Expensify is a Portland-based payments superapp used by more than 10 million people worldwide. Its app bundles free corporate cards, expense tracking, next-day reimbursement, invoicing, bill pay and travel booking into a single product. The platform integrates with major accounting software, HR, tax and practice management systems as well as travel platforms such as Uber and Lyft. The company has been pursuing product expansion and rapid growth. CIBC’s expanded credit facility is intended to support those growth plans as Expensify scales in the public markets. CIBC has provided creative and flexible financing to Expensify for several years and increased an existing relationship with this $100 million facility provided in October 2021. Expensify offers an automated expense management platform used to streamline expense reporting. The company is led by founder and CEO David Barrett. Its product includes patented mobile receipt transcription technology, SmartScan (Patent #US8861861). Expensify raised a $17.5M funding round led by OpenView Venture Partners. Concurrently it launched Expensify Ventures, a strategic investment fund for early-stage fintech startups. The new fund has already backed Piper, whose receipting solution integrates with Expensify to automatically capture receipt details. The company said it will be announcing more investments in the coming months. Expensify is a six-year-old expense-management startup offering web and mobile apps and SmartScan OCR that scans receipts and auto-populates expense reports. The company launched an integration allowing Concur users to create and manage expenses in Expensify and export them into Concur. Following SAP’s acquisition of Concur, Expensify is targeting Concur customers and is offering organizations free use of its service for the length of their remaining Concur contracts to encourage switching. To support a ramp in sales and marketing, Expensify quietly raised a $3.5 million strategic round that included Barracuda Networks. That funding brings total capital raised to just over $10 million, and the company is already profitable. CEO David Barrett said the raise was intentionally minimal to minimize dilution to employees and existing investors and that Barracuda’s involvement could help establish a reseller relationship. Expensify builds online software to create and act on expense reports. The product imports expenses and receipts from credit cards and mobile phones, allows report submission through email, and supports reimbursements online via QuickBooks and direct deposit. It offers mobile apps on iPhone, BlackBerry, Palm WebOS and Android. Expensify launched at TechCrunch50 and won DemoPit 2nd Place. The company raised $5.7M in a second financing round led by Redpoint Ventures to further develop the product. Earlier it raised $1M in a May 2009 seed round led by Hillsven Capital, Baseline Capital, and Travis Kalanick.

Total raised

$127M

Funding rounds

4

Latest round

Debt Financing

Latest activity

Feb 2022