Lehi—On Wednesday, Divvy announced the launch of its secure financial platform which is designed to manage payments, subscriptions, budgets and eliminate expense reports while reducing fraud and overspending. Divvy also announced its partnership with WEX Bank to bring this technology to businesses for free.
“Business owners have been burdened by corporate credit card programs for decades, spending their time working in out of date software, chasing down receipts and uploading expense reports instead of focusing on growing their business,” said Blake Murray, Founder and CEO of Divvy. “We created Divvy to give business owners a proactive way to manage their employees’ spending habits, while reducing the risks of fraud and wasteful spending.”
According to The Association of Certified Fraud Examiners, asset misappropriation, employee mismanagement of funds, was the most common instance of fraud, occurring in 83 percent of cases. The average company loses 5 percent of its revenue every year to fraud and abuse, and the latest study found illegitimate expenses cost businesses a median of $30,000.
Using Divvy, businesses can prevent any fraudulent spending by assigning budgets to teams and individuals, tracking transactions in real-time, and analyzing spending across the entire company in one place.
“Divvy has changed my work life. I used to spend a large portion of my days trying to find employees and get them to either file their expense reports or explain charges to me,” said Travis Landry, CFO of Friendemic. “But now I can actually focus on my core job–helping my company scale.”
The Divvy platform provides:
- Convenience: Divvy’s cloud-based mobile solution completely automates the end-of-month expense report process, eliminates fraud and overspend, and empowers employees to spend where, when and how they need
- Instant visibility and control: Divvy offers real-time tracking, reporting and budgeting at individual, team and corporate levels, which helps businesses make smarter financial decisions
- Subscription Management: Simply generate a burner or vendor-locked card number, assign it to the vendor, monitor payments and easily cancel with a swipe
- Audit Trail: Request, approve, and deny all company transactions in one place, simultaneously creating an automatic virtual, IRS compliant record
- Security: Maximize card security by easily monitoring all of your company spending in real-time and in one place using the Divvy dashboard. Set limits to budgets and cards to prevent any fraudulent and/or wasteful spending
“Employees are essentially giving their company a no-interest loan when they use their personal credit cards for corporate spending,” said Bob Sneed, Vice President of Corporate Payments at WEX Bank. “But at Divvy, they’re taking that burden off of both the employee and the finance department. We’re excited to partner with Divvy to bring this technology to businesses for no cost whatsoever, no catch.”