Expensify

Last updated
Expensify, Inc.
Company type Public
Nasdaq:  EXFY
ISIN US30219Q1067
Industry Expense management software
Founded2008;16 years ago (2008)
FounderDavid Barrett
Headquarters
Portland, Oregon [1]
,
U.S.
Key people
  • David Barrett (CEO)
  • Ryan Schaffer (CFO)
  • Anu Muralidharan (COO)
RevenueIncrease2.svg US$169 million (2022)
Decrease2.svg US$−15 million (2022)
Decrease2.svgUS$−27 million (2022)
Total assets Increase2.svg US$210 million (2022)
Total equity Increase2.svg US$97 million (2022)
Number of employees
138 (December 2022)
Subsidiaries Expensify Ventures
Website expensify.com
Footnotes /references
[2]

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. [3]

Contents

History

Expensify was founded in 2008 by current CEO David Barrett. [4] Barrett, a native of Saginaw, Michigan, and a graduate of the University of Michigan, began programming at the age of six. [4] 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. [5] 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, [6] $5.7 million in 2010, [6] $3.5 million in 2014, [7] and $17 million in 2015. [8]

Expensify has offices in Portland, Oregon; San Francisco; London, U.K.; Melbourne, Australia; and Ironwood, Michigan, an office opened in a nod to Barrett's Michigan roots. [9] The company, which expanded its operation in Michigan in 2014, partnered with Gogebic Community College to offer scholarships to students in the area. [4] In July 2015, CEO David Barrett addressed United States Congress on behalf of the app industry, speaking to a House, Health, and Technology subcommittee. [10]

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. [11] 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. [12]

The company went public on 11 November 2021 under the ticker EXFY. [13] The company's stock has gone down more than 95% since its IPO. [14]

Products

Expensify has developed a reporting expense mobile and web application available in the Apple and Android marketplaces. [5] [15] 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. [15] [16] It also allows users to create receipts from online purchases that can be submitted for reimbursement. [17] [18]

Expensify allows users to download expense reports based on user transactions. [19] It also integrates with other financial applications and can also automatically import expenses incurred with partner companies. [20]

Billing Practices and Complaints

Expensify currently has dozens of unanswered complaints with [21] [ non-primary source needed ] the BBB related to deceptive billing practices and difficult to cancel contracts.

Expensify Ventures

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. [8]

Political activism

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. [22] [23] [24] [25]

Competitors

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References

  1. ↑ "Expensify Investor FAQ".
  2. ↑ "Expensify Inc. 2022 Annual Report Form (10-K)". EDGAR. U.S. Securities and Exchange Commission. March 8, 2022.
  3. ↑ Arrowsmith, Ranica. "Expensify debuts corporate card with perks from Stripe, Bill.com and more". accountingtoday.com. Accounting Today. Retrieved 7 October 2019.
  4. 1 2 3 Jarvi, Ryan (20 August 2014). "Financial tech company looks to increase local presence". Your Daily Globe. Retrieved 17 August 2015.
  5. 1 2 Saitto, Serena (11 December 2014). "Expense-Reporting Startup Finds Big Growth by Focusing on Small Companies". Bloomberg Business. Retrieved 17 August 2015.
  6. 1 2 Matthew Lynley (9 September 2010). "Expensify raises $5.7M for more expense reports "that don't suck"". Reuters .
  7. ↑ Lawler, Ryan (30 September 2014). "With $3.5 Million In New Funding, Expensify Targets Concur Customers". Tech Crunch. Retrieved 17 August 2015.
  8. 1 2 Chernova, Yuliya (July 27, 2015). "Expensify Launches Venture Arm With Part of $17M New Round". The Wall Street Journal. Retrieved August 17, 2015.
  9. ↑ "Where We Work". Expensify. Retrieved 21 January 2019.
  10. ↑ Rubbelke, Nathan (23 July 2015). "Let's not screw it up app industry tells Congress". Washington Examiner. Retrieved 17 August 2015.
  11. ↑ "Who is reading your Expensify receipts? | The Big Tech Question". The Big Tech Question. 23 November 2017. Retrieved 28 November 2017.
  12. ↑ Ong, Thuy (28 November 2017). "Expensify says receipts found on Amazon Turk were from testing a new feature". The Verge. Retrieved 21 January 2019.
  13. ↑ Rogoway, Mike (10 November 2021). "Expensify's $263 million IPO breaks Oregon tech's 17-year drought". The Oregonian.
  14. ↑ "Expense management platform Expensify valued at $3.87 billion in strong market debut (Oct. 10)". Reuters . 11 November 2021.
  15. 1 2 Duke, Bradley (26 May 2015). "Best apps for business: Expensify". Startups. Retrieved 17 August 2015.
  16. ↑ Sophy, Joshua (23 February 2015). "Expensify SmartScan Makes Paper Receipts History". Small Biz Trends. Retrieved 17 August 2015.
  17. ↑ Ravenscraft, Eric (10 November 2014). "Expensify Makes Receipts From Your Online Purchases". LifeHacker. Retrieved 17 August 2015.
  18. ↑ Barrett, David (9 June 2017). "CEO Fridays: #Preaccounting: The job we all hate, but must do". Expensify. Retrieved 21 January 2019.
  19. ↑ Matthews, Kayla (22 December 2014). "5 resources Gen Y uses to win at business". The Business Journals. Retrieved 17 August 2015.
  20. ↑ "All Integrations". Expensify. Retrieved 23 January 2019.
  21. ↑ "Expensify | Complaints | Better Business Bureau® Profile".
  22. ↑ Carson, Biz (22 October 2020). "Expensify's CEO emailed users to encourage them to 'vote for Biden'". Protocol. Retrieved 23 October 2020.
  23. ↑ "Expensify's Political Email to 10 Million Customers Is a Classic Example of the Principal-Agent Problem". Yahoo News. 2020-10-28. Retrieved 2023-11-07.
  24. ↑ "Expensify CEO Emails 10 Million Customers Urging Them to Vote for Biden". Bloomberg.com. 2020-10-23. Retrieved 2023-11-07.
  25. ↑ Cutter, Chip (2020-10-23). "Expensify CEO Urges Customers to Vote Against Trump". Wall Street Journal. ISSN   0099-9660 . Retrieved 2023-11-07.
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