Finovate Alumni News

Around the web

  • Leondrino Exchange launches its own digital currency, XLEO.
  • BBVA forges global strategic agreement with Telefónica.
  • Revolut announces plans to build its own in-house processor.
  • Cybersecurity specialist DefenseStorm hires Terrie O’Hanlon as Chief Marketing Officer.
  • Expensify and Wells Fargo ink data exchange agreement.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Expensify Reaches Five Million Users Worldwide, Doubles Customer Base

Expensify announced reaching a pair of major milestones today. First, the expense management software specialist has doubled its customer base this year, growing its number of users to more than five million worldwide. “More and more, employees are tired of spending countless hours doing mundane tasks and instead are turning to technology to speed up those processes,” Expensify founder and CEO David Barrett said. Barrett credited workers themselves for demanding “better tools to expedite their workload” and said this demand “has really translated (into) exponential growth in new customers and partnerships.”

Second, not only has Expensify doubled its customer base, the San Francisco-based company also has doubled the number of accounting companies participating in its partnership program. This includes top 50 accounting firms such as BPM CPA, Kaufman Rossin, Rehmann, and Wipfli. Speaking for Wipfli, partner Mark Stricker called the partnership with Expensify a “crucial” difference-maker for his company.

Pictured: Expensify founder and CEO David Barrett demonstrating Expensify Invoices at FinovateSpring 2013.

“Previously we could only see the full picture of our clients’ financials after all expense reports had been submitted and reimbursed at the end of the month,” Stricker said. “Expensify allows us to track our clients’ spend in realtime, so we can advise our clients based on their current financial status, not last month’s.”

Founded in 2008 and headquartered in San Francisco, Expensify demonstrated the Expensify Invoices feature of its platform at FinovateSpring 2013. Last month, the company announced five new partners for its automation-first, ReceiptBurner platform, and teamed up with Lyft to make auto-expensing easier for the ride-sharing firm’s business travelers. In May, Expensify and fellow Finovate alum Xero partnered to bring OCR receipt scanning, next-day reimbursement, company card reconciliation, and other expense management services to workers at Xero’s 21 offices around the globe. Expensify has raised more than $27 million in funding and includes Redpoint, Barracuda Networks, and OpenView among its investors.

Finovate Alumni News

On Finovate.com

  • Expensify Reaches Five Million Users Worldwide, Doubles Customer Base.
  • Cloud Lending Solutions Unveils New Enhancements to CL Lease.

Around the web

  • CREALOGIX recognized by Wealth and Finance International as “leading digital financial advisory.”
  • FIS and Equifax partner to offer new identity verification solution, OnlyID.
  • Let’s Talk Payments interviews Finn.ai CEO, Jake Tyler.
  • Jumio teams up with Branddocs TrustCloud to bring its identity verification business to Spain and Latin America.
  • Avoka partnership helps Bankwest win top honors for omni-channel service, digital platform at Australian Business Banking Awards 2017.
  • Fiserv introduces its Instant Issue Advantage wireless tablet solution to support instant, in-branch card issuance.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Expensify Announces Five New ReceiptBurner Partners

Expensify unveiled a quintet of new partners for its automation-first ReceiptBurner platform this week. The new integrations will make it easy for qualified business expenses such as corporate travel bookings, on-demand parking payments, “and even private jet airfare” to be tracked and recorded into Expensify.

Calling his company’s technology a “full-time travel companion,” David Barrett highlighted the importance of removing the hassle from business travel. “We aim to make business travel smoother every step of the way,” Barnett said in a statement. “That means easing the burden of expense management for everyone involved, from the admin coordinating the travel to the employee out in the field.”

The five new partners are: The Parking Spot, ParkWhiz, Pana, TRAVO, and Jettly. The Parking Spot and ParkWhiz are on-demand parking reservation platforms; The Parking Spot is actually the largest owner/operator of airport parking properties near airports. Pana and TRAVO are trip booking and planning resources. Jettly is a private jet chartering marketplace.

Users of Expensify’s ReceiptBurner no longer have to smartscan or email their receipts to the company for tracking. Instead, when a transaction with one of the company’s growing number of partners occurs, ReceiptBurner automatically creates a receipt and sends it directly to Expensify where it is added to the user’s expense report. “ReceiptBurner eliminates one more step in the expense reporting process,” Expensify Marketing Generalist Gabi Horowitz announced on the company blog a year ago this month when the new solution was introduced. “(ReceiptBurner brings) us even closer to a utopian world in which business travelers can focus on business rather than the logistics of travel.”

Headquartered in San Francisco, Expensify demonstrated its Invoices solution at FinovateSpring 2013. Earlier this month, the company announced a new partnership with Lyft that will make it easier for business travelers using the ride-sharing service to manage their Lyft-related expenses using Expensify. And last month, Expensify reported exceeding the 35,000 customer milestone, reached in part by 15,000 new U.S. customers this year alone. In May, the company teamed up with fellow Finovate and FinDEVr alum, Xero, to power in-house expense management for the New Zealand-based cloud accounting innovator’s 21 offices around the world.

Finovate Alumni News

On Finovate.com

  • Expensify Announces Five New Receiptburner Partners.
  • Flybits Raises $6.5 Million to Help Banks Put Data to Work

Around the web

  • Jumio introduces eyeball tracking to the “liveness” check of its biometric authentication solution, Netverify.
  • NYMBUS adds executive talent, opens center of strategic excellence in Glastonbury, Connecticut.
  • Co-founder Kristo Käärmann takes the helm at TransferWise.
  • PayPal announces strategic partnership with Samsung Pay.
  • ThreatMetrix named the Leader in The Forrester Wave: Risk-Based Authentication, Q3 2017.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

Around the web

  • BanqUP announces alpha roll-out alpha of SME fintech bank.
  • Flywire announces record results in payments processed and institutions and students served in the past year.
  • Expensify ships 5 new travel integrations.
  • Revolut’s new feature allows users to generate their own IBAN for Euro transactions.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Expensify Brings Auto Expensing to Lyft Business Riders

In the latest piece of not Schadenfreude-related good news for ridesharing innovator Lyft, Expensify has made it easier for Lyft business riders to expense the cost of work-related travel.

“Our goal is to make expense management something that happens behind-the-scenes, so our customers can focus on their business and not on keeping track of receipts,” Expensify CEO and founder David Barrett said. The new automatic expensing feature is available to individual Lyft riders who set up a Lyft Business Profile and choose “Expensify” in settings. Additionally, a Lyft for Business account option enables administrators to set up auto expensing for entire teams or departments. The new integration is a part of Expensify’s ReceiptBurner platform, which the company debuted a year ago this month, and means Lyft riders will no longer have to forward their receipts to Expensify by email for tracking and reimbursement.

“It’s always a pleasure to partner with one of our customers,” Barrett added, “especially in this case – Lyft rides are one of the five most commonly expensed items in Expensify!”

Founded in 2012, Lyft is available in 300 cities in the U.S. and supplies more than 18 million rides a month. With a valuation of $7.5 billion and $2.6 billion in funding, the ride sharing startup is often compared with rival, Uber (570 cities worldwide, valuation of more than $50 billion, $11.5 billion in total funding), which was founded three years earlier. Lyft is headquartered in San Francisco, California, and reported revenues of more than $700 million in 2016.

Founded in 2008 and also based in San Francisco, Expensify demonstrated its invoicing technology at FinovateSpring 2013. The company is also an alum of our developer’s conference in Silicon Valley last fall, at which Barrett presented “Bedrock – Expensify’s Open-Sourced Infrastructure Secret Weapon.” Last month, Expensify announced exceeding the 35,000 customer mark and in May, the company partnered with fellow Finovate/FinDEVr alum Xero, which will use Expensify’s expense management technology in-house at all 21 of its offices around the world.

Expensify has raised more than $27 million in total funding, including a $17 million Series C round in 2015. The company counts OpenView, Barracuda Networks, and Redpoint among its investors.

Finovate Alumni News

On Finovate.com

  • Expensfy Brings Auto Expensing to Lyft Business Riders.
  • Ephesoft Earns $15 Million Investment from Mercato Partners.
  • Summit View: What Drives Innovation in Regtech and Insurtech?

Around the web

  • LendingClub expands partnership with Opportunity Fund to help entrepreneurs access capital.
  • Gene Lockhart appointed Chairman of DemystData.
  • BioCatch receives patent for detecting the presence of remote access tools.
  • eToro launches Crypto CopyFund that includes top cryptocurrencies.
  • Segmint partners with IBM to enhance Financial Institutions’ data ACI Worldwide expands in Romania
  • FICO extends cybersecurity score to rate 4th party risks.
  • BrightFunds and Roostify named to Forbes Cloud 100.
  • GreenKey Technologies partners with Red Box Recorders to launch trading voice collaboration and compliance recording solution.
  • American National Bank selects Jack Henry Banking’s SilverLake System.
  • Hip Pocket graduates from Points of Light Civic Accelerator.
  • Financial Resources Federal Credit Union Teams with Roostify to Create Better Online Mortgage Experience.
  • Santander partners with supply chain finance startup Tradeshift.
  • Bancpass issued patent for its mobile payment technology.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Cardlytics Closes $12 Million Round.
  • Payfone to Power Mobile ID Authentication for Zelle.

Around the web

  • PayNearMe facilitates $1.6M in child support payments for the state of Michigan.
  • TSYS partners with Featurespace to deliver real-time decision capabilities.
  • Expensify and Bill.com deepen integration for shared clients.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Expensify Exceeds 35,000 Customers

Travel and expense management company Expensify announced today it has surpassed 35,000 global customers this month. Contributing to this milestone, the San Francisco-based company has added about 15,000 new customers in the U.S. this year alone.

This accomplishment places Expensify as the second most widely used expense management company, positioned just behind fellow Finovate alum, Concur, which demoed at FinovateSpring 2012. And while Expensify has more customers than Concur, Concur’s average customer size is larger than Expensify’s — giving Concur more active users than Expensify.

In the blog post announcement, Expensify also reported it has updated its mobile app. The consumer-facing app has moved the Expenses, Reports, and Trips lists behind the hamburger menu. The company notes that this is significant because it exemplifies Concierge’s AI automation capabilities. The Concierge bot, which we featured after its launch in 2016, automates expense management tasks such as credit card matching, reimbursable/non-reimbursable splits, and expense policy analysis. Writing about the app update in the Expensify blog, the company’s CEO David Barrett said, “if everything is configured correctly, you should almost never need to look at them yourself, because Concierge is looking at them for you.”

Expensify launched in 2008 with its flagship receipt-scanning app and a simple motto, “Expense reports that don’t suck!” In the almost-10 years since then, the company has shipped multiple updates, expansions, and new products that “don’t suck.” Most recently, at FinDEVr Silicon Valley 2016, Expensify presented Bedrock, an open sourced relational database management system. Last month, the company announced it partnered with Finovate alum Xero to provide an in-house expense management system for the New Zealand-based company. Expensify last demoed at FinovateSpring 2013, where the company showed off its integrated invoicing technology.