Expensify

Expensify is a software company that develops an expense management system for personal and business use. Expensify also operates a venture capital arm known as Expensify Ventures.[1]

Expensify
IndustryExpense management software
Headquarters
San Francisco, California
,
U.S.A.
Key people
David Barrett (CEO)
SubsidiariesExpensify Ventures
Websitewww.expensify.com

History

Expensify was founded in 2008 by current CEO David Barrett.[2] Barrett, a native of Saginaw, Michigan, and a graduate of the University of Michigan, began programming at the age of six.[2] 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.[3] 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,[4] $5.7 million in 2010,[4] $3.5 million in 2014,[5] and $17 million in 2015.[1]

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.[6] The company, which expanded its operation in Michigan in 2014 and is considered one of the largest employers in the Upper Peninsula, partnered with Gogebic Community College to offer scholarships to students in the area.[2] In July 2015, CEO David Barrett addressed United States Congress on behalf of the app industry, speaking to a House, Health, and Technology subcommittee.[7]

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.[8] 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.[9]

Products

Expensify has developed an expense reporting mobile and web application available in the Apple and Android marketplaces.[3][10] 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.[10][11] It also allows users to create receipts from online purchases that can be submitted for reimbursement.[12][13]

Expensify allows users to download expense reports based on user transactions.[14] It also integrates with other financial applications and can also automatically import expenses incurred with partner companies.[15]

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 startups.[1]

Political activism

On October 22, 2020, Barrett sent emails to all Expensify customers and non-customers on Expensify's marketing list, urging them to vote for U.S. presidential candidate Joe Biden. He argued that the ongoing existence of U.S. democracy itself depended on Biden's winning.[16]

Awards and recognition

References
  1. Chernova, Yuliya (July 27, 2015). "Expensify Launches Venture Arm With Part of $17M New Round". The Wall Street Journal. Retrieved August 17, 2015.
  2. Jarvi, Ryan (20 August 2014). "Financial tech company looks to increase local presence". Your Daily Globe. Retrieved 17 August 2015.
  3. Saitto, Serena (11 December 2014). "Expense-Reporting Startup Finds Big Growth by Focusing on Small Companies". Bloomberg Business. Retrieved 17 August 2015.
  4. "Expensify". Crunchbase. Retrieved 21 January 2019.
  5. Lawler, Ryan (30 September 2014). "With $3.5 Million In New Funding, Expensify Targets Concur Customers". Tech Crunch. Retrieved 17 August 2015.
  6. "Where We Work". Expensify. Retrieved 21 January 2019.
  7. Rubbelke, Nathan (23 July 2015). "Let's not screw it up app industry tells Congress". Washington Examiner. Retrieved 17 August 2015.
  8. "Who is reading your Expensify receipts? | The Big Tech Question". The Big Tech Question. 2017-11-23. Retrieved 2017-11-28.
  9. Ong, Thuy (28 Nov 2017). "Expensify says receipts found on Amazon Turk were from testing a new feature". The Verge. Retrieved 21 Jan 2019.
  10. Duke, Bradley (26 May 2015). "Best apps for business: Expensify". Startups. Retrieved 17 August 2015.
  11. Sophy, Joshua (23 February 2015). "Expensify SmartScan Makes Paper Receipts History". Small Biz Trends. Retrieved 17 August 2015.
  12. Ravenscraft, Eric (10 November 2014). "Expensify Makes Receipts From Your Online Purchases". LifeHacker. Retrieved 17 August 2015.
  13. Barrett, David (9 June 2017). "CEO Fridays: #Preaccounting: The job we all hate, but must do". Expensify. Retrieved 21 January 2019.
  14. Matthews, Kayla (22 December 2014). "5 resources Gen Y uses to win at business". The Business Journals. Retrieved 17 August 2015.
  15. "All Integrations". Expensify. Retrieved 23 January 2019.
  16. Carson, Biz (2020-10-22). "Expensify's CEO emailed users to encourage them to 'vote for Biden'". Protocol. Retrieved 2020-10-23.
  17. "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.
  18. O'Bannon, Isaac (20 February 2018). "2018 Readers' Choice Awards". CPA Practice Advisor. Retrieved 23 January 2019.
  19. "The Cloud 100". Forbes. Retrieved 23 January 2019.
  20. "The World's Top 10 Most Innovative Companies of 2015 in Money". Fast Company. Retrieved 17 August 2015.
  21. "The 56 best tablet apps: The Tabby Awards announces 2015 Winners and Users' Choice". Venture Beat. 29 June 2015. Retrieved 17 August 2015.
  22. James, Geoffrey (20 August 2014). "Top 10 Free Mobile Sales Apps". Inc. Magazine. Retrieved 17 August 2015.
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