Paul Hastings LLP, a leading global law firm, advised Divvy in a $250 million financing facility from Waterfall Asset Management. The funding was announced on January 18, 2019. The Paul Hastings team was led by Fintech Finance partner Rich Davis
, and also included Tax partner Joe Opich
and corporate associates Robert Hopkins
, Melanie Sedrish
, Sara Weed
and Paul Yu
Washington, D.C. – Fast growing FinTech startup Divvy sees first-hand the importance of providing businesses with the capital they need, while helping to streamline and improve financial management for the organization. The recent $250 million in funding that Divvy – advised by Paul Hastings – secured from Waterfall Asset Management will allow Divvy to better serve and grow their customers in 2019.
Divvy knows that manual expense reports can be both costly and time consuming, and offer little in the way of providing real-time insights into finances that are at least a month old. The Divvy platform enables businesses to more efficiently manage and create budgets and provides real-time financial information on expenses and purchases through virtual employee charge cards, eliminating the need for manual expense entry.
“Waterfall Asset Management has seen our growth, and the facility will support our company's vision and platform,” said Divvy CEO Blake Murray. “We believe this investment supports our goal of actively expanding our customer base in 2019 and is key to surpassing our success in 2018; their investment represents a vote of confidence in Divvy and our team, and positions us to gain a stronger presence in the fintech space.”
The funding from Waterfall follows a $10.5 million series A funding round for Divvy in May of 2018 and a $35 million series B round announced just over a month later.