Expensify

{{Short description|American expense management company}} {{Undisclosed paid|date=March 2025}} {{Infobox company | name = Expensify, Inc. | logo = 100px<br/>196px | image = First_National_Bank_Building_-_Portland,_Oregon_(2018).jpg | image_size = | image_alt = | image_caption = Expensify's headquarters, the former First National Bank Building, in Portland, Oregon | trading_name = | native_name = | native_name_lang =  | romanized_name = | former_name = | type = Public | traded_as = {{Nasdaq|EXFY}} | ISIN = {{ISIN|sl=n|pl=y|US30219Q1067}} | industry = Expense management software | genre =  | fate = | predecessor =  | successor =  | founded = {{Start date and age|2008}} | founder = David Barrett | defunct =  | hq_location = | hq_location_city = Portland, Oregon<ref>{{cite web | url=https://we.are.expensify.com/investors/faq | title=Expensify Investor FAQ }}</ref> | hq_location_country = U.S. | num_locations = | num_locations_year =  | area_served =  | key_people = {{unbulleted list |David Barrett (CEO) |Ryan Schaffer (CFO) |Anu Muralidharan (COO) }} | products = | brands = | production = | production_year =  | services = | revenue = {{nowrap|{{increase}}{{US$|169 million|link=yes}}}} | revenue_year = 2022 | operating_income = {{nowrap|{{decrease}} US$−15 million}} | income_year = 2022 | net_income = {{nowrap|{{decrease}}US$−27 million}} | net_income_year = 2022 | aum =  | assets = {{nowrap|{{increase}} US$210 million}} | assets_year = 2022 | equity = {{nowrap|{{increase}} US$97 million}} | equity_year = 2022 | owner =  | members = | members_year =  | num_employees = 138 | num_employees_year = December 2022 | parent = | divisions = | subsid = Expensify Ventures | module =  | website = {{URL|expensify.com}} | footnotes = <ref name="10k">{{Cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001476840/000147684023000032/exfy-20221231.htm |title=Expensify Inc. 2022 Annual Report Form (10-K) |website=EDGAR |publisher=U.S. Securities and Exchange Commission |date=March 8, 2022}}</ref> }} '''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.<ref>{{cite web |last1=Arrowsmith |first1=Ranica |title=Expensify debuts corporate card with perks from Stripe, Bill.com and more |url=https://www.accountingtoday.com/news/expensify-debuts-corporate-card-with-perks-from-stripe-bill-com-and-more |website=accountingtoday.com |publisher=Accounting Today |access-date=7 October 2019}}</ref>

==History==

Expensify was founded in 2008 by current CEO David Barrett.<ref name=YourDGlobe>{{cite news|last1=Jarvi|first1=Ryan|title=Financial tech company looks to increase local presence|url=http://www.yourdailyglobe.com/story/2014/08/20/news/financial-tech-company-looks-to-increase-local-presence/3451.html|accessdate=17 August 2015|publisher=Your Daily Globe|date=20 August 2014}}</ref> Barrett, a native of Saginaw, Michigan, and a graduate of the University of Michigan, began programming at the age of six.<ref name=YourDGlobe/> He was involved in numerous tech companies prior to Expensify, including Red Swoosh.<ref name=BloombergExpense2014>{{cite news|last1=Saitto|first1=Serena|title=Expense-Reporting Startup Finds Big Growth by Focusing on Small Companies|url=https://www.bloomberg.com/bw/articles/2014-12-11/expensifys-cloud-based-software-targets-smaller-clients|accessdate=17 August 2015|publisher=Bloomberg Business|date=11 December 2014}}</ref>

The company has completed several rounds of venture capital funding, raising $1 million in 2009,<ref name=funding>{{cite news |url=https://www.reuters.com/article/idUS327708180620100910 |title=Expensify raises $5.7M for more expense reports "that don't suck" |date=9 September 2010 |author=Matthew Lynley |work=Reuters}}</ref> $5.7 million in 2010,<ref name=funding /> $3.5 million in 2014,<ref name=TechCrunchLawler>{{cite news|last1=Lawler|first1=Ryan|title=With $3.5 Million In New Funding, Expensify Targets Concur Customers|url=https://techcrunch.com/2014/09/30/expensify-concur-customers/|accessdate=17 August 2015|publisher=Tech Crunch|date=30 September 2014}}</ref> and $17 million in 2015.<ref name=WSJExpensifyVentures>{{cite news|last1=Chernova|first1=Yuliya|title=Expensify Launches Venture Arm With Part of $17M New Round|url=https://blogs.wsj.com/venturecapital/2015/07/27/expensify-launches-venture-arm-with-part-of-17m-new-round/|accessdate=August 17, 2015|publisher=The Wall Street Journal|date=July 27, 2015}}</ref>

The company, which expanded its operation in Michigan in 2014, partnered with Gogebic Community College to offer scholarships to students in the area.<ref name=YourDGlobe/> 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.<ref>{{cite news|last1=Rubbelke|first1=Nathan|title=Let's not screw it up app industry tells Congress|url=https://www.washingtonexaminer.com/politics/1844467/lets-not-screw-it-up-app-industry-tells-congress/|accessdate=11 April 2025|publisher=Washington Examiner|date=23 July 2015}}</ref>

In November 2017, the company faced allegations of exposing some customers' personal information to contractors manually entering receipts through Amazon's Mechanical Turk service.<ref>{{cite news|url=https://bigtechquestion.com/2017/11/23/online/reading-expensify-receipts/|title=Who is reading your Expensify receipts? {{!}} The Big Tech Question|date=23 November 2017|work=The Big Tech Question|access-date=28 November 2017}}</ref> 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.<ref>{{cite news|last1=Ong|first1=Thuy|title=Expensify says receipts found on Amazon Turk were from testing a new feature|url=https://www.theverge.com/2017/11/28/16703962/expensify-receipts-amazon-turk-privacy-controversy|accessdate=21 January 2019|publisher=The Verge|date=28 November 2017}}</ref>

The company went public on 11 November 2021 under the ticker EXFY.<ref>{{cite web|last=Rogoway|first=Mike|title= Expensify's $263 million IPO breaks Oregon tech's 17-year drought |url=https://www.oregonlive.com/silicon-forest/2021/11/expensifys-263-million-ipo-breaks-oregons-17-year-losing-streak.html|website=The Oregonian|date=10 November 2021}}</ref> The company's stock has decreased more than 95% since its IPO. <ref>{{cite web|title=Expense management platform Expensify valued at $3.87 billion in strong market debut (Oct. 10)|website=Reuters |date=11 November 2021|url=https://www.reuters.com/article/expensify-ipo/expense-management-platform-expensify-valued-at-3-87-billion-in-strong-market-debut-idUSKBN2HV2FQ/}}</ref>

In 2023, Expensify funded an update and renovation of Portland's oldest food cart pod, located next to their Portland headquarters. It was renamed the Midtown Beer Garden.<ref>{{Cite web |last=Jackson-Glidden |first=Brooke |date=2023-05-18 |title=The Southwest Fifth Avenue Food Cart Pod Will Get a Major Glow Up |url=https://pdx.eater.com/2023/5/18/23727769/southwest-5th-avenue-midtown-beer-garden-food-cart-pod-redevelopment |access-date=2023-05-18 |website=Eater Portland |language=en}}</ref>

==Products==

Expensify has developed a reporting expense mobile and web application that is available in the Apple and Android marketplaces.<ref name=BloombergExpense2014/>

Expensify allows users to download expense reports based on user transactions.<ref name="BizJournals1">{{cite news|last1=Matthews|first1=Kayla|title=5 resources Gen Y uses to win at business|url=http://www.bizjournals.com/bizjournals/how-to/technology/2014/12/5-resources-gen-y-uses-to-win-at-business.html?page=all|accessdate=17 August 2015|publisher=The Business Journals|date=22 December 2014}}</ref>

In June 2025, it was announced they would be expanding their corporate card product to Canada. <ref>{{Cite web |last=Thomas |first=Knowlton |date=2025-06-30 |title=Expensify Unveils 'Sweeping Expansion' That Includes Card Launch in Canada |url=https://www.fintech.ca/2025/06/30/expensify-unveils-expansion-card-launch-canada/ |access-date=2025-07-17 |website=Fintech.ca |language=en-US}}</ref>

==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.<ref name=WSJExpensifyVentures/>

==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.<ref>{{Cite news |date=2020-10-23 |title=Expensify CEO Emails 10 Million Customers Urging Them to Vote for Biden |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2020-10-23/expensify-biden-email-goes-out-to-10-million-customers |access-date=2023-11-07}}</ref><ref>{{Cite news |last=Cutter |first=Chip |date=2020-10-23 |title=Expensify CEO Urges Customers to Vote Against Trump |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/expensify-ceo-urges-customers-to-vote-against-trump-11603489825 |access-date=2023-11-07 |issn=0099-9660}}</ref>

==References== {{reflist|2}}

==External links== * {{Official website|https://use.expensify.com/}} {{Finance links |name = Expensify Inc. |symbol = EXFY |reuters = EXFY.N |bloomberg = EXFY:US |sec_cik = 1476840 |google = EXFY |yahoo = EXFY }}

Category:American companies established in 2008 Category:Software companies established in 2008 Category:Companies based in Portland, Oregon Category:Expense management Category:Software companies based in Oregon Category:2021 initial public offerings Category:Companies listed on the Nasdaq Category:2008 establishments in California