Company:Expensify

From HandWiki
Short description: American expense management company
Expensify, Inc.
TypePublic
NASDAQ: EXFY
ISIN[https://handwiki.org/wiki/index.php?title=Toollabs:isin/&language=en&isin=US30219Q1067 US30219Q1067]
IndustryExpense management software
Founded2008; 16 years ago (2008)
FounderDavid Barrett
Headquarters
San Francisco, California
,
U.S.
Key people
  • David Barrett (CEO)
  • Ryan Schaffer (CFO)
  • Anu Muralidharan (COO)
RevenueIncreaseUS$169 million (2022)
Decrease US$−15 million (2022)
DecreaseUS$−27 million (2022)
Total assetsIncrease US$210 million (2022)
Total equityIncrease US$97 million (2022)
Number of employees
138 (December 2022)
SubsidiariesExpensify Ventures
Websiteexpensify.com
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]

History

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]

Products

Expensify has developed a reporting expense mobile and web application available in the Apple and Android marketplaces.[4][13] 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.[13][14] It also allows users to create receipts from online purchases that can be submitted for reimbursement.[15][16]

Expensify allows users to download expense reports based on user transactions.[17] It also integrates with other financial applications and can also automatically import expenses incurred with partner companies.[18]

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.[7]

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.[19][20][21][22]

Awards and recognition

  • Tabby Award, 2018[23]
  • Readers Choice Award-Expense & Travel Management Solutions, CPA Practice Advisor, 2018[24]
  • Forbes Cloud 100, 2016[25]
  • World's Top 10 Most Innovative Companies, Fast Company, 2015[26]
  • Tabby Award, 2015[27]
  • Top 10 Free Mobile Sales App, Inc. Magazine, 2014[28]

Competitors

References

  1. ↑ "Expensify Inc. 2022 Annual Report Form (10-K)". U.S. Securities and Exchange Commission. March 8, 2022. https://www.sec.gov/ix?doc=/Archives/edgar/data/0001476840/000147684023000032/exfy-20221231.htm. 
  2. ↑ Arrowsmith, Ranica. "Expensify debuts corporate card with perks from Stripe, Bill.com and more". Accounting Today. https://www.accountingtoday.com/news/expensify-debuts-corporate-card-with-perks-from-stripe-bill-com-and-more. 
  3. ↑ 3.0 3.1 3.2 Jarvi, Ryan (20 August 2014). "Financial tech company looks to increase local presence". Your Daily Globe. http://www.yourdailyglobe.com/story/2014/08/20/news/financial-tech-company-looks-to-increase-local-presence/3451.html. Retrieved 17 August 2015. 
  4. ↑ 4.0 4.1 Saitto, Serena (11 December 2014). "Expense-Reporting Startup Finds Big Growth by Focusing on Small Companies". Bloomberg Business. https://www.bloomberg.com/bw/articles/2014-12-11/expensifys-cloud-based-software-targets-smaller-clients. Retrieved 17 August 2015. 
  5. ↑ 5.0 5.1 Matthew Lynley (9 September 2010). "Expensify raises $5.7M for more expense reports "that don't suck"". Reuters. https://www.reuters.com/article/idUS327708180620100910. 
  6. ↑ Lawler, Ryan (30 September 2014). "With $3.5 Million In New Funding, Expensify Targets Concur Customers". Tech Crunch. https://techcrunch.com/2014/09/30/expensify-concur-customers/. Retrieved 17 August 2015. 
  7. ↑ 7.0 7.1 Chernova, Yuliya (July 27, 2015). "Expensify Launches Venture Arm With Part of $17M New Round". The Wall Street Journal. https://blogs.wsj.com/venturecapital/2015/07/27/expensify-launches-venture-arm-with-part-of-17m-new-round/. Retrieved August 17, 2015. 
  8. ↑ "Where We Work". https://we.are.expensify.com/where-we-work/. Retrieved 21 January 2019. 
  9. ↑ Rubbelke, Nathan (23 July 2015). "Let's not screw it up app industry tells Congress". Washington Examiner. http://www.washingtonexaminer.com/lets-not-screw-it-up-app-industry-tells-congress/article/2568879. Retrieved 17 August 2015. 
  10. ↑ "Who is reading your Expensify receipts? | The Big Tech Question". The Big Tech Question. 23 November 2017. https://bigtechquestion.com/2017/11/23/online/reading-expensify-receipts/. 
  11. ↑ Ong, Thuy (28 November 2017). "Expensify says receipts found on Amazon Turk were from testing a new feature". The Verge. https://www.theverge.com/2017/11/28/16703962/expensify-receipts-amazon-turk-privacy-controversy. Retrieved 21 January 2019. 
  12. ↑ Rogoway, Mike (10 November 2021). "Expensify's $263 million IPO breaks Oregon tech's 17-year drought". https://www.oregonlive.com/silicon-forest/2021/11/expensifys-263-million-ipo-breaks-oregons-17-year-losing-streak.html. 
  13. ↑ 13.0 13.1 Duke, Bradley (26 May 2015). "Best apps for business: Expensify". Startups. http://startups.co.uk/best-apps-for-business-expensify/. Retrieved 17 August 2015. 
  14. ↑ Sophy, Joshua (23 February 2015). "Expensify SmartScan Makes Paper Receipts History". Small Biz Trends. http://smallbiztrends.com/2015/02/expensify-smartscan.html. Retrieved 17 August 2015. 
  15. ↑ Ravenscraft, Eric (10 November 2014). "Expensify Makes Receipts From Your Online Purchases". LifeHacker. http://lifehacker.com/expensify-makes-receipts-from-your-online-purchases-1656748647. Retrieved 17 August 2015. 
  16. ↑ Barrett, David (9 June 2017). "CEO Fridays: #Preaccounting: The job we all hate, but must do". https://blog.expensify.com/2017/06/09/preaccounting-the-job-we-all-hate-but-must-do. 
  17. ↑ Matthews, Kayla (22 December 2014). "5 resources Gen Y uses to win at business". The Business Journals. http://www.bizjournals.com/bizjournals/how-to/technology/2014/12/5-resources-gen-y-uses-to-win-at-business.html?page=all. Retrieved 17 August 2015. 
  18. ↑ "All Integrations". https://use.expensify.com/all-integrations. 
  19. ↑ Carson, Biz (22 October 2020). "Expensify's CEO emailed users to encourage them to 'vote for Biden'". Protocol. https://www.protocol.com/bulletins/expensifys-ceo-emailed-all-of-his-users-to-encourage-them-to-protect-democracy-vote-for-biden. 
  20. ↑ "Expensify’s Political Email to 10 Million Customers Is a Classic Example of the Principal-Agent Problem" (in en-US). 2020-10-28. https://news.yahoo.com/expensify-political-email-10-million-103017017.html. 
  21. ↑ "Expensify CEO Emails 10 Million Customers Urging Them to Vote for Biden" (in en). Bloomberg.com. 2020-10-23. https://www.bloomberg.com/news/articles/2020-10-23/expensify-biden-email-goes-out-to-10-million-customers. 
  22. ↑ Cutter, Chip (2020-10-23). "Expensify CEO Urges Customers to Vote Against Trump" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/expensify-ceo-urges-customers-to-vote-against-trump-11603489825. 
  23. ↑ "2018 mobile business app awards announced - Tabby Awards honors 18 iPad, iPhone and Android apps" (Press release). PRWeb. 22 January 2019. Retrieved 23 January 2019.
  24. ↑ O'Bannon, Isaac (20 February 2018). "2018 Readers' Choice Awards". CPA Practice Advisor. https://www.cpapracticeadvisor.com/article/12396598/2018-readers-choice-awards. 
  25. ↑ "The Cloud 100". Forbes. https://www.forbes.com/pictures/fhgl45kiml/86-expensify/%23186c2162411a&sa=D&ust=1548164149926000&usg=AFQjCNE78mVCJXg0tDo7nxFyUcDRigmveQ. 
  26. ↑ "The World's Top 10 Most Innovative Companies of 2015 in Money". Fast Company. http://www.fastcompany.com/3041657/most-innovative-companies-2015/the-worlds-top-10-most-innovative-companies-of-2015-in-money. Retrieved 17 August 2015. 
  27. ↑ "The 56 best tablet apps: The Tabby Awards announces 2015 Winners and Users' Choice". Venture Beat. 29 June 2015. https://venturebeat.com/2015/06/29/the-56-best-tablet-apps-the-tabby-awards-announces-2015-winners-and-users-choice/. Retrieved 17 August 2015. 
  28. ↑ James, Geoffrey (20 August 2014). "Top 10 Free Mobile Sales Apps". Inc. Magazine. http://www.inc.com/geoffrey-james/top-10-free-mobile-sales-apps.html. Retrieved 17 August 2015. 

External links



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