The Ledger
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Barrett: Expensify does not employ commissioned salespeople
“We don't have any commissioned salespeople, and so that, like, that screws up everyone's models as well.”
Barrett: Expensify's support team is its primary revenue generator
“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.”
Barrett: Expensify has 45,000 paying companies, beating top four competitors combined
“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.”
Barrett: Expensify's growth slowed only due to enterprise distraction
“The only reason We slowed down at all. It was because we got distracted by the enterprise.”
Barrett: Uber, Atlassian, and most Silicon Valley unicorns use Expensify
“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.”
Barrett: Expensify maintains net negative revenue churn across all cohorts
“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.”
Barrett: 90% of Expensify revenue is paid by credit card
“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.”
Barrett: Expensify launched the first mobile expense app
“We brought the very first mobile app to expense reports.”
Barrett: Expensify is growing just under 100% year-over-year
“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”
Barrett: Expensify has over 100% net revenue retention across all cohorts
“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…”
Barrett: Expensify customer cohorts pay about 500% more after three years
“After three years, they pay us about 500% more.”
Barrett: Expensify's tech stack resembles consumer social more than Concur
“We've built in a tremendous technology stack. That's much more like Twitter or Facebook than it is like concur or something else.”
Barrett: About 10% of Expensify's 4.5M users are paying business users
“Yeah, it's about 10% of our 4.5 million is a paying business user.”
Barrett: 99% of Expensify Traffic Comes From Direct Brand Searches
“I would say like 99% of our traffic is people searching for us.”
Barrett: Expensify has 42,000 paying business customers
“We have 42,000 customers, whatever, but that ranges everything from like fortune 500 on down.”
Barrett: Expensify has roughly five million total users
“So we've got about five million users total and then some subset of those pay for 40,000.”
Barrett: Expensify ARR is under $100 million
“We don't really share that, but I would say we're still under a hundred.”
One-third of employees submit an expense report every month
“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.”
Barrett: Expensify has raised approximately $25 million in outside capital
“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”