# Weel

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/weel

- Industry: Financial Services
- Headquarters: Sydney, Australia
- Website: www.letsweel.com
- Total disclosed funding: $19M
- Latest round: Series A (Nov 29, 2021)
- Investors on record: 8

## About

Established in 2016 and based in Surry Hills, Australia, Weel, formerly known as DiviPay, is a fin-tech company that offers an expense management and virtual card platform and mobile wallet that automates expense reporting and helps businesses control their spending. In November 2021, DiviPay Pty Ltd. raised AUD 21.75 million in series A funding led by an unspecified investor, with participation from new investors Rocket Internet SE, Rapyd Ventures and Global Founders Capital, and returning investors Eccleston Corporation Pty Limited, Muhlbauer Investments Pty Ltd, Seed Space Ventures and 1835i, along with other individual and unspecified investors.

From virtual corporate cards with customizable spending controls to streamlined bill payments and subscription management, Weel offers a range of solutions tailored to meet the different needs of enterprise management. The platform also facilitates easy reimbursements, real-time transaction monitoring, and expense reporting tools that foster greater financial transparency and control. By integrating smart accounting solutions and offering seamless Xero integration, Weel can provide an optimized operation solution for enterprises of different sizes.

Weel's revenue stream predominantly stems from the provision of its spend management solutions to businesses across different sectors. The company generates income through subscription models, service fees, and partnerships with businesses looking to streamline their financial processes. Additionally, Weel's collaborations with accounting firms and bookkeepers contribute to its revenue stream.

The company will use the funding in 2021 to expand into new international markets, and further build out its holistic product offering.

## Funding rounds

- Series A, Nov 29, 2021, $15M — Rocket Internet SE, Global Founders Capital, 1835i, Seed Space Ventures, Rapyd Ventures, Eccleston Corporation Pty Limited, Muhlbauer Investments Pty Ltd
- Series A, Apr 13, 2021, $1.7M — 1835i, Seed Space Ventures
- Series A, Jul 5, 2019, $1.6M — 1835i, Seed Space Ventures, Eccleston Corporation Pty Limited, Muhlbauer Investments Pty Ltd
- Seed, Feb 17, 2017, $0.1M — H2 Ventures

## Investors

- H2 Ventures (https://capitalatlas.ai/funds/h2-ventures) — Seed
- 1835i (https://capitalatlas.ai/funds/1835i) — Series A
- Seed Space Ventures (https://capitalatlas.ai/funds/seed-space-ventures) — Series A
- Eccleston Corporation Pty Limited — Series A
- Muhlbauer Investments Pty Ltd — Series A
- Rocket Internet SE (https://capitalatlas.ai/funds/rocket-internet-se) — Series A
- Global Founders Capital (https://capitalatlas.ai/funds/global-founders-capital) — Series A
- Rapyd Ventures (https://capitalatlas.ai/funds/rapyd-ventures) — Series A