Divvy Expense Management Tools and Credit Suisse Close $500M Purchase Agreementby Fintechnews Switzerland August 18, 2019
Divvy, an US based in spend and expense management tool, claims that they closed a $500 million purchase agreement with Credit Suisse.
The agreement gives Credit Suisse the right to buy up to $500 million in future Divvy receivables over the next two years. It gives Divvy more lending power to help customers grow their businesses—adding $500 million in debt capital to the $250 million they received from Waterfall Asset Management in January 2019.
Divvy’s goal is it to modernize the way companies manage spending by fusing financial management software with a smart corporate card. Divvy gives real-time visibility into the spending within an organization and claims over 3000 clients are using it already.
Featured image credit: Credit Suisse