If you thought SAP’s purchase of Concur was the only thing going on in the business travel / expense management innovation space lately – guess again.
Expensify has raised $3.5 million in new capital. The funding was led by Barracuda Networks, and boosts the company’s total equity funding to more than $10 million.
Developers of “expense reports that don’t suck,” Expensify made a splash in the days before the funding news became public with an offer to honor the Concur contracts for customers who switched
from the recently-acquired rival. Expensify’s SmartScan
technology lets users upload receipts and import expenses to their smartphones. Users can then submit their expense reports online or from their smartphones and get reimbursed directly to their checking accounts.
Expensify has more than 300,000 companies taking advantage of their solution, and more than 1.4 million users. The company processes more than $2 million in expense reports daily.
Expensify announced its integration with the Uber API to launch SmartRides back in August, grew from 24 employees to 45 from January to July, and was profiled recently by Forbes.com
in a column on the “new sharing economy.”