Expensify

Expensify was founded in 2008, in the USA by David Barrett. Expensify develops and trades cloud software for small and medium businesses. This platform allows users to scan and refund receipts from flights, hotels, cafes, stationery, shares, etc. The company provides customers with payment cards that link everything together.

History

2021: Exit to the Nasdaq Exchange

On November 11, 2021, Expensify successfully debuted on the Nasdaq exchange, its shares on the first day rose by almost 47%. The company's securities opened at $39.75 after an initial public offering (IPO) sold 9.73 million shares at $27, the upper end of the range, which led to an investment of $262.7 million. At the close of trading, the value of Expensify shares soared to $41.06, and the company's market capitalization amounted to almost $4 billion.

Expensify's expense management platform entered the exchange and was valued at $4 billion

Expensify is the first Oregon-based technology company to enter the IPO since Cascade Microtech debuted in 2004. The latest valuation of the company is $3.87 billion.

By November 2021, the company has more than 10 million regular customers, 1.1 billion transactions have been carried out and processed in cloud databases since the offer of this technology to a wide range of users. For the second quarter of 2021, the Intensify software platform was used by 639 thousand paid subscribers from more than 53 thousand companies in almost all countries of the world.

Expensify founder and CEO David Barrett said he sees an opportunity for his company to become a platform that connects companies around the world through financial negotiations. They include everything from company payroll to invoices, billing, and even payments between friends.

Each payment is a conversation between two or more people to resolve financial tensions, "he explained, adding that the financial industry is fragmented by numerous applications, and he sees Expensify as a universal payment system that can combine all this.[1]

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