Expensify Announces Five New ReceiptBurner Partners

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

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  • 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

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

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.

Finovate Alumni News

On Finovate.com

  • Expensify Exceeds 35,000 Customers.
  • Quisk’s Blockchain Buy-in Boosts Security, Improves Access to Transaction Data.

Around the web

  • Alternative investment intelligence provider Crowdsurfer adds data from P2P innovator, Zopa.
  • Misys introduces FusionCapital Regulatory Reporting to help banks comply with the MiFID II.
  • NuData wins CNP 2017 Customer Choice Award for Best Identity Verification/Authentication Solution
  • Agreement Express opens its new office in the City of London as part of their expansion strategy.
  • Developed in partnership with Moven Enterprise, Westpac New Zealand’s budget-tracking app, CashNav wins CANSTAR 2017 Innovation Excellence Award.
  • Customers of National Australia Bank (NAB) gain direct access to equity crowdfunding platform OurCrowd courtesy of new collaboration.

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.

FinDEVr APIntelligence

Our first developers conference in the U.K. is next month. Join us for two days of developer-focused presentations, demonstrations, and conversations at FinDEVr 2017 London, June 12 and 13. Stop by our registration page today and save your spot.

On FinDEVr.com

  • Trulioo and the Regtech Revolution: How Smaller Teams Tackle the Compliance Challenge.
  • Inside BBVA’s Open API Marketplace

Alumni updates

  • NuCypher earns finalist spot in BBVA Open Talent 2017. Join NuCypher at FinDEVr London, Jun 12 & 13.
  • Expensify exceeds 35,000 global customers, adding Xero, HappyFresh, GoCardless, and Adroll as clients
  • Cisco and IBM team up on security.
  • Glenmede taps IHS Markit for data management.
  • Bank of Sydney replaces its digital banking platform with DigitalAccess from Fiserv.
  • eWise integrates its Aegis data aggregation platform into Backbase’s Open Banking Marketplace.
  • Xero Partners with Expensify for In-House Expense Management.
  • PYMNTS.com features The CardLinx Association’s success.
  • Xero expands online-invoice payment options in Xero for Australia.
  • Worldpay tests payments in virtual reality

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Finovate Alumni News

On Finovate.com

  • Signicat Launches Mobile Authentication.
  • 3 Steps to Take During the Countdown to GDPR and PSD2.

On FinDEVr.com

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  • NuCypher earns finalist spot in BBVA Open Talent 2017. Join NuCypher at FinDEVr London, Jun 12 & 13.
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  • AuthenticID enhances CatfishAIR Identity Platform to support real-time identity authorization for CNP transactions.
  • Vera announces support for multi-factor authentication solutions from Duo Security, RSA SecureID, and fellow Finovate alum, Twilio.
  • Amsterdam Trade Bank (ATB) to streamline banking, treasury, and finance operations in partnership with Misys.
  • Cisco and IBM team up on security.
  • Glenmede taps IHS Markit for data management.
  • GMC Software launches Business Partner Track for Partner Advantage Program
  • Expensify exceeds 35,000 global customers, adding Xero, HappyFresh, GoCardless, and Adroll as clients
  • Jumio announces expansion into new Shoreditch U.K. headquarters.
  • Steve Lewczyk joins Trizic as new Chief Revenue Officer.

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.

Xero Partners with Expensify for In-House Expense Management

Xero Partners with Expensify for In-House Expense Management

Xero’s decision to use Expensify’s software for in-house receipt and expense management is the latest product of the strategic partnership the two fintechs announced last year. Expensify’s solution will provide SmartScan OCR receipt scanning, next-day reimbursement, and company card reconciliation to Xero employees at all 21 of the company’s offices worldwide.

“From one product-driven technology company to another, we’re committed to improving an already world-class user experience and process,” Expensify Director of Sales and Success Jason Mills said. Xero’s Chief Accounting Officer Kirsty Godfrey-Billy added that the partnership “will create efficiencies within our own business, allowing us to continue to focus on delivering beautiful cloud-based accounting software around the globe.”

Founded in 2008 and headquartered in San Francisco, Expensify demonstrated Expensify Invoices at FinovateSpring 2013. More recently, Expensify made its FinDEVr debut at FinDEVr 2016 Silicon Valley where CEO and founder David Barrett presented Bedrock – Expensify’s Open-Sourced Infrastructure Secret Weapon. Barrett credited the open-source technology for enabling Expensify to become the “fastest growing ERP software in the world.”

In May, Expensify launched its ScanSnap Integration in the U.K. and in April, the company teamed up with TravelPerk to make business travel easier for busy professionals. Completing a $17 million Series C in 2015, Expensify has raised more than $27 million in total funding, and includes Barracuda Networks, OpenView, and Redpoint among its investors. CPA.com, the business wing of global leading accounting body, AICPA, has named Expensify its preferred partner for receipt and expense management.

Xero demonstrated its Business Identification technology at FinovateSpring 2011 and, like Expensify, the company is also a veteran of our FinDEVr developer conferences. Xero Head of U.S. Partnerships David Pollock presented Building an API-driven Ecosystem for Small Business at FinDEVr 2014 Silicon Valley, discussing the company’s open API, developer partner program, and how it grew its marketplace to more than 300 integrated apps.

Xero partnered with Capital One earlier this month, enabling small businesses to connect their Capital One financial data with their Xero cloud accounting software. The company also announced that it was working with Equifax to provide SMEs access to credit risk evaluation tools typically used by big businesses and lenders. Awarded Best Overall Fintech Platform by the Fintech Breakthrough Awards, the Wellington, New Zealand-based company was founded in 2006, and went public in 2007, trading on the New Zealand stock exchange under the ticker XRO. Xero picked up more than $26 million in new funding in April, courtesy of Technology Crossover Ventures (TCV), bringing its total, post-equity funding to more than $381 million. Rod Drury is CEO.

Finovate Alumni News

On Finovate.com

  • Xero Partners with Expensify for In-House Expense Management.
  • Kony and Diebold Nixdorf Enter into Strategic Partnership.
  • banqUP Previews its Bank-as-a-Platform Solution for European SMEs
  • Inside BBVA’s Open API Marketplace.

On FinDEVr.com

Around the web

  • PYMNTS.com features The CardLinx Association’s success.
  • Xero expands online-invoice payment options in Xero for Australia.
  • Zopa introduces flexible Innovative Finance ISA.
  • NelsonHall’s ‘Digital Transformation Services NEAT’ report lists NIIT Technologies as an ‘Innovator’.
  • Worldpay tests payments in virtual reality
  • Misys to power corporate banking, treasury and capital management (TCM) and trade finance operations for Amsterdam Trade Bank.

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.