Australian startup DiviPay has secured $2.3m in its Series A capital raise after launching less than year ago.
ANZi, the corporate venture capital arm of ANZ Bank led the investment round which included Seed Space Ventures and former Pepper Money CEO, Patrick Tuttle.
DiviPay enables small business owners to allocate specific amounts to employees for agreed purchases via a virtual Mastercard which can be controlled by a set of spending rules.
DiviPay Founder and CEO, Daniel Kniaz said: “For Australian small businesses, expense management used to mean sharing the owner’s credit card, petty cash, chasing receipts, and time consuming expense reports and reimbursements.
“DiviPay is filling a gap in the market with a virtual corporate card and expense management system purpose built for small businesses.
“We knew it would be a game changer for this market segment and the growth we’ve had demonstrates the value we’re delivering, but there’s so much more to do.
“The backing of our investors will propel us forward to keep evolving for our customers and become part of every SMEs essential business toolkit,” he said.
ANZ will lend its expertise as a strategic investor, and support DiviPay in expanding its footprint in the small business market, with ANZi managing director, Ron Spector set to join the board.
ANZi Managing Director, Ron Spector said: “We are pleased to be supporting Divipay as they bring innovative solutions to small and medium businesses.
“Their expense management solution solves a very real pain point for business owners and aligns with our focus on building relationships with emerging growth companies that can support our customers, bankers and partners.”
The boost in funding will see DiviPay expand its team to keep up with demand and enable it to further innovate and create features that enhance expense management for small businesses.