![]() ![]() For all Divvy customers, payments are reported to the Small Business Finance Exchange and Dun & Bradstreet in order to update the business’ credit score. The full balance of your charge card must be paid in full at the end of the billing cycle. Charge cards can be used for business transactions in the same manner as other cards, as long as there are adequate funds assigned to the budget associated with the card. If denied, the business can apply for the Credit Builder program, which includes secured line credit that must be funded first in order to spend.īoth the traditional Divvy program and Credit Builder utilize charge cards. If approved, the business will be assigned a specific credit line that determines the amount they can spend using their Divvy cards. Based on this application, the business will either be approved or denied for an unsecured line of credit. This article is an overview of how Divvy works and some of the features you will experience as a Divvy customer.Īny business that wants to become a Divvy customer must first submit an application that provides some basic information about their business operations. And frankly, it will be much more scalable over time.Divvy is a Bill company and business expense management solution that includes two main components: 1) physical and virtual charge cards and 2) expense and management software that tracks spend from those charge cards. ![]() ![]() I think it's just something that's important for us to be able to do. And to improve our internal controls as we start to work towards accessing public markets. And so I think that's probably my biggest focus right now, is trying to make that part of the business a little bit more efficient. “The accounting function is almost by definition, going to lag a little bit in its ability to really effectively leverage technology. What Tom sees as his next area of focus Although again, I think it's pretty fluid, something of a dotted line up into the capital markets business, because so much of what we would call FinOps is related to the capital markets facilities.” We do have someone whose focus is on financial operations, who sits within the end treasury, and he sits within the accounting org. “It's been a somewhat organic journey, I would say to where we are today. I think the accounting function sitting where it sits in the organization, which is effectively all the way at the end of the supply chain…almost by definition ends up being probably the last line of defense, so to speak.” And, as we're growing, adding new business lines and continuing to consolidate how we operate and building out our capabilities on the technology side. “The accounting function is probably a little bit more linear, particularly as we've navigated being an early stage company. So the first hire, I refer to him as a Swiss army, he covered really all aspects of our finance team from start to finish.” And so I felt like it was important to have a complementary skillset come in. And capital markets, while it was an important aspect of the business and a complex one, that was very much my skill set. “What I realized in the recruiting process was that over time we needed to build out a pretty broad functionality within the finance org. Here’s some of what you’ll hear about in this episode: ![]() But to get a full picture of Tom’s story at Divvy, be sure to check out episode 5, available on all major podcast streaming platforms. We’ve condensed some of the major themes from our recent conversation with Tom on the FinOps Today podcast and summarized them below. But with Tom’s deep legal and finance background, DivvyHome’s finance team would quickly turn into a huge asset for the rest of the org. He had to do this while also managing the complex task of overseeing the business's finances to keep it running smoothly. Joining the company when they had only 75 homes on its platform, Egan led the charge of building out DivvyHome’s finance function. For Tom Egan, CFO and Head of Capital Markets at DivvyHomes, this was his day-to-day reality. But the challenge of deciding on your first finance hire at a high-growth company can be especially nerve-wracking. Building out a team at any business can be difficult. ![]()
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