Expensify—which competes with the likes of SAP Concur in the expense reporting sector—confidentially filed back in May to go public. Founded in 2008, the SaaS-based platform raised a total of $38.2 million of funding, according to Crunchbase data. The company last raised venture capital in 2015—a $17 million Series C—and raised $11 million in debt in 2018.
According to the S-1, Expensify has realized significant growth in the first half of this year. The company saw revenue for the first six months of 2021 of $65 million—compared to $40.6 million for the first half of last year. Net income was $14.7 million for the first six months, versus $3.5 million for the same six months in 2020. Adjusted EBITDA was $22.9 million for the first six months of 2021, compared to $9.2 million last year.
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