US-based expense management startup Divvy has raked in $165m in a Series D funding round, bringing the newly-minted unicorn’s valuation to $1.6bn.

The latest investment came from new investors including PayPal Ventures, Hanaco, Whale Rock, and Schonfeld.

Existing backers including NEA, Insight Venture Partners, Acrew, and Pelion also participated in the funding round.

Divvy said that it will use the fresh capital to invest in product development and engineering to boost its future growth.

The Utah-based company aims to consolidate credit, vendor, and spend management into a single platform.

It combines corporate credit cards with its free expense management software, providing businesses with the ability to view and control their budgets, and manage their spending.

Some of Divvy’s clients include tech firm Noom, e-commerce merchants Solo Stove and Rhone, sports franchises Utah Jazz and the Atlanta Dream, and EyeCare Partners.

Divvy hired Financial Technology Partners (FT Partners) as its exclusive adviser on its latest transaction.

Divvy CEO Blake Murray said: “We are not just building for tech startups—we help businesses across the country by providing the capital and financial software they need to thrive.

“We are fortunate to be able to build for companies of all sizes and we are grateful to everyone who has helped us get here.”

PayPal Ventures managing partner Peter Sanborn said: “With its compelling free software, Divvy is poised to become a key part of the financial nervous system for businesses.

“PayPal and Divvy share a goal of simplifying all that goes into running a business, which creates more time to focus on customers. We’re thrilled to support Divvy’s continued expansion.”