“All the top names in industry were built through word of mouth. There’s a lot of pressure to spend a lot on ads when you get VC, but Barrett doesn’t think that’s actually what helps grow a company. “I’d say we raised because it was possible because everyone thought you had to,” he says.
The company is now profitable and Barrett has since reconsidered this capital-raising approach. So he focused on that- a mobile app that scanned expense receipts - and ran with it.Įxpensify has raised about $27 million in venture capital. It turned out consumers found the expense reports component the most useful. I need to do something boring … What is the most boring thing I can think of? Aha, expense reports,” Barrett says. “And so I’m like, All right, I need to do something low risk. When Barrett founded the company in 2008 - at that time it was in the prepaid debit card space - the banks found his ideas too risky. Employees can get reimbursed the next day.īut growth wasn’t always easy, explains CEO and Founder David Barrett. Users take photos of their expense receipts on Expensify’s mobile application, and Expensify submits those receipts to their employers. Expensify’s goal is to simplify expense management for employees and businesses.
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