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]