Expensify

Expensify, Inc.

Company type	Public
Industry	Software
Founded	2008 (2008)
Founder	David Barrett
Headquarters	Portland , United States
Key people	David Barrett (CEO), Ryan Schaffer (CFO), Anu Muralidharan (COO)
Products	Expense management software, Expensify Card
Number of employees	138 (2022)
Website	expensify.com

Expensify, Inc. is a publicly traded software enterprise that specializes in expense management solutions tailored for both individual and corporate users. Established in 2008 by entrepreneur David Barrett, the company is based in Portland, Oregon. Expensify provides a comprehensive expense management platform paired with the Expensify Card, a corporate credit card created to optimize business spending processes.

In 2022, Expensify reported revenues amounting to US$169 million but incurred a net loss of US$27 million. The company’s total assets grew to US$210 million, with shareholders’ equity increasing to US$97 million. By the end of 2022, the organization employed 138 staff members. The executive leadership team includes CEO David Barrett, CFO Ryan Schaffer, and COO Anu Muralidharan. Expensify conducts part of its operations through its subsidiary, Expensify Ventures, which drives strategic growth and innovation efforts.

The company’s business approach centers on streamlining expense reporting and managing corporate cards, primarily targeting small and medium-sized businesses as well as individual professionals. Its market strength is bolstered by seamless integration with financial platforms such as Stripe and Bill.com, reinforcing its position within the expense management sector.

History

David Barrett, an alumnus of the University of Michigan and a seasoned tech entrepreneur with previous roles at firms like Red Swoosh, founded Expensify in 2008. Over the years, the company secured several venture capital investments: $1 million in 2009, $5.7 million in 2010, $3.5 million in 2014, and $17 million in 2015.

In 2014, Expensify expanded its presence in Michigan and collaborated with Gogebic Community College to provide scholarship opportunities. The following year, CEO Barrett represented the app industry before the U.S. Congress, underscoring the company’s leadership in mobile technology innovation.

In 2017, Expensify encountered privacy issues when a software bug exposed receipts from fewer than 200 customers to contractors via Amazon Mechanical Turk during a feature test. The company immediately ceased testing and resolved the problem.

Expensify debuted on the public market on November 11, 2021, under the ticker symbol EXFY. Despite an initial valuation of $3.87 billion at IPO, the stock has declined by more than 95%, reflecting post-IPO financial challenges.

In 2023, demonstrating community involvement alongside its international operations, Expensify invested in refurbishing Portland’s oldest food cart pod near its headquarters, rebranding it as the Midtown Beer Garden.

Products

Expensify provides an expense reporting solution accessible via mobile and web applications available on the Apple and Android platforms. This system allows users to create comprehensive expense reports derived from transaction records. In June 2025, Expensify extended its corporate card offering into the Canadian market, broadening its global footprint and market penetration.

Expensify Ventures

Following a $17 million funding round in early 2015, Expensify established Expensify Ventures—a strategic investment division aimed at supporting early-stage startups within travel, payments, and financial services sectors—fostering innovation aligned with its primary business focus.

Political involvement

In October 2020, Expensify’s CEO David Barrett sent a significant message to the company’s marketing subscribers, encouraging them to support U.S. presidential candidate Joe Biden. This action highlights the founder's active participation in political matters and his approach to leadership.