No, let me pay! Expensify set to go public
Expense and pre-accounting platform Expensify, which made its home in Portland's First National Bank Building on the bus mall, aims to go public, selling shares worth up to a maximum $302.1 million.
In an updated SEC filing, Expensify said Monday, Nov. 8, it will list 9.7 million shares at between $25 and $27, according to updated regulatory filings. The company has an option to sell 1.4 million shares.
Expensify makes an app for tracking expenses. Users can photograph receipts and have them automatically categorized.
The company has 140 employees and officially moved its headquarters to Portland in 2019. In 2017 it took over the historic First National Bank Building on the bus mall after an award-winning remodel, with long desks in open plan spaces and hanging glass cubes as meeting rooms. During the pandemic the building has been mostly empty as tech staff have thrived working remotely.
Expensify will trade as EXFY on the Nasdaq exchange. Control will remain with CEO David Barrett, Chief Product Officer Jason Mills and CFO Ryan Schaffer. The company had net income of $14.7 million in the six months to end June, up from $3.5 million a year ago. Gross revenue rose to $49.5 million from $25.2 million.
Expensify has not raised capital since the $17.5 million it Series C round in 2015. The company was valued then at $143 million.
You count on us to stay informed and we depend on you to fund our efforts. Quality local journalism takes time and money. Please support us to protect the future of community journalism.