Expensify, the financial app with more than 10 million users worldwide, reveals record growth heading into 2021
SAN FRANCISCO–(BUSINESS WIRE)–#ARR—Expensify, the most widely used expense software in the world, announced today it will surpass $100 million in annual recurring revenue in 2020. The company, which has maintained profitability for years and only raised $20.2 million in primary capital since its founding in 2008, also recorded its highest monthly revenue ever in October.
“We have a relatively small staff of 130 employees, so hitting a milestone like $100 million ARR and doing it profitably is pretty exciting for us,� says Ryan Schaffer, Director of Strategy at Expensify. “We pride ourselves on efficiency, and with over $750,000 in revenue per employee, were now in line with some of the best companies in the world. Weve eschewn the growth at all costs mentality of Silicon Valley, removing the at all costs part to remain focused on a consistent, sustainable, high-growth trajectory.
To mark the occasion, Expensify shared a few additional highlights from its journey to $100 million ARR:
This year, Expensify has added a corporate card, travel booking, invoicing, and bill pay to its eponymous expense management offering. Additionally, the company launched a 501(c)(3) nonprofit, Expensify.org, which reimbursed grocery bills for thousands of families in need affected by the pandemic.
To learn more about Expensify, check out use.expensify.com.
About Expensify
Expensify is the worlds most popular receipt tracking and expense management app, with more than 10 million users around the globe. Whether youre working for yourself, managing a team, or closing the books for your clients, Expensify helps you ditch the spreadsheet so you have more time to focus on what really matters. Download the Expensify mobile app or sign up at use.expensify.com today because you werent born to do expenses.
Contacts
Nick Tooker, press@expensify.com
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