March 29, 2024

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Invoice.com Purchases Accounting Fintech Divvy for $2.5 Billion

3 min read
  • Monthly bill.com procured Divvy for $2.5 billion as consolidation looms.
  • The merged entity aims to function as a one-stop shop for the money demands of SMBs.
  • Insider Intelligence publishes hundreds of insights, charts, and forecasts on the Fintech business. Study more about starting to be a client.

The cloud-based mostly application service provider for smaller and medium-sized organizations (SMBs) obtained accounting fintech Divvy for $2.5 billion in a inventory and dollars transaction, for every a push release. The deal is anticipated to near by the stop of September and is issue to regulatory approvals and other customary closing circumstances.

small business spending on accounting and payments services

SMB accounting fintech Bill.com makes $2.5 billion.

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With the acquisition, Monthly bill.com can broaden its product or service suite for shoppers, raising retention. The acquisition is component of Monthly bill.com’s target of generating a company that aids SMBs handle all their fiscal operations. The fintech already provides price administration and budgeting program merged with sensible corporate cards.

Monthly bill.com selected Divvy as the acquisition concentrate on mainly because the application provider’s buyers have been inquiring for extra tools to manage their small business-to-small business (B2B) expending, and Divvy offers them genuine-time insight into all their B2B expend. The startup can also lead its automated payable, receivables, and workflow capabilities.

The merged entity will develop Invoice.com’s attain to additional SMBs over and above its existing 115,000 customers presented Divvy’s 7,500 month to month lively SMBs. With this transfer, SMBs will have all their financial requirements in 1 place, cutting down the relationships they will need to have with various monetary institutions and growing fulfillment and retention.

In 2021, SMBs have a wealth of fiscal solutions to decide on from, and the latest information could stage toward consolidation in the room. Corporate credit score card and benefits fintech Brex a short while ago announced a $49-a-month item that allows SMBs handle their funds in a single dashboard. US-primarily based Pilot lifted $100 million in March to assist SMBs improved control billing, banking, expenditures, and bookkeeping. And Amex is performing to placement itself as the go-to system for SMBs, most not long ago by obtaining alt loan provider Kabbage.

While there are additional than 30 million small corporations in the US that continue to be underserved by economic institutions, the worth proposition that fintechs current are seeking more and more identical. Getting acquired might as a result be an effortless way for gamers to hold their foothold in the market place. As a subsequent stage for the mixed entity, Invoice.com could search into incorporating a examining account for SMBs via a partnership or acquisition to supply a holistic suite of economical products and services.

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