Divvy

Divvy, now known as BILL Spend & Expense, was established in 2016 by co-founders Blake Murray and Alex Bean to address a critical need they experienced firsthand: real-time visibility into company spending. The idea originated from Murray's struggle with a previous business that was operating at a loss, sparking the realization that a consolidated platform was needed for finance teams to make informed decisions. Murray, whose father was an early employee at Apple and Microsoft, brought a unique perspective on technology and entrepreneurship to the venture. After developing a functional MVP, the company formally launched its platform in January 2018.

A significant milestone in the company's trajectory was its acquisition by Bill.com in May 2021 for approximately $2.5 billion in cash and stock. This strategic move was designed to create a comprehensive, one-stop-shop payment platform for small and midsize businesses (SMBs), integrating Divvy's spend management capabilities with Bill.com's automated payables and receivables solutions. Following the acquisition, Divvy was rebranded to BILL Spend & Expense to align with the parent company's brand identity, though the core functionality and user experience remained consistent.

The firm operates as a spend management platform targeting small to midsize businesses across various industries. Its business model is centered on providing its software for free, generating revenue by taking a percentage of the interchange fees charged to merchants for transactions made with its corporate cards. This approach provides SMBs with a powerful financial tool without upfront software costs. The platform combines corporate cards (both physical and virtual) with integrated expense management software. Key features include customizable spending limits for employees, real-time expense tracking, automated receipt capture, and budgeting tools that allow administrators to allocate and monitor funds by department or project. The system eliminates traditional expense reports by automating the reconciliation process. It also offers virtual cards for secure online subscriptions and one-time purchases, a reimbursement feature for out-of-pocket expenses, and integrates with major accounting systems like QuickBooks, Xero, and NetSuite.

Keywords: BILL Spend & Expense, spend management, expense management, corporate cards, virtual cards, business financial software, SMB finance, automated expense reports, real-time spending visibility, budget management software, financial operations, Blake Murray, Alex Bean, Bill.com acquisition, accounts payable automation, finance platform, receipt tracking, business credit, cash flow management, FinTech