Expensify, a U.S.-based expense software, announced on Monday it is set to surpass $100 million in annual recurring revenue in 2020. The company reported it only raised $20.2 million in primary capital since its founding in 2008, also recorded its highest monthly revenue ever in October.
Founded in 2008, Expensify claims to be the world’s most widely-used receipt tracking and expense management app.
“Whether you’re working for yourself, managing a team, or closing the books for your clients, Expensify helps you ditch the spreadsheet so you have more time to focus on what really matters. Download the Expensify mobile app or sign up at use.expensify.com today – because you weren’t born to do expenses.”
Speaking about the milestone, Ryan Schaffer, Director of Strategy at Expensify, stated:
“We have a relatively small staff of 130 employees, so hitting a milestone like $100 million ARR and doing it profitably is pretty exciting for us. We pride ourselves on efficiency, and with over $750,000 in revenue per employee, we’re now in line with some of the best companies in the world. We’ve eschewn the ‘growth at all costs’ mentality of Silicon Valley, removing the ‘at all costs’ part to remain focused on a consistent, sustainable, high-growth trajectory.”
Expensify also shared a few additional highlights from its journey to $100 million ARR:
- Expensify has generated more than $10 in lifetime revenue and more than $5 in annual recurring revenue for every $1 of primary capital raised. Additionally, the company’s EBITDA margins are over 25% and growing.
- Expensify generates more revenue per employee than Intuit, PayPal, and Microsoft. Since 2018, revenue has increased 283% while headcount increased just 9% over the same period.
- Expensify won 7 Cannes Lions for its 2019 “Expensify This” campaign featuring 2 Chainz and Adam Scott. The campaign included a full-length music video dubbed “the world’s first music video you can expense.”