Expensify Explained

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]

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, $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] 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]

Awards and recognition

Competitors

External links

Notes and References

  1. https://we.are.expensify.com/investors/faq
  2. Web site: Expensify Inc. 2022 Annual Report Form (10-K) . EDGAR . . March 8, 2022.
  3. Web site: Arrowsmith . Ranica . Expensify debuts corporate card with perks from Stripe, Bill.com and more . accountingtoday.com . Accounting Today . 7 October 2019.
  4. News: Jarvi. Ryan. Financial tech company looks to increase local presence. 17 August 2015. Your Daily Globe. 20 August 2014.
  5. News: Saitto. Serena. Expense-Reporting Startup Finds Big Growth by Focusing on Small Companies. 17 August 2015. Bloomberg Business. 11 December 2014.
  6. News: Expensify raises $5.7M for more expense reports "that don't suck" . 9 September 2010 . Matthew Lynley . Reuters.
  7. News: Lawler. Ryan. With $3.5 Million In New Funding, Expensify Targets Concur Customers. 17 August 2015. Tech Crunch. 30 September 2014.
  8. News: Chernova. Yuliya. Expensify Launches Venture Arm With Part of $17M New Round. August 17, 2015. The Wall Street Journal. July 27, 2015.
  9. Web site: Where We Work. Expensify. 21 January 2019.
  10. News: Rubbelke. Nathan. Let's not screw it up app industry tells Congress. 17 August 2015. Washington Examiner. 23 July 2015.
  11. News: Who is reading your Expensify receipts? The Big Tech Question. 23 November 2017. The Big Tech Question. 28 November 2017.
  12. News: Ong. Thuy. Expensify says receipts found on Amazon Turk were from testing a new feature. 21 January 2019. The Verge. 28 November 2017.
  13. Web site: Rogoway. Mike. Expensify's $263 million IPO breaks Oregon tech's 17-year drought . The Oregonian. 10 November 2021.
  14. Web site: Expense management platform Expensify valued at $3.87 billion in strong market debut (Oct. 10). 11 November 2021.
  15. News: Duke. Bradley. Best apps for business: Expensify. 17 August 2015. Startups. 26 May 2015.
  16. News: Sophy. Joshua. Expensify SmartScan Makes Paper Receipts History. 17 August 2015. Small Biz Trends. 23 February 2015.
  17. News: Ravenscraft. Eric. Expensify Makes Receipts From Your Online Purchases. 17 August 2015. LifeHacker. 10 November 2014.
  18. Web site: Barrett. David. CEO Fridays: #Preaccounting: The job we all hate, but must do. Expensify. 21 January 2019. 9 June 2017.
  19. News: Matthews. Kayla. 5 resources Gen Y uses to win at business. 17 August 2015. The Business Journals. 22 December 2014.
  20. Web site: All Integrations. Expensify. 23 January 2019.
  21. https://www.bbb.org/us/ca/san-francisco/profile/project-management-software/expensify-1116-914488/complaints?page=3
  22. News: Carson . Biz . 22 October 2020 . Expensify's CEO emailed users to encourage them to 'vote for Biden' . Protocol . 23 October 2020.
  23. Web site: 2020-10-28 . Expensify’s Political Email to 10 Million Customers Is a Classic Example of the Principal-Agent Problem . 2023-11-07 . Yahoo News . en-US.
  24. News: 2020-10-23 . Expensify CEO Emails 10 Million Customers Urging Them to Vote for Biden . en . Bloomberg.com . 2023-11-07.
  25. News: Cutter . Chip . 2020-10-23 . Expensify CEO Urges Customers to Vote Against Trump . en-US . Wall Street Journal . 2023-11-07 . 0099-9660.
  26. 2018 mobile business app awards announced - Tabby Awards honors 18 iPad, iPhone and Android apps. PRWeb. 23 January 2019. 22 January 2019.
  27. Web site: O'Bannon. Isaac. 2018 Readers' Choice Awards. CPA Practice Advisor. 23 January 2019. 20 February 2018.
  28. Web site: The Cloud 100. https://web.archive.org/web/20160910180032/http://www.forbes.com/pictures/fhgl45kiml/86-expensify/. dead. 10 September 2016. Forbes. 23 January 2019.
  29. News: The World's Top 10 Most Innovative Companies of 2015 in Money. 17 August 2015. Fast Company.
  30. News: The 56 best tablet apps: The Tabby Awards announces 2015 Winners and Users' Choice. 17 August 2015. Venture Beat. 29 June 2015.
  31. News: James. Geoffrey. Top 10 Free Mobile Sales Apps. 17 August 2015. Inc. Magazine. 20 August 2014.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Expensify".

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