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Fintech Focused on Ditching Expense Reports Becomes a Unicorn

  • Divvy raises $165 million from backers including PayPal
  • Firm says it’s now valued at $1.6 billion, demand has surged

Divvy, the financial-technology company that offers corporate cards and expense-management software to small businesses, said it’s now valued at $1.6 billion after raising money from investors including PayPal Holdings Inc.

The $165 million fundraising round, which also included participation from previous backers including NEA and Pelion Venture Partners, made Divvy a unicorn, meaning it has a valuation of more than $1 billion.