Divvy has closed a $500m (£410m) purchase agreement with Credit Suisse, one of the world’s leading financial service providers.
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 our customers grow their businesses—adding $500 million in debt capital to the $250 million we received from Waterfall Asset Management in January 2019.
“This purchase agreement demonstrates Divvy’s strength in the market and will empower us to continue serving our growing customer base,” said Blakely Cragun, SVP of Finance.
As a smart corporate credit card fused with financial software, Divvy is more than technology. It’s a line of credit with an integrated process for automating expense management. Since we launched Divvy in January 2018, it’s been adopted by more than 3,000 businesses (and counting). The credit we extend to our customers gives them cash on hand for real-time spending needs.
If your business isn’t already using Divvy for everything from managing budgets to automating expense reports, get a demo and see how it can help you spend smarter.
Source: Company Press Release
