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Expensify

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American expense management company
Expensify, Inc.

Company typePublic
Traded asNasdaq: EXFY
ISINUS30219Q1067
IndustryExpense management software
Founded2008; 17 years ago (2008)
FounderDavid Barrett
HeadquartersPortland, Oregon, U.S.
Key people
  • David Barrett (CEO)
  • Ryan Schaffer (CFO)
  • Anu Muralidharan (COO)
RevenueIncreaseUS$169 million (2022)
Operating incomeDecrease US$−15 million (2022)
Net incomeDecreaseUS$−27 million (2022)
Total assetsIncrease US$210 million (2022)
Total equityIncrease US$97 million (2022)
Number of employees138 (December 2022)
SubsidiariesExpensify Ventures
Websiteexpensify.com
Footnotes / references

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.

History

Expensify was founded in 2008 by current CEO David Barrett. Barrett, a native of Saginaw, Michigan, and a graduate of the University of Michigan, began programming at the age of six. 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.

The company has completed several rounds of venture capital funding, raising $1 million in 2009, $5.7 million in 2010, $3.5 million in 2014, and $17 million in 2015.

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. The company, which expanded its operation in Michigan in 2014, partnered with Gogebic Community College to offer scholarships to students in the area. In July 2015, CEO David Barrett addressed the United States Congress on behalf of the app industry, speaking to a House, Health, and Technology subcommittee.

In November 2017, the company faced allegations of exposing some customers' personal information to contractors manually entering receipts through Amazon's Mechanical Turk service. 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.

The company went public on 11 November 2021 under the ticker EXFY. The company's stock has decreased more than 95% since its IPO.

Products

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

Expensify allows users to download expense reports based on user transactions. It also integrates with other financial applications and automatically imports expenses incurred with partner companies.

Billing Practices and Complaints

Expensify currently has dozens of unanswered complaints with 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.

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.

Competitors

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. ^ Jarvi, Ryan (20 August 2014). "Financial tech company looks to increase local presence". Your Daily Globe. Retrieved 17 August 2015.
  5. ^ Saitto, Serena (11 December 2014). "Expense-Reporting Startup Finds Big Growth by Focusing on Small Companies". Bloomberg Business. Retrieved 17 August 2015.
  6. ^ 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. ^ 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. ^ 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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