Expensify Announces 2018 Growth, Ends Year Both Profitable and Cash Flow Positive

The leading “unicorn” receipt tracking and expense management startup achieves latest, most difficult milestone

SAN FRANCISCO--()--Expensify, the most widely used expense management platform in the world, announced 94% year-on-year revenue growth in 2018. In addition to tremendous growth, Expensify closed out its best year yet by announcing four updated plans – Track, Submit, Collect, and Control – that let any self-employed entrepreneur or global enterprise company use Expensify in their daily workflow.

“There are three major highlights that made 2018 the perfect cap to our first decade in business,” says David Barrett, founder and CEO of Expensify. “First, we’re profitable and cash flow positive – which may sound silly to some – but it’s extremely rare in an industry in which companies burn through piles of cash to acquire users. Second, we’re growing at an accelerating pace, which creates a predictable trajectory for us to confidently push the bounds of what we can offer our customers. And finally, the addition of our new plans for individuals allows us to further broaden our already diverse customer base.”

Aside from substantial growth, Expensify:

  • Expanded the ExpensifyApproved! Partner Program to 35% of the top 100 U.S. accounting firms and 70% of the top 10 U.K. accounting firms, including Deloitte and Moore Stephens.
  • Launched the ExpensifyApproved! Banks Program to invest in industry-leading API technology and enhance the credit card import experience, with Wells Fargo as the first major partner.
  • Rolled out ExpensifyApproved! University, a training and certification program to help accountants and bookkeepers master Expensify and pass along the benefits to clients.
  • Released critical enterprise features such as a corporate card reconciliation dashboard and an AI-powered audit and compliance engine to further empower its largest customers.

From a partnerships perspective, Expensify won top honors as NetSuite’s Innovation Partner of the Year and announced integrations with corporate travel management startup TripActions, HR platform Gusto, and VAT recovery providers Global VaTax and Taxback International. Expensify also became the official expense management platform of major companies around the world such as Blackberry, IDEO, WWF, Away, Bill.com, Namely, the Portland Timbers, The Greater Boston Food Bank, Monzo, Lubbock Fine, LJ Hooker, and Canva.

Interested in Expensify for yourself, your company, or your clients? Head over to use.expensify.com to get started for free.

About Expensify

Expensify is the only receipt tracking and expense management app built for everyone – from the self-employed to Fortune 500 companies. The easy-to-use tool automates your entire workflow with SmartScan OCR receipt tracking technology, company card management, next-day reimbursement, and other time-saving features. Expensify is the only expense management partner of the AICPA and used by more companies than any other expense software in the world. Join the millions of people already saving time with Expensify at use.expensify.com!

Contacts

James Dean, press@expensify.com

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Contacts

James Dean, press@expensify.com