The Expensify saga starts in 2008 with David Barrett’s burning hatred for awful expense reports. Enraged by the lack of good solutions to this very obvious problem, David founded Expensify with the slogan: Expense Reports that Don’t Suck!
Expensify was the much needed cure for the traditional headache-inducing expense reporting process the world had grown accustomed to and Expensify was well received by the media. We enjoyed heaps of press from tech blogs and major news publications alike which ultimately resulted in $1M being raised in 2009.
Encouraged by this early success, we started to fill out the team and expand our features. We also established the best company perk ever: Offshoring. While originally only targeting very small businesses (10 employees or less) we quickly saw our client list include one hundred person companies. Next, two and three hundred person companies started signing up. Soon after that a five hundred person company. Before we knew it, we were working with some of the biggest and best companies in the world! As our clients got bigger and bigger, Expensify continued to add more and more time saving features, increasing the amount of automation in the expense reporting process and improving efficiency for businesses everywhere.
In 2010 we raised $5.7M, using that to further expand and strengthen the team. We had a game changer planned and we needed the best and brightest to bring it to life. Something that would blow the minds of our users by truly revolutionizing the expense management process. Enter Expensify SmartScan.
Before the launch of SmartScan, Expensify simply made expense management easier, but we hadn’t truly changed the process. SmartScan changed the expense management space forever. Now Expensify users could become truly paperless. Take a picture of the receipt, then throw it away. No more carrying around receipts in pockets and envelopes. We had created something that was the first of its kind. Competitors and banks who clung to the old traditional processes were all eventually forced to license out our service or build an imitation. Funnily enough, it wasn’t until 2014 (3 years later) that our largest competitor managed to muster a similar service.
Fast forward to the present: we now have over 2 million users and more than 300,000 companies that use Expensify. We reimburse millions of dollars every day, process billions every year, and we’re still pushing out new features making life easier for our users in over 169 different countries.