| Expensify, Inc. | |
| Type: | Public |
| Traded As: | NASDAQ: |
| Industry: | Expense management software |
| Predecessors: | --> |
| Successors: | --> |
| Founder: | David Barrett |
| Hq Location City: | Portland, Oregon[1] |
| Hq Location Country: | U.S. |
| Areas Served: | --> |
| Revenue Year: | 2022 |
| Income Year: | 2022 |
| Net Income Year: | 2022 |
| Assets Year: | 2022 |
| Equity Year: | 2022 |
| Owners: | --> |
| Num Employees: | 138 |
| Num Employees Year: | December 2022 |
| Subsid: | Expensify Ventures |
| Footnotes: | [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]
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, $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]
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]
Expensify currently has dozens of unanswered complaints with[21] 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.[8]
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]