Over the quarter, Expensify added several product updates offering features, like messaging, money transfers with receipt scanning, bill splitting with currency conversion, and business chat. All of these are integrated with real-time expense management tailored for the very small business and small and medium business markets.

Despite the product updates and new features, the company witnessed a 6% YoY decrease in paid members, bringing the total number of paid members down to 719,000.  

The company also strengthened its presence in the accounting channel by offering Accounting Partners onboarding clients with the Expensify Card a 50 basis points revenue share. Starting in late Q4, Expensify aims to become the program manager of the Expensify Card, leading to a change in accounting treatment, with interchange categorized as revenue instead of contra cost of revenue, resulting in a 20% increase in interchange under the new card program.