Expensify, the financial app with more than 10 million users worldwide, reveals record growth heading into 2021
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.
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“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, we’re now in line with some of the best companies in the world. We’ve 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:
- Revenue: with a lifetime revenue eclipsing $215 million, Expensify has generated more than $10 in lifetime revenue and more than $5 in annual recurring revenue for every $1 of primary capital raised. Additionally, the company’s EBITDA margins are over 25% and growing.
- Efficiency: as the 10th most efficient tech company in the world, Expensify generates more revenue per employee than Intuit, PayPal, and Microsoft. Since 2018, revenue has increased 283% while headcount increased just 9% over the same period.
- Creativity: as the smallest company to ever run a Super Bowl ad, Expensify won 7 Cannes Lions for its 2019 “Expensify This” campaign featuring 2 Chainz and Adam Scott. The campaign included a full-length music video dubbed “the world’s first music video you can expense.”
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.
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