DiviPay’s founders, Daniel Kniaz and Russell Martin, met working at Westpac’s Innovation Hub. Their mutual passion for finding problems to solve would lead to the discovery that SMEs are one of the sectors that lack access to basic banking products and solutions. With a shared motive of delivering value and innovation, they teamed up to start Divipay – a journey towards creating Australia’s first all-in-one expense management platform.
Both Dan and Russ have always been keen to see the work they are doing today reflected in genuine value for the customer tomorrow.
The first iteration of DiviPay was a B2C product to help people split bills with friends. Dan and Russ applied a minimum viable product (MVP) approach to validate whether the idea would be well received in the market. But, as Dan states:
`We had a pivot or persevere moment after launching the first DiviPay. While the platform was growing strongly, we were struggling to monetise the offering – consumers have an expectation that financial services will be free. So we moved to a B2B product, knowing we could create a sustainable business model with a solution that solved a core problem for small business owners.’
Dan and Russ recognised an opportunity in the market: using DiviPay as a secure payment method for smaller organisations.
Businesses were concerned about card sharing – where dozens of people in a company share a photocopy of a credit card for expenses. And employees didn’t like the alternative: putting their hands in their own pockets and then waiting for reimbursements. Dan and Russ realised DiviPay could help.
All-in-one spend management
And so DiviPay 2.0 was born. Business owners, CFOs and financial controllers started to approach DiviPay as an easy way to manage business spending. And as the product found its wings, users started to ask for increased functionality. They wanted more payment types, more control. So, today the product spans digital corporate cards, subscriptions, bill payments, reimbursements, and overall expense management.
DiviPay is constantly increasing its market share in the spend management arena, winning the business of over 1,000 small to medium sized organisations. DiviPay’s customers love the breadth and agility of the platform, and alongside traditional business banking, customers enjoy a comprehensive solution for all their financial needs.
DiviPay has recently raised a $20 million Series A, testament to the business’ success to date and its future potential. These funds will be injected into product and team growth (increasing from 20-100 staff in 2022), with an eye to expanding into international markets later this year.
Enhanced leadership team
As part of this growth, DiviPay has recently appointed ex-Citi investment banker Damon Hauenstein as CFO and Olga Klimentieva as Head of People and Culture. Olga’s appointment is testament to Dan and Russ’ commitment to people, performance and talent development.
‘We’re committed to providing a great place for people to work. We do work hard but we also want people to have fun and enjoy themselves. We’ve built a really collaborative culture over the last few years, and as we grow, we’re keen to retain those values going forward.’
What’s on the horizon?
DiviPay’s product roadmap will deepen their expense management solution, with credit, additional payment options and improved workflows to ultimately provide small business owners with a reliable financial infrastructure. The team will also explore overseas markets, including NZ and Singapore.
Visit DiviPay’s website to find out more.