Expensify is broadening its international reach with the launch of key products and services across Europe.
The payments and expenses specialist said it had added support for billing in euros, in addition to UK pounds and US dollars. While it has introduced third-party card feeds from more than 10,000 additional banks as part of its expansion plans.
CEO and founder David Barrett added that the company’s Expensify Card offering will be available in the UK and “most” of the EU later this month, which will be followed by expansion into Canada. Expensify also now supports 10 languages, including Spanish, French, German and Italian.
The US-based company reported $35.8 million in revenue for the second quarter, up 7 per cent year-on-year due to its international expansion and continued growth of its travel offering – Expensify launched a travel booking platform in 2024.
Quarterly travel bookings in Expensify Travel were up 44 per cent compared with the first quarter, in which bookings had increased 166 per cent compared with the fourth quarter of 2024.
Expensify CFO Ryan Schaffer said in an earnings call last week that the travel offering is “growing extremely well”, noting that it saw “huge growth” in July.
Barrett also reported a “brisk pace” of migration to the company’s “New Expensify” app. But the number of paid members on Expensify declined 5 per cent year-on-year in the second quarter to 652,000.
Expensify reported a net loss of $8.8 million for the quarter, compared with a $2.8 million loss in the second quarter of 2024.
Schaffer attributed the higher loss to the costs related to getting Expensify’s brand featured in the recently released film “F1: The Movie”. Sales and marketing costs were $14.3 million for the quarter, compared with $3.1 million in the second quarter of 2024.
“The way movie accounting works is, we’ve been making payments for multiple years, but the expense was all recognised this quarter,” explained Schaffer. “We expect next quarter for these to go back to normal.”