Happy Weekend Fintech Family,

We’re back with more news and a special guest! Eric Glyman, CEO @ Ramp joined Lindsay (Head of Markets @ Atomic) and I to breakdown the $2.5B acquisition of Divvy.

Here’s this week’s episode: Spotify + Apple

Lindsay penned a great synopsis here. I added some of the key fast funding facts that Lindsay put together here as well:

Fast Fintech Facts:

Divvy

• Total Deal Valuation: $2.5 billion

• Deal Terms: $625 million in cash and $1.87 billion of Bill.com common stock

• Traction: 7,500 monthly active small and medium-sized businesses (SMBs)

• Total Payment Volume (TPV): $4 billion annually

• Target Demographic: Corporate cards for SMBs and tech startups

• Total Funding Prior to Acquisition: $417.5 million

Bill.com

• Market Cap: $12.7 billion (as of 5/7/21)

• Traction: 115,000 customers with a reach of 2.5 million members

• Target Demographic: Accounting, expense management, and budgeting software for SMBs

• Q1’21 Earnings: $59.7 million in revenues

Ramp

• Total Raised: $320 million in equity and debt

• Last Funding Round: $115 million Q1’21

• Valuation: $1.6 billion

• Target Demographic: Tech startups and small businesses

• Differentiators: Incentivizes corporate savings versus spending to earn points by offering companies 1.5% across every transaction. In an example, if a company had $200,000 monthly burn rate, they’d earn $36,000 in cash back annually.

Until next time Fam,

ZAP

Zach Anderson Pettet

@zachpettet + @forfintechssake