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Here are 1-3 brief analogies to describe Expensify (EXFY):

• DocuSign for expense reports.
• ADP for employee expenses and reimbursements.

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• Expense Management Platform: A software solution for businesses to automate expense reports, receipt scanning, and approval workflows.
• Expensify Card: A corporate credit card designed to simplify expense tracking by automatically categorizing and reconciling transactions within the Expensify platform.
• Bill Pay & Invoicing: Integrated features allowing businesses to manage vendor payments and create/track client invoices directly within the platform.
• Travel Management: Tools for booking business travel and automatically generating expense reports for flights, hotels, and other travel-related costs.

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Expensify (symbol: EXFY) primarily sells its expense management, corporate card, and bill pay solutions to other companies, operating on a business-to-business (B2B) model.

The company serves a highly diversified customer base, ranging from small businesses to mid-market companies and larger enterprises across various industries. Expensify's business model often involves a "bottom-up" adoption strategy, where individual employees or teams within an organization begin using the platform, which then expands to broader company-wide use.

According to Expensify's public filings, including their annual Form 10-K, no single customer accounted for more than 10% of their revenue in recent fiscal years. This indicates that Expensify does not have "major customers" in the sense of a few specific named companies that individually contribute a significant portion of their total revenue. Therefore, it is not possible to list specific customer companies with their symbols, as they are not publicly disclosed due to the highly diversified nature of Expensify's customer base.

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• Amazon.com, Inc. (AMZN) - through its Amazon Web Services (AWS) division

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David Barrett, Founder and Chief Executive Officer

David Barrett founded Expensify in 2008 and has served as its CEO and a board member since 2009. He is recognized as a top network engineer and created Expensify's blockchain-powered database. Before founding Expensify, he led engineering for Red Swoosh, Inc., a peer-to-peer file sharing company that was acquired by Akamai Technologies, Inc. in 2007. He also held various roles in 3D graphics and VR development.

Ryan Schaffer, Chief Financial Officer and Board Member

Ryan Schaffer joined Expensify in 2013 and has served as Chief Financial Officer and a board member since 2017. In his role, he manages all major financial activities, including leading equity buybacks and debt financing, and serves as a liaison between investors and the business. Prior to becoming CFO, he was Expensify's Director of Marketing and Strategy from 2013 to 2017, where he led brand marketing campaigns, including a Super Bowl commercial. Before joining Expensify, he worked in marketing at various companies.

Anuradha Muralidharan, Chief Operating Officer and Director

Anuradha Muralidharan joined Expensify in 2015 and has served as Chief Operating Officer since January 2021 and a director since the company's IPO. She previously served as Director of Product Operations and Head of Payment Operations at Expensify. Muralidharan was instrumental in creating the Expensify Card. Prior to Expensify, she held Vice President positions at Citibank and Marqeta Inc., and various engineering roles at Oracle.

Jason Mills, Chief Product Officer and Director

Jason Mills joined Expensify in 2011 and is responsible for leading the company's product vision and roadmap. His focus is on driving word-of-mouth adoption through intuitive and collaborative designs. Before his time at Expensify, he worked internationally in Shanghai, London, and Washington D.C., for organizations such as ING Bank, Hill & Knowlton, and Goldman Sachs.

Daniel Vidal, Chief Strategy Officer and Director

Daniel Vidal joined Expensify in 2012. As Chief Strategy Officer, he works closely with the CEO and other leaders to develop, implement, and maintain key initiatives, and also leads the company's strategic finance efforts. He has been credited with building the business development team, launching the ExpensifyApproved! Accountants program, and establishing important partnerships. In recognition of his work with accountants and technology, he was named one of CPA Practice Advisor's 20 Under 40 Superstars in 2017.

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1. Declining Paid Member Base and Subscription Revenue: Expensify is experiencing a decrease in its primary user base, leading to a decline in subscription revenue. In Q3 2025, the company's paid members dropped by 6% year-over-year to 642,000, directly eroding top-line revenue, which saw a 1% decrease to $35.1 million in the same quarter. This operational risk is considered the most immediate concern, as a shrinking user count impacts core subscription business under pressure. This trend of "significant churn" has been noted across multiple periods.
2. Aggressive Competition in a Crowded Fintech Market: Expensify operates in a "hyper-competitive expense management market," facing aggressive competition from rivals such as SAP Concur and Brex. This competitive landscape limits pricing power, contributes to declining gross margins, and makes it difficult for Expensify to differentiate its product effectively. The industry's crowded nature, coupled with limited differentiation, poses a continuous challenge to customer acquisition and retention.
3. Strategic Risk of Migration to New Expensify and Execution: The company is undergoing a "critical transition" involving a "major strategic pivot" with its migration to "New Expensify." The successful execution of this migration is not guaranteed, presenting a strategic risk. While Expensify is actively working on product innovation and financial stability, including leveraging AI and expanding its Expensify Card and Travel offerings, the success of these initiatives and the overall migration is crucial.

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The clear emerging threat to Expensify comes from the rise of **integrated spend management platforms** such as Brex, Ramp, Navan (formerly TripActions), and Bill.com's Divvy. These companies are offering comprehensive, all-in-one solutions that bundle corporate cards, expense management, bill pay, and often travel management into a single, cohesive platform. They are designed to be the central operating system for business spend, providing a seamless and often more cost-effective experience than managing these functions through disparate tools.

This trend threatens Expensify, which has traditionally focused on expense reporting and has more recently expanded into corporate cards, by shifting the market expectation towards a unified spend solution. Businesses are increasingly gravitating towards platforms that eliminate the need for multiple vendors and integrations, offering a single source of truth for all financial outflows. This is analogous to how Netflix's integrated streaming service disrupted Blockbuster's single-service rental model, or how Uber's all-in-one app threatened traditional taxi services by offering a more integrated and technologically advanced experience.

These emerging platforms often compete aggressively on card rewards, user experience, and the breadth of integrated features, directly challenging Expensify's core expense reporting functionality and its own corporate card offerings by providing a more holistic and competitive alternative.

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Expensify (NASDAQ: EXFY) operates within the financial technology sector, primarily offering an expense management system, business credit cards, and travel management services. The addressable markets for these main products and services are sizable globally and in key regions like North America.

Expense Management Software

The global expense management software market was valued at approximately USD 7.70 billion in 2025 and is projected to reach USD 12.54 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 10.25%. Another estimate placed the global market at USD 7.64 billion in 2024, with a projection to grow to USD 16.48 billion by 2032 at a CAGR of 10.1%. North America held a significant share of this market, accounting for 39.71% in 2024.

Corporate Cards

Expensify offers a business credit card, the Expensify Card. The global commercial or corporate card market was approximately USD 161 billion in 2024, with projections to reach USD 173.24 billion in 2025 and further escalate to USD 336.94 billion by 2033, driven by a strong CAGR of 7.6%. In 2024, North America's commercial corporate card market alone generated USD 17.4 billion in revenue, holding more than a 40% share of the global market.

Travel Management

Expensify provides tools for travel arrangements and management. The global market for travel and expense management software, a sub-segment, was valued at USD 4.49 billion in 2025 and is forecasted to reach USD 10.10 billion by 2030, with a CAGR of 17.6%. The broader global business travel spending, which Expensify's travel management service addresses, is a much larger market. Global business travel spending is expected to recover to USD 1.48 trillion in 2024 and is projected to exceed USD 2.0 trillion by 2028.

Business Spend Management (Broader Category)

Expensify's offerings also fall under the umbrella of business spend management (BSM) software. The global BSM software market size was valued at USD 23.36 billion in 2024 and is projected to grow to USD 56.30 billion by 2032, exhibiting a CAGR of 11.7%. North America dominated this global market with a share of 39.47% in 2024.

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Here are 3-5 expected drivers of future revenue growth for Expensify (EXFY) over the next 2-3 years:

1. Growth of the Expensify Card Program and Increased Interchange Revenue: Expensify's new card program is nearly fully deployed, leading to a higher interchange take rate. The company reported a significant increase in interchange revenue derived from the Expensify Card, growing 18% year-over-year in Q3 2025 and 48% year-over-year in Q3 2024, which is expected to bolster future revenue growth.
2. Expansion and Adoption of Expensify Travel: The Expensify Travel platform has demonstrated substantial growth in bookings, with a 36% increase from Q2 to Q3 2025 and a 95% increase since Q1 2025. The offering has been made available to all members, indicating its potential to become a more material contributor to revenue.
3. Migration to the "New Expensify" Platform: Management views the successful migration of existing customers from the "Classic" platform to "New Expensify" as a critical driver for recovery and growth. New Expensify is approaching 90% feature parity with the Classic version, and all new customers are now being onboarded directly onto the new platform.
4. Advancements in AI Technology ("Concierge AI"): Expensify is investing in and advancing its AI integration, particularly with its "Concierge AI." This hybrid system, combining AI and human support, aims to enhance the customer experience and operational efficiency, positioning it as a key differentiator in the market.
5. Growth in Average Paid Members: Although there have been fluctuations, Expensify saw an increase in average paid members to 653,000 in October 2025, up from the Q3 2025 average of 642,000. This indicates a positive trend in user acquisition and retention, contributing to overall revenue expansion.

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Share Repurchases

• Expensify's Board of Directors approved a new share repurchase program in February 2025, authorizing the purchase of up to $50 million of Class A common stock. This program replaced a previous authorization from 2022.
• Between May 15 and June 27, 2025, the company repurchased 1,285,336 shares of Class A common stock for approximately $3.0 million, at an average price of $2.33 per share.
• In Q3 2025, Expensify repurchased 1,579,763 shares of Class A common stock, totaling approximately $3.0 million, contributing to $6.1 million in year-to-date repurchases under the 2025 authorization.

Share Issuance

• Expensify issued a net of $61 million in common equity in 2021, which likely includes activity related to its initial public offering in November 2021.
• The company also reported net common equity issuances of $1 million in 2020, $2 million in 2023, and $3 million in 2024.
• In 2022, Expensify recorded a net common equity repurchase of $2 million, indicating that repurchases exceeded issuances during that year.