DiviPay unveils bold new brand after tripling customer base to buck tech bubble burst
DiviPay rebrands to become ‘Weel’ to drive bigger clients and international expansion.
SYDNEY, 7 September 2022: DiviPay, Australia’s leading spend management platform, has today announced it will operate under a new brand identity and name, ‘Weel’. Weel is the financial tool helping small to midsize companies streamline spending and create a culture of trust through collective accountability.
The brand evolution comes at a momentous time for Weel as it saw its client base grow by 200% in the last year alone, defying the fintech bubble burst that has seen many of Australia’s fintechs fall to their knees.
Backed by some of the leading investors in SaaS, including ANZ Banking Group’s external innovation and venture capital partner 1835i and Global Founders Capital, Weel has taken on $20 million+ in funding and processed more than $250 million in business payments. The new identity marks the genesis of Weel’s international expansion as it looks to support more businesses in the mid-market category, particularly as they contend with uncertain business conditions.
At a time when many organisations are counting every cent and cutting costs, Weel’s redefined purpose addresses the misconception about managing money, taking the onus off finance teams alone. The platform repositions finance teams in collaboration with the rest of a company’s employees, rather than the culture police to avoid. Through issuing virtual company cards, managing subscription payments, setting limits and smart automated controls, finance teams have comprehensive visibility of spending with real-time tracking, and employees are held to collective accountability while also feeling empowered, supported and trusted.
Daniel Kniaz, Co-founder & CEO at Weel says: “Many businesses are facing the tricky paradox of cutting costs whilst trying to preserve workplace culture amongst their teams. There’s an abundance of tech tools on the market that are supposed to assist with this by streamlining operations but in reality, these tools don’t speak to each other or take the human element into account and this fragmentation is causing friction.
“That’s why we’ve developed Weel. Weel brings these elements together for a smoother, more efficient experience in spend management to help businesses achieve sustainable growth without losing sight of their biggest asset – their people. We’re very confident in the foundations we’ve built in Australia and with international expansion on the roadmap, we’re ready to take Weel global.”
Weel’s journey began as a consumer tool to split bills between friends before pivoting to become Australia’s first all-in-one spend management solution. At a time when managing business spend has never been more critical to company survival, Weel now boasts users including industry leaders such Canva, Eucalyptus and Michael Hill.
Russell Martin, Co-founder and CTO at Weel says: “I’m so proud of all we’ve achieved at DiviPay and excited for this next phase of growth as Weel. Effective spending solutions have never been more important than in today’s economic environment. We’ve completely rewritten the rules around business spend management by helping finance leaders at Australia’s small to midsize companies move from ‘growth at all costs’, to ‘growth within reason’.
“From the new intern buying coffees to the CEO picking up the tab, we make spend management effortless for everyone and look forward to enabling more businesses – both locally and globally – to manage their outgoings.”
The rebrand will be unveiled at the upcoming Xerocon Sydney on 7th September whereby Weel is a platinum partner.
Weel is an all-in-one virtual business card and spend management platform that enables finance teams to better manage, control and streamline spending across their organisation. Founded by Daniel Kniaz and Russell Martin, Weel’s easy-to-use web and mobile app includes instant virtual corporate cards, bill pay, card controls and budgeting, a real-time transaction feed, automated expense reports, powerful accounting integrations, subscription spending management, reimbursements, and exclusive rewards. Businesses use the Weel platform to manage over $250 million in annual spend. For more information, visit www.letsweel.com.