![]() ![]() “Mortgages were harder to get yet we were seeing this mad rush of people who wanted to move out of multifamily and downtown areas,” Hefets recalls. It also worked with its existing customers by offering flexibility and rent relief in the way of waived late fees and flexible payment scheduling, for example. Ultimately, over the course of 2020, Divvy expanded operations from eight to 16 total markets and financed five times as many homes as it had in pre-pandemic times. So while lenders were busier than ever, much of that volume was driven by people who already owned homes refinancing with the lower rates.ĭivvy Homes CEO and co-founder Adena Hefets. Instead of making it easier to buy a home, many banks actually tightened underwriting requirements for approvals, said Divvy CEO Hefets. ![]() Mortgage rates dropped to historic lows in 2020, driven by the COVID-19 pandemic. In fact, Divvy - which was co-founded by Adena Hefets, Nick Clark and Alex Klarfeld - was incubated in Levchin’s startup studio HVF. The startup last raised $43 million in Series B funding from the likes of Affirm CEO Max Levchin and homebuilder Lennar (via its venture arm), among others. The latest financing brings Divvy’s total debt and equity raised since its 2017 inception to over $500 million, with about one-third of that raised in equity and two-thirds in debt. Tiger Global Management led the round, which also saw participation from a slew of other investors, including GGV Capital, Moore Specialty Credit, JAWS Ventures and existing backers such as a16z. Today I’m proud that Divvy is joining to bring the one-stop-shop platform that our customers and the market have been asking for.Despite all the headaches that come with it, homeownership is still the American dream for many.ĭivvy Homes - a startup that is out to help more people realize that dream by buying a house and renting it back to them while they build equity - has just closed on $110 million in Series C funding. As we listened to our customers, we heard them ask for a comprehensive payments platform so that they don’t have to use multiple software systems to manage their finances. “Our expanded platform will provide more automation and real-time information to SMBs, enabling them to make more informed decisions.”ĭivvy was recently valued at $1.6bn following the close of a $165m Series D round in January 2021.ĭivvy CEO and co-founder Blake Murray said, “At Divvy, our customers are our true north, and they always have been. ![]() Customers have been asking us to help them with their spend management, and I am excited that together with Divvy, we can deliver on that ask, furthering our vision to transform SMB financial operations. The combined company will have an expanded market opportunity, with it now boasting a customer base of over 115,000 and a network of 2.5 million members, it claims.īill.com CEO and founder René Lacerte said, “Since founding, I have been driven by the desire to build solutions that make a real difference for small and mid-sized businesses. With real-time insight into their B2B spending and access to multiple payment solutions, clients will be able to spend smarter, manage budgets and cash flow, and simplify back-office operations. Through the combined solution, businesses will be able to automatically manage accounts payable, accounts receivable and corporate card spend all in a single location. The stock and cash deal was completed to support ’s goal to offer greater value to its customer base. Cloud-based financial operations management platform has acquired spend management unicorn Divvy in a $2.5bn deal. ![]()
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