Weel
“Can Weel become the dominant ANZ-native spend management platform by riding Nium's BaaS rails into the enterprise tier?”
HQAustralia
Latest roundSeries A (AUD $20M)
IndustryHorizontal SaaS / Spend Management
The story
Weel (formerly DiviPay) is an Australian/NZ spend management platform offering corporate cards, AP automation, reimbursements and subscription management. In January 2024 it migrated its underlying card issuing and payment rails from EML Payment Solutions to Nium — a strategically meaningful BIN-sponsor change for an Australian fintech. The company is moving upmarket from SMB into mid-market and enterprise (250+ employees, NetSuite, SSO, ERP), positioning itself as the ANZ Brex/Ramp.
Last 12 months
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Product timeline
2017
Weel (formerly DiviPay) founded as an Australian spend management platform.· founding
2021
Raised AUD $20M Series A led by 1835i Ventures (ANZ).· funding
2024
Migrated underlying payment/card issuing from EML Payment Solutions to Nium (Jan 2024).· pivot
2025
Launched NetSuite ERP integration (beta) and AI Agents for spend automation.· product
The stack
5 layers disclosed in Weel’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Card issuing
in the full report
FX & payouts
in the full report
Accounting
in the full report
Accounting gap: minor
7 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.