05-04
img
Earlier today recent dog-parent Alex Konrad and fellow Forbes staffer Eliza Haverstock broke the news that Divvy, a Utah-based corporate spend unicorn, is considering selling itself to Bill.com for a price that could top $2 billion. For the fintech sector, it’s big news. Corporate spend startups including Ramp and Brex are raising rapid-fired rounds at […]
Edward Hickey 2021-04-26
img
Mere weeks after rival corporate spend startup Ramp announced that it raised a two-part round worth $115 million at a $1.6 billion valuation, this morning Brex disclosed a $425 million Series D led by Tiger Global. The new capital marks Brex’s largest fundraise to date, and was compiled at a valuation that is more than […]
Dennis Colella 2017-10-26
img

By Matt Heinz, President of Heinz Marketing

“How I Work” is one of my favorite recurring features in Inc Magazine as well as via Lifehacker’s This Is How I Work Series, and recently several sales experts (including Anthony Iannarino, Dave Brock and Trish Bertuzzi) participated as well.

Periodically moving forward, we will feature a new B2B sales, marketing or business leader here answering what have become the standard “How I Work” questions.

This week I’m excited to feature Alex Bean, co-founder of DivvyPay and a veteran sales & marketing executive.

OneNote has become my go to note taking, both quick and detailed.

I also have multiple chrome profiles which allow me peace between my work and personal life.

Harold Roscoe 2018-11-21
img

Divvy provides alternative financing options for potential home buyers who don't qualify for traditional mortgages.

Divvy buys homes outright and allows customers to pay it back in a series of monthly payments — 25% of which goes toward building equity and 75% goes toward paying "rent."

The company's COO, Adena Hefets, told us: "We want [Divvy] to be the stepping stone that allows people to transition from renting to eventually owning their own homes."

The company operates in three cities currently (Cleveland, Memphis, and Atlanta) and in its first year, helped buy homes for over 100 people.

When Adena Hefets was growing up, her parents weren't able to get a traditional mortgage.

That's because Hefets and her co-founder Brian Ma have created a real-estate startup called Divvy, which emulates the idea of seller financing.

Rosalie Lee 2019-04-30
img

Divvy has raised $200 million in venture capital as the Utah-based fintech continues to grapple with its rapid growth rate.

Founded in 2016, Divvy’s automated expense reporting system went live in early 2018.

From there, adoption has exploded and caused venture capitalists to swoon.

The company raised $10.5 million in May 2018, then $35 million just two months later.

“This past year has been a bit of a rollercoaster,” said Divvy CEO and cofounder Blake Murray.

“But our vision is still to really be the financial nervous system for every company.”

Jerry Turk 2017-12-13
img

Hoping to reinvent the way companies track expense reports, Utah-based Divvy announced today it has raised $7 million in seed funding and has launched its platform to the public.

In addition, Divvy said it has partnered with WEX Bank and US Bank to bring its service to businesses at no cost.

“Business owners have been burdened by corporate credit card programs for decades, spending their time working in out of date software, chasing down receipts and uploading expense reports instead of focusing on growing their business,” said Blake Murray, founder and CEO of Divvy, in a statement.

“We created Divvy to give business owners a proactive way to manage their employees’ spending habits, while reducing the risks of fraud and wasteful spending.”

Murray said the money will be used to continue growing its development team, expand its sales department, and hire for its customer support team.

While the money is just a seed round, Murray also hinted that the company won’t necessarily need additional funding after this round.

Ronald Breau 2018-12-19
img

Silicon Valley remains the undisputed leader of the U.S. startup scene.

But 2018 also left some investors envious of the exits taking place in other parts of the country — with Cisco acquiring Michigan’s Duo Security for $2.35 billion and SAP acquiring Qualtrics for $8 billion.

In 2018, Divvy added hundreds of customers every month (a spokesperson said that Divvy now has between 1,600 and 2,200 customers) and that number will likely only accelerate in 2019.

VC money raised: $177.5 million

What they do: Sells car insurance, with quotes generated using smartphone data.

Why they’re one to watch: When StockX raised its most recent VC round of $44 million in September, the company said it was facilitating a remarkable $2 million worth of transactions daily.

Keith Brewton 2019-04-21
img

If you’re in a city with a Lyft-owned bikeshare program then you can use its two-wheelers for free on April 22 as part of the company’s Earth Day celebrations.

The app-based services include CitiBike in New York City (NY), Divvy in Chicago (IL), Capital Bikeshare in Washington, D.C., Nice Ride in Minneapolis (MN), Biketown in Portland (OR), and CoGo in Columbus (OH).

Each one has slightly different terms for Monday’s free rides, so be sure to check Lyft’s website for links to each provider where you’ll find all the information you need.

In Chicago, for example, you can score a free day of unlimited Divvy rides using an Explorer Pass, which offers up to three hours of usage in a single go.

To keep cycling, simply dock it to restart the clock.

“The benefits of bike riding are evident,” Lyft said in a blog post announcing the promotion.

Nicholas Patton 2021-05-06
img
Let's unpack the deal to gain a better understanding of the huge exit and the value of Divvy's richly funded competitors.
Frank Wilkerson 2016-08-26
img

The maker of EpiPens offered patients more help to pay for its costly emergency allergy shots but didn't budge Thursday on the $608 price.

The announcement from Mylan N.V. triggered a new round of condemnation from politicians and consumer groups, who accuse the company of price gouging on a potentially lifesaving treatment.Critics stressed that insurers, employers and taxpayers will still foot most of the cost for EpiPens.

"Everybody suffers, except the Mylan investors," said Sabrina Corlette, of Georgetown University's Health Policy Institute.This week, Mylan joined other drugmakers such as Valeant Pharmaceuticals International Inc. and Turing Pharmaceuticals, which have been blasted for mammoth price increases.Mylan CEO Heather Bresch defended her company's price hikes Thursday, telling CNBC that lowering the price was not an option.

She said insurers, pharmacies, prescription benefit managers and distributors divvy up the rest.Instead of a price cut, Mylan said it was expanding programs that help people pay for EpiPens or give them out free.

It doubled the limit for eligibility for its patient assistance program, so a family of four making up to $97,200 would pay nothing out of pocket.

EpiPens, which have little competition, are used in emergencies to treat severe allergies to insect bites and foods like nuts and eggs that can lead to anaphylactic shock.