Based in Utah, growing tech startup Divvy provides lending services and a secure financial platform for businesses. The company announced on Friday that it had secured a US$250mn funding facility from Waterfall Asset Management.
Divvy allows customers to manage payments and subscriptions, build strategic budgets, and eliminate expense reports, helping businesses to streamline their financial cycles. Real-time tracking of business transactions allow businesses using Divvy to gain immediate insights and data into their finances.
CEO Blake Murray of Divvy said on Friday that "Waterfall Asset Management has seen our growth, and the facility will support our company's vision and platform. It will also help us to continue providing businesses with the flexible capital they need, while both helping to streamline and improve financial management. We believe this investment supports our goal of actively expanding our customer base in 2019 and is key to surpassing our success in 2018; their investment represents a vote of confidence in Divvy and our team, and positions us to gain a stronger presence in the fintech space."
Waterfall is a New York-based is an SEC-registered specialist credit manager focused on high-yield Asset Backed Securities (ABS) and real estate and consumer debt investment.