| |
Company type | Public |
---|---|
Nasdaq: EXFY | |
ISIN | US30219Q1067 |
Industry | Expense management software |
Founded | 2008 |
Founder | David Barrett |
Headquarters | , U.S. |
Key people | |
Revenue | US$169 million (2022) |
US$−15 million (2022) | |
US$−27 million (2022) | |
Total assets | US$210 million (2022) |
Total equity | US$97 million (2022) |
Number of employees | 138 (December 2022) |
Subsidiaries | Expensify Ventures |
Website | expensify |
Footnotes /references [1] |
Expensify, Inc. is a software company that develops an expense management system for personal and business use. Expensify also offers a business credit card called the Expensify Card. [2]
Expensify was founded in 2008 by current CEO David Barrett. [3] Barrett, a native of Saginaw, Michigan, and a graduate of the University of Michigan, began programming at the age of six. [3] He was involved in numerous tech companies prior to Expensify, including Red Swoosh, for which he developed the file transfer technology. Red Swoosh was later purchased by Akamai Technologies. [4] Barrett has said he founded Expensify because of his "hatred" of expense reports--the company's slogan is "Expense reports that don't suck!"
The company has completed several rounds of venture capital funding, raising $1 million in 2009, [5] $5.7 million in 2010, [5] $3.5 million in 2014, [6] and $17 million in 2015. [7]
Expensify has offices in San Francisco; Portland, Oregon; London, U.K.; Melbourne, Australia; and Ironwood, Michigan, an office opened in a nod to Barrett's Michigan roots. [8] The company, which expanded its operation in Michigan in 2014, partnered with Gogebic Community College to offer scholarships to students in the area. [3] In July 2015, CEO David Barrett addressed United States Congress on behalf of the app industry, speaking to a House, Health, and Technology subcommittee. [9]
In November 2017, the company faced allegations that it had exposed some customers' personal information to contractors manually entering receipts through Amazon's Mechanical Turk service. [10] Expensify acknowledged that a bug allowed fewer than 200 receipts to be visible to certain company contractors using Mechanical Turk to test a new feature under development. The company halted the test. [11]
The company went public on 11 November 2021 under the ticker EXFY. [12] The company's stock has gone down more than 95% since its IPO. [13]
Expensify has developed a reporting expense mobile and web application available in the Apple and Android marketplaces. [4] [14] The app tracks and files expenses such as fuel, travel, and meals; once users photograph receipts, artificial intelligence identifies the merchant, date and amount of the transaction, then automatically categorizes and saves the expense. [14] [15] It also allows users to create receipts from online purchases that can be submitted for reimbursement. [16] [17]
Expensify allows users to download expense reports based on user transactions. [18] It also integrates with other financial applications and can also automatically import expenses incurred with partner companies. [19]
Expensify currently has dozens of unanswered complaints with [20] the BBB related to deceptive billing practices and difficult to cancel contracts.
Expensify launched a venture capital arm, Expensify Ventures, as part of a $17 million round of funding the company received in early 2015. Expensify Ventures makes strategic investments in early-stage travel, payments, and finance start-ups. [7]
On 22 October 2020, in a highly controversial letter, CEO David Barrett emailed all Expensify customers and non-customers on Expensify's marketing list worldwide, urging them to vote for U.S. presidential candidate Joe Biden. [21] [22] [23] [24]
Akamai Technologies, Inc. is an American delivery company that provides content delivery network (CDN), cybersecurity, DDoS mitigation, and cloud services. Headquartered in Cambridge, Massachusetts, it operates a worldwide network of servers whose capacity it rents to customers running websites and other web services, with the goal of providing end users with greater speed and availability via Akamai-owned servers located closer to them.
Salesforce, Inc. is an American cloud-based software company headquartered in San Francisco, California. It provides customer relationship management (CRM) software and applications focused on sales, customer service, marketing automation, e-commerce, analytics, and application development.
FullContact Inc. is a privately held technology company that provides a suite of cloud-based software products for businesses, developers, and brands. Their main focus is Identity Resolution. Their suite of offerings include products like Enrich and Resolve, and nine solutions, including Customer Recognition and Media Amplification.
Vimeo, Inc. is an American video hosting, sharing, and services platform provider headquartered in New York City. Vimeo focuses on the delivery of high-definition video across a range of devices. Vimeo's business model is through software as a service (SaaS). They derive revenue by providing subscription plans for businesses and content creators. Vimeo provides its subscribers with tools for video creation, editing, and broadcasting, enterprise software solutions, as well as the means for video professionals to connect with clients and other professionals. As of December 2021, the site has 260 million users, with around 1.6 million subscribers to its services.
Dropbox is a file hosting service operated by the American company Dropbox, Inc., headquartered in San Francisco, California, U.S. that offers cloud storage, file synchronization, personal cloud, and client software. Dropbox was founded in 2007 by MIT students Drew Houston and Arash Ferdowsi as a startup company, with initial funding from seed accelerator Y Combinator.
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Groupon is an American global e-commerce marketplace connecting subscribers with local merchants by offering activities, travel, goods and services in 13 countries. Based in Chicago, Groupon was launched there in November 2008, launching soon after in Boston, New York City and Toronto. By October 2010, Groupon was available in 150 cities in North America and 100 cities in Europe, Asia and South America, and had 35 million registered users. By the end of March 2015, Groupon served more than 500 cities worldwide, nearly 48.1 million active customers and featured more than 425,000 active deals globally in 48 countries.
Twilio Inc. is an American cloud communications company based in San Francisco, California, which provides programmable communication tools for making and receiving phone calls, sending and receiving text messages, and performing other communication functions using its web service APIs.
Pinterest is an American image sharing and social media service designed to enable saving and discovery of information like recipes, home, style, motivation, and inspiration on the internet using images and, on a smaller scale, animated GIFs and videos, in the form of pinboards. Created by Ben Silbermann, Paul Sciarra, and Evan Sharp, Pinterest, Inc. is headquartered in San Francisco.
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Travis Cordell Kalanick is an American businessman best known as the co-founder and former chief executive officer (CEO) of Uber. Previously he worked for Scour, a peer-to-peer file sharing application company, and was the co-founder of Red Swoosh, a peer-to-peer content delivery network that was sold to Akamai Technologies in 2007.
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Squarespace, Inc. is an American website building and hosting company based in New York City. It provides software as a service for website building and hosting, and allows users to use pre-built website templates and drag-and-drop elements to create and modify webpages.
Robinhood Markets, Inc. is an American financial services company headquartered in Menlo Park, California. It operates an electronic trading platform that facilitates commission-free trades of stocks, exchange-traded funds and cryptocurrencies as well as individual retirement accounts via a mobile app introduced in March 2015. Robinhood is a FINRA-regulated broker-dealer, registered with the U.S. Securities and Exchange Commission, and is a member of the Securities Investor Protection Corporation. The company's revenue comes from three main sources: interest earned on customers' cash balances, selling order information to high-frequency traders and margin lending. As of December 2023, Robinhood had 23.4 million funded accounts and 10.9 million monthly active users. In April 2022, Robinhood rolled out a cryptocurrency wallet to more than 2 million users.
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Kakao Corporation is a South Korean Internet conglomerate headquartered in Jeju City. It was formed through the merger of Daum Communications and the original Kakao Inc in 2010. The company was renamed Daum Kakao in 2014. In 2015 it was rebranded once more, reverting simply to Kakao.
Monzo Bank Limited, trading as Monzo, is a British online bank based in London, England. Monzo was one of the earliest of a number of new app-based challenger banks in the UK.
David Barrett is an American entrepreneur and software engineer. He is founder and CEO of Expensify, a software company that has developed an expense management system for personal and business use.