On November 8, 2021 shares of Expensify Inc. rocketed more than 50% after the expense-management company made its public-market debut.

Industry Founded Based (HQ) Valuation
Fintech 2008 Portland, US $ 2,5B

Here’s what you need to know:

What is an IPO?

When a private company or a startup first sells its shares to the general public, this process is known as an Initial Public Offering (IPO). An IPO means that a company's ownership is transferred from private ownership to public ownership. That is why the IPO process is called "going public".

Why go public? The primary benefit of going public is easier access to capital, but there are more reasons for that. If you want to learn more - here we answered frequently asked questions about IPOs in simple terms.

What is Expensify?

Expensify is a company providing customers with a mobile app for expense management, receipt scanning, and business travel. It enables users to track receipts for personal or business use, submit expenses to the company, or collect expense reports from colleagues.

Expensify Business Details and Financials Before IPO

Expensify (EXFY), a developer of a cloud-based software platform that enables efficient expense management. The Expensify product streamlines cash management for employees and suppliers by simplifying the process of scanning and reimbursing settlement receipts. The services are available to both corporations and individuals, with the option of selecting a bespoke pricing plan based on the number of active users.

Since 2008, the company has had over 10 million users and processed approximately 1.1 billion transactions. As of June 30, 2021, Expensify had 639,000 active (paid) users from 53,000 companies, including Forbes, GitHub, Samsung, Uber, Twitch and others. The service's clients are located in more than 200 countries, but the firm's primary market is the United States.

Expensify Prospectus SEC S-1 form

Expensify Prospectus S-1

Expensify Competitors

Expensify's top competitors include Divvy, Airbase, gini and Vimvest.

Is Expensify Stock Publicly Traded?

Yes, Expensify is a public company now.

Expensify's Key People

Expensify's Founder, Chief Executive Officer, Director is David Barrett.

Expensify pre-IPO Investors

Expensify has raised a total of $38.2M in funding over 8 rounds. Their latest funding was raised on Apr 14, 2021 from a Secondary Market round.

How to Participate in Expensify IPO Before Shares Hit the Public Market

In the past, Initial Public Offerings as a profitable investment type were only available to big funds or elite customers of major brokerage firms or banks and it was hard (almost impossible) for retail investors to gain access to IPOs. You couldn't buy shares paying the price set by the company and you had to wait until the shares actually start trading on the public stock market.

Luckily, technologies and marketplaces changed the rules of the game, now average investors can participate in IPOs. Brokers adjusted accordingly, making access to IPOs more affordable now.

Step-by-Step Guide How to Buy Expensify IPO Stock at Its Offer Price

  1. Check the Expensify IPO details. Always Do Your Own Research (DYOR) for the company that is going for IPO first.
  2. Find a broker. You need a broker that can provide you access to the IPO. You can use our tool attached below that helps to match investors with available IPO brokers in your area. Just click "FIND IPO BROKERS" button below to see brokers that offer access to Expensify IPO.
  3. Check eligibility criteria. Each broker has its own eligibility criteria, like account minimum which can vary widely.
  4. Create trading account. For KYC  you need to prepare your identity document (valid passport or driving license) and a document confirming the address of residence (utility bill). Note, this procedure may take 1-3 days as it's better to prepare your account in advance.
  5. Deposit your account. To participate in an IPO, your account must have available funds in the amount you send IPO application for. Note, this procedure may take 1-3 days as it's better to prepare your account in advance.
  6. Request Expensify shares. Assuming you meet the requirements for participating in this IPO, your next step will be to request a certain number of shares in the IPO. Note, you may not be allocated all the IPO shares you offer to buy.
  7. Wait for allocation. The actual number of stocks purchased during an IPO depends on supply and demand. The higher underwriter reserves the right to partial execution of collective applications. So if the demand is high you may get less than you applied for. Of course, you will only pay for the shares purchased. The rest of the funds will be returned to your account.

Note: Many IPO purchases come with a lock-up period, usually 90 or 180 days. You will not be able to sell your shares until this period expires.

What Brokers Offer Access to this IPO?

Expensify IPO was available through Freedom and Fidelity. Now shares are available for trading through Freedom Finance platform.

How to Invest After Expensify IPO at Its Opening Price

The most conservative way to buy Expensify stock would be to wait for the IPO and buy the shares on the public stock market. You can do this through the same brokers that provide access to IPOs or a trading app. Most of them have a stock trading functionality. Though, you won’t get in at the low price offered by pre-IPO.

How is Expensify going public?

Expensify announced it will go public via a traditional initial public offering, or IPO. No SPACs here.

When will be the Expensify IPO date?

Expensify IPO date is November 8, 2021.

What will be the Expensify IPO price?

Expensify IPO price range is $23.00 - $25.00.

How many Expensify shares will be available for its IPO?

Expensify's number of shares is 9.3 mil.

What stock exchange will Expensify trade on?

Expensify will be traded on Nasdaq.

What Is the Expensify Stock Ticker Symbol?

Expensify stock ticker symbol is EXFY

Expensify IPO news and updates: