Divvy launches platform for real-time business funding
Divvy Pay Inc., a fintech that specializes in expense management, has launched Divvy Capital, which provides real-time access to funds for growing businesses. Divvy Capital provides immediate funding to customers who are pre-approved on the Divvy platform, usings metrics like payment history, revenue growth and other data, Tyler Hogge, vice president of product at Divvy, said in a company release
"We're launching Divvy Capital to give businesses access to funds they need, when they need them," he said. "For a growing business, having cash on hand is essential. That's why we're focused on turning a complicated, yet necessary process into something that promotes business growth instead of impeding it."
Divvy Capital includes the following forms of funding:
- Flex Plans for bill pay, which allows businesses to send Divvy funded payments immediately to vendors and repay the funds in one to three months.
- Flex Plans for card, which allows businesses to float part of their Divvy card balances over one, two or three months.
- Short-term loans, which provide pre-approved capital to a business over a six to 12-month period.
Cover image: Divvy