His dad worked as an early employee in marketing and human resources at Apple and Microsoft. “The traction they’ve gained in a short period of time is stunning.” “You can disrupt marketplaces very effectively with ‘free,’ ” says New Enterprise Associates managing partner Scott Sandell, who led the company’s most recent funding. Forbes estimates that Divvy receives half of the roughly 2% fee paid on every transaction. Unlike expense-reporting competitors Concur and Expensify, which charge a per-user, per-month fee, Divvy makes money by sharing a slice of the underlying fee that merchants pay to banks and card companies on credit card purchases. Divvy’s app would eliminate the need for expense reports-and do it for free. The existing expense account software was “a necessary evil to running your business,” says Murray. The managers can keep tabs on the budget through Divvy’s software.īest of all, no one needs to rummage through old receipts and waste hours of their life trying to remember the names and titles of everyone who was at a lunch four weeks ago. If workers want more cash, they need approval from the finance department to increase their allowance, stopping employees from “swiping first and asking for forgiveness later,” Bean says. Divvy offers employees credit cards with limits determined by their finance managers, who set a budget for a project, and divvy it up (hence the name) among the staff. But that wasn’t Blake.īecause many small businesses don’t qualify for corporate cards-and many larger employers don’t want to give them to all their employees-lots of American workers end up shelling out their own money for business expenses, then waiting to get paid back. There’s a prototype of the entrepreneur who is studying all the technology trends.
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