Expensify

“Yeah, it's about 10% of our 4.5 million is a paying business user.”

“Candidly, I view our entire space is vastly underpriced. Like the idea that you can get full expense management, mobile apps, all this automation for nine bucks for active and a third of your company's active. It's really like three bucks for head. That's like…”

“So I would say the business itself is breakeven, but we are always raising and spending on big experiments.”

“We actually have two, there's five and nine. The vast majority of our revenue and customers are on the nine dollar plan.”

“Actually, our primary revenue generator is our support team. The vast majority of our revenue comes after you've interacted once or twice with our support team, but almost never with, like, a salesperson going through a demo and things like that.”

“Literally, initially, we didn't charge, or the number one barrier to adoption was that we didn't charge. Because, like, we would think back, you know, years, we'd raise money, we're just a couple of people, we don't spend money on anything, everything just gro…”

“And that raises everything from like Uber, Yahoo Atlassian, a bunch of public companies like Evernotes, most of Silicon Valley, most of the unicorns or former unicorns all use Expensify.”

“90% of our revenue is on a credit card, which means that the only way we get paid is after you've already fully deployed your entire company.”

“Well, I would say we've got about 25,000 companies that use expensive.”

“We don't advertise. We're a hundred percent organic. There's no advertisement whatsoever. And so things like churn was like these numbers, which seems so absolutely critical to your business. They actually just don't really matter to us at least because they d…”

“So then revenue churn is also complicated because we have negative revenue churn. Every customer, like every cohort pays us more today than they ever have.”

“It's like about dominating the space and maintaining an incredibly low price right now for the industry actually helps keep the competition out. And so yes, there will become a time where that's the most important thing, but it's just not right now.”

“So literally it was expensify the corporate card for the masses, just as a proof of concept for this prepaid technology I wanted to build. And the banks sort of like authorize this stuff. And so that's how I get pulled into this space was really as a Trojan ho…”

“We don't have any commissioned salespeople, and so that, like, that screws up everyone's models as well.”

“Oh, no, we've raised capital, and so I started off for a couple of years just out of savings, and then we raised I think a total of, I think maybe twenty-five million”

“About a third of the company will actually submit an expense report on a given month. But it'll be a different third every month.”

“I would say like 99% of our traffic is people searching for us.”

“No, no, we haven't raised, we don't intend to raise anymore, I would say we're, you know, profitable, we're growing, and so we just.”

“We have 42,000 customers, whatever, but that ranges everything from like fortune 500 on down.”

“After three years, they pay us about 500% more.”

“Routing around the decision maker has been our entire business model and is why we succeed.”

“Nothing. We don't have any paid channels.”

“So we've got about five million users total and then some subset of those pay for 40,000.”

“No.”

“It's only a hundred people. It's invite only, and it's in Bora Bora, all expenses paid by us. And so it's basically, it's more like the Davos of accounting, if you will.”

“Everyone else cares about the conferences for lead generation, and we don't, and so we can show up big, much bigger than anyone else, because the ROI of the lead's just not our goal. We're just viewing it, we're viewing the value of the conference very differe…”

“I think like most great businesses, you sort of fall into something that everyone else has overlooked because if it weren't overlooked, it wouldn't be a great business. It would just be the thing that everyone else does.”

“Most companies, the vast majority of revenue is on nine dollars per active user. And that's it. And there's no integration fees. There's no upgrade fees. There's no any of that.”

“So we're doing just under a hundred percent year on year still, which gets tough at the scale, but the nice thing is actually we've in this past year, we've actually made a bunch of product changes that have caused growth to sort of re-accelerate”

“We've built in a tremendous technology stack. That's much more like Twitter or Facebook than it is like concur or something else.”

“So it's like, yeah, we spend millions of dollars in conferences. Could we spend twice as much? There just aren't twice as many conferences to go to. We go to every conference. We go as big as we possibly can and that's it.”

“And so I actually had no intention of building the expense reporting system. It was just my Trojan horse To let me build this card so I could give money to the homeless safely.”

“We don't really share that, but I would say we're still under a hundred.”

“The important one is revenue retention and we're way over a hundred percent revenue retention. And so I'd say like every every year customers pay us more on aggregate than they did the year before. And so every cohort we've ever acquired pays us more today tha…”

“We brought the very first mobile app to expense reports.”

“About a 120, I think.”

“We think that the path to growth is not so much by increasing sort of how much you extract from each customer, but just getting more customers. And so I, I'm much more focused on just massive scale than I am on trying to like, you know, squeeze harder.”

“Yeah, actually that number is maybe a little bit off. It's more like maybe a 110 right now.”

“No, we have no advertising going on whatsoever right now. It's all a hundred percent word of mouth.”

“There's no commission sales component. So no one's paid a commission at all, but we certainly have a support team that stands by because it's activity based pricing.”

“It was as a Trojan horse to get permission from the banks to launch an entirely different product. And then after we launched this product, everyone's like, yeah, your prepaid debit cards are cool and all, but your expense reports are amazing. And up until tha…”

“I would say like, so we think about 45,000 paying companies. So basically... So we've got more More companies is expensified than the next four expense reporting companies.”

“Yeah, we're profitable. So we just, we don't, we're off that, that whole bandwagon.”

“The only reason We slowed down at all. It was because we got distracted by the enterprise.”

“Yeah, we're still under a hundred. That's right.”

“Cause if you're gonna differentiate, you can't differentiate through functionality alone. It has to be through acquisition, through business model.”

“When Facebook launched, they knew they had to get seven friends to a new user in the first week for you to be sticky, right? And then you're going to stick, Expensify, right? A B to B SaaS company. They know when an employee downloads their app, they've got to…”

“We make money just like the banks would. And then we give you the software that Expensify and others are giving you. So we really combine it into one platform.”