In January of 2018, Divvy publicly launched with a smart credit card for businesses. The Divvy Card finally gave finance leaders visibility and control over their spending in real time—and completely eliminated expense reports for employees.
The market reaction was overwhelming. Why? Well, Divvy introduced a clear product innovation (no more expense reports!), as well as a pricing innovation (it’s free!). And because Divvy struck such a nerve with businesses, we’ve been able to gather nearly 5,000 business customers since that launch.
Over the past two years, it’s become clear that Divvy can be so much more than just a smart credit card for every business. In our never-ending goal of delighting our customers, we’ve launched many other products and features over the last two years. Perhaps no other launch has been bigger than what we are announcing today: Divvy Capital.
Divvy Capital provides real-time, flexible, and lightweight funding to help our customers manage their cash flow, completely separate from their credit card balance. Have a large invoice you’d prefer to float over 1, 2 or 3 months? Divvy Capital can help. Prefer to float your credit card balance for a little longer, in order to maintain cash requirements? Divvy Capital can help. Looking for a short term loan to grow your business? Divvy Capital can help.
But these aren’t your mom and dad’s typical financial services, where applications take days or weeks. We know our customers spending habits and credit worthiness, so we instantly approve funds without any additional application*.
Traditional financial services are one-size-fits-all, but with Divvy Capital, we’ll let you float specific payments to specific vendors, so you have total control over how you use it. Traditional financial services offer opaque pricing, but with Divvy Capital, there’s one simple and transparent fee to float your payment.
And we haven’t forgotten our mantra to help you spend smarter: because Divvy Capital is all within Divvy’s platform, it works seamlessly with Divvy’s budgets and overall software controls. We think it’s pretty special, and over the last 6 months of testing Divvy Capital with our clients, they seem to agree.
SMBs are the backbone of America, and Divvy is proud to support them with next generation software-first banking products. Divvy Capital is our most important public move in that direction, but stay tuned—2020 is full of many more big announcements to come. We can’t wait.
*Qualified Divvy customers will be notified of the Divvy Capital offerings available to them. Divvy identifies qualified customers using a number of factors, including Divvy payment history and business growth.