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Earnings/results
Expensify Q4 2023 update: Strategic cost cutting and new solutions introduction amidst loss
Business Expense Management
Feb 22, 2024
Last week:
Funding
Moment Energy secures USD 20.3 million in government funding from US Department of Energy
Alternative Energy
Dec 28, 2024
Funding
Fluence Energy raises USD 300 million in convertible notes to upgrade battery production
Alternative Energy
Dec 28, 2024
M&A
Coralogix acquires AI observability platform Aporia for USD 50 million
Generative AI Infrastructure
Dec 23, 2024
Product updates
Pimax announces compact Dream Air VR headset for USD 1,900
Extended Reality
Dec 23, 2024
Funding
HuLoop raises Series A funding from Mighty Capital
Workflow Automation Platforms
Dec 23, 2024
M&A
Fiserv to acquire Payfare for undisclosed sum to enhance embedded finance solutions
Financial Wellness Tools
Dec 23, 2024
M&A
Fiserv to acquire Payfare for undisclosed sum to enhance embedded finance solutions
FinTech Infrastructure
Dec 23, 2024
Funding
Meight raises EUR 3.4 million in funding led by Cusp Capital
Smart Mobility Information
Dec 23, 2024
Regulation/policy
Desktop Metal sues Nano Dimension over merger compliance
Additive Manufacturing
Dec 23, 2024
Management news
Nexa3D scales back operations amid financial crisis
Additive Manufacturing
Dec 23, 2024
Business Expense Management

Business Expense Management

Feb 22, 2024

Expensify Q4 2023 update: Strategic cost cutting and new solutions introduction amidst loss

Earnings/results

  • Expensify, a platform offering several business expenses and payout solutions, reported a revenue decline of 19% YoY in Q4 2023 to USD 35.2 million (annual revenue dropped 11% YoY to USD 150.7 million). Meanwhile, the company's paid members dropped 8% YoY to ~719,000.​​

  • Over the quarter, Expensify launched a new budgeting tool, which works for reimbursable and corporate card expenses to provide admins with more insight into company finances. The company also established a new card program that provides more interchange per transaction. All new customers fall under this card program, and existing customers are expected to be fully migrated by 2024.

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