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Don’t miss the launch this Friday, 18 Feb 2022 at 10:00 SGT!

Expensify plans to list on the Nasdaq Global Market under the ticker symbol "EXFY." The company is known for its cloud software, which helps businesses manage their finances.
Expensify boosted the price range for its initial public offering. It would sell 9.73 million shares at $25 to $27 each, up from the $23 to $25 price range it set last week. At $27 a share, Expensify’s valuation is $2.18 billion.
The offering is being led by JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp.
Business Overview
Cloud-based expense management software platform Expensify, based in Portland, Oregon, helps the smallest to the largest businesses simplify the way they manage money.
Since its founding in 2008, it has added over 10 million members to the community, and processed and automated over 1.1 billion expense transactions on the platform.
For the quarter ended June 30, 2021, an average of 639,000 paid members across 53,000 companies and over 200 countries and territories used Expensify to make money easy.
In its filing, Expensify touts its platform as delivering “Expense reports that don’t suck.”
Employees can report an expense for reimbursement by snapping a photo of a receipt. The software can take care of paying a customer's bills, it can create, send and manage invoices, and it can also book flights for business travel.
In addition, Expensify has a business credit card and features that allow users to split bills, request payments and chat with friends.
In 2020, the company saw a total addressable market of roughly $21.5 billion in the U.S., U.K., Canada and Australia, according to the filing.
The platform strategy enables a viral “bottom-up” business model. As of June 30, 2021, 60% of Expensify's revenue can be attributed to an instance where an employee used our application first and recommended it to their manager.
Financial Performance
Expensify reported a loss of $1.7 million, on revenue of $88 million in 2020, compared to a profit of $1.2 million on revenue of $80.5 million in 2019.
But in just the first six months of 2021, the company reported sales of $65 million, up from $40.6 million in the year-ago period.
The company's profit also jumped fourfold to $14.7 million in the first six months of this year, from $3.5 million the same period last year.
Click to view the prospectus