April 30, 2019

Divvy Pay Inc., a payments and expense management platform, has raised $200 million in Series C financing led by New Enterprise Associates Inc., according to a press release.

The company said it will use the funding to accelerate product development and customer growth, and to further refine its smart money payment and expense management platform.

"This investment allows us to deepen the Divvy platform and experience, furthering our mission to make money smarter for all businesses," Divvy co-founder and CEO Blake Murray said in the announcement.

Scott Sandell, managing general partner at NEA, will join the Divvy board of directors, and Ben Narasin, venture partner at NEA, will join as a board observer.

Divvy officials said the funding, the third round in less than a year, was supported by existing investors Pelion Venture Partners and Insight Venture Partners. The company has now raised more than $245 million in equity funding, the release said.

In January, the company announced a $250 million credit facility through Waterfall Asset Management.

Since launching 15 months ago, more than 3,000 businesses have signed on to the platform, with hundreds of thousands of credit cards spending on the service, backed by $1.6 billion in credit.

Topics: Mobile Payments, Technology Providers

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April 30, 2019

Nationwide Building Society in the U.K. has announced its investment in The Smart Request Co. (operating under the name Ordo), a service that allows bill payment through an app and secure messaging service using open banking and Faster Payments technologies.

Billers can send an invoice and smart request directly to a customer through the Ordo app; the customer can then send payment in return without having to give out bank account information.

"Ordo helps businesses get invoices paid while at the same time allowing consumers to maintain control of how and when they pay their bill," Tony Prestedge, Nationwide deputy chief executive, said in the announcement. "This seemed a natural fit for Nationwide as a brand who helps its members manage their money and who, itself, later this year is entering the business banking market to offer an alternative for small and medium-size businesses to the big banks."

Ordo officials said the company has applied for funding from Pool D of the Alternative Remedies Package Capability and Innovation Fund, which is meant to help improve services and products for SMEs. If awarded, the funding will help the company accelerate the development and rollout of its financial technology.

The leadership team at Ordo includes past members of the U.K.'s Faster Payments scheme, according to company officials.

Topics: Bill Payment, In-App Payments, Mobile Banking, Security

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April 29, 2019

PayPal Inc. plans to buy $500 million in Uber Technologies Inc. common stock through a private placement, according to a regulatory filing ahead of the ride sharing company's initial public offering.

PayPal would pay $47 a share, the assumed IPO price, and would buy more than 10.6 million shares, according to the filing with the Securities and Exchange Commission.

Paypal CEO Dan Schulman said in a posting on Linkedin that the company will extend its existing partnership with Uber, and that the companies will explore additional payment collaborations, including the development of an Uber digital wallet.

PayPal has been the lead payment processor for Uber in the U.S. and Australia since 2013, according to Schulman.

Topics: In-App Payments, Mobile Apps, Regulatory Issues

Companies: Uber, PayPal

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