Expense management platform launched tool in 2024
Expensify, an expense management platform, saw an increase in travel bookings in the second quarter of 44% compared with the first quarter, when bookings increased 166% against the fourth quarter of 2024. The company launched the travel booking capability last year and made it available across its full network earlier this year. Ryan Schaffer, CFO, said in an earnings call that the offering is “growing extremely well,” noting that it saw “huge growth” in July.
According to the company, it has been expanding its global network, having added support for euro billing and third-party card feed from more than 10,000 additional banks. David Barrett, CEO, said the company’s Expensify Card offering will be available in the UK and most of the EU “very soon,” followed by expansion into Canada. Interchange revenue from the Expensify Card totaled $5.3 million in the quarter, up 31% year over year.
Expensify reported $35.8 million in revenue for the second quarter, up 7% year over year. The company had a net loss of $8.8 million for the quarter, compared with a $2.8 million loss in the second quarter of 2024. Schaffer said the higher loss was a result of expenses related to getting Expensify’s brand featured in the recently released film “F1: The Movie.” Sales and marketing costs were $14.3 million for the quarter, compared with $3.1 million in the second quarter of 2024.
“The way movie accounting works is, we’ve been making payments for multiple years, but the expense was all recognized this quarter,” Schaffer said. “We expect next quarter for these to go back to normal.”
Barrett said the film placement, which included the Expensify brand name appearing on screen for more than 35 minutes, has contributed to increased brand awareness, with 50% gains in target demographics in recent brand awareness surveys and 350% growth among the 18-to-24 age bracket.
