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Kill The Expense Report: This Entrepreneur Built An $800 Million Business That Eliminates Office Busywork

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Divvy makes money by sharing a slice of the underlying fee that merchants pay to banks and card companies on credit card purchases

. The five-year-old Lehi, Utah-based company sports some impressive numbers: It’s raised $257 million in venture capital at a valuation thatestimates at $800 million. Though it’s not profitable, it more than quadrupled 2018 revenue, generating more than $32 million in 2019. Murray and Bean, now both 35, have a combined stake in the business thatThere’s a prototype of the entrepreneur who is studying all the technology trends. . . . But that wasn’t Blake.

Unlike expense-reporting competitors Concur and Expensify, which charge a per-user, per-month fee, .“You can disrupt marketplaces very effectively with ‘free,’ ” says New Enterprise Associates managing partner Scott Sandell, who led the company’s most recent funding. “The traction they’ve gained in a short period of time is stunning.”

But Blake Murray was so annoyed by the pain of employee finances that he decided to do something about it. Bean was the perfect partner. They had been friends since sixth grade, they were, both were twins with small children of their own – and, crucially, Bean knew the software industry.

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