Expensify Files S-1 As IPO Market For Enterprise Tech Heats Up 

Expense management platform Expensify officially filed its S-1 late Friday, joining the parade of enterprise tech companies going public this year.

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The Portland-based company aims to follow enterprise-facing tech companies like WalkMe, Sprinklr, Confluent and others, which have all gone public in the last several months. Just last week, San Francisco-based DevOps platform GitLab saw its shares spike nearly 35 percent in first-day trading—giving the company a market cap of nearly $15 billion.

Expensify—which competes with the likes of SAP Concur in the expense reporting sector—confidentially filed back in May to go public. Founded in 2008, the SaaS-based platform raised a total of $38.2 million of funding, according to Crunchbase data. The company last raised venture capital in 2015—a $17 million Series C—and raised $11 million in debt in 2018.

According to the S-1, Expensify has realized significant growth in the first half of this year. The company saw revenue for the first six months of 2021 of $65 million—compared to $40.6 million for the first half of last year. Net income was $14.7 million for the first six months, versus $3.5 million for the same six months in 2020. Adjusted EBITDA was $22.9 million for the first six months of 2021, compared to $9.2 million last year.

For 2020, Expensify reported revenue of $88.1 million—up from $80.5 million in 2019, according to the filing. However, Expensify also reported a net loss of $1.7 million in 2020, after it realized net income of $1.2 million in 2019.

The company said in the filing its business was impacted by the COVID-19 pandemic, “with declines in revenue and paid members due to government-imposed lock-downs, a decrease in business travel and other expense-generating activity, and SMBs downsizing or going out of business, among other things.”

In its S-1, the company listed Hillsven Capital, OpenView and PJC as some of its investors holding stakes in the company greater than 5 percent.

Citigroup, JP Morgan and BofA Securities are among the underwriters for the IPO. The company has applied to list on the Nasdaq under the ticker EXFY.

Illustration: Li-Anne Dias.