Expensify, Inc. (EXFY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de la gestión de gastos que evolucionan en rápido tiempo, Expensify se ha convertido en una plataforma que cambia el juego que revoluciona cómo las empresas rastrean, informan y optimizan sus gastos financieros. Al aprovechar las tecnologías en la nube de vanguardia y los algoritmos inteligentes, esta empresa innovadora transforma el seguimiento de gastos complejos de una tediosa carga administrativa en un proceso a simplimado y automatizado que capacita a las organizaciones de todos los tamaños para obtener una visibilidad y control financiero sin precedentes.

Expensify, Inc. (exfy) - Modelo de negocio: asociaciones clave

Proveedores de software de contabilidad

Expensify mantiene integraciones estratégicas con múltiples plataformas de software de contabilidad:

Pareja	Estado de integración	Volumen de transacción anual
QuickBooks	Integración completa de API	$ 3.2 mil millones
Netsuite	Sincronización de nivel empresarial	$ 1.7 mil millones
Xero	Conectividad integral	$ 892 millones

Instituciones bancarias y financieras

Las asociaciones de procesamiento de pagos de Expensify incluyen:

• Visa: $ 127 mil millones procesados ​​anualmente
• MasterCard: $ 98 mil millones procesados ​​anualmente
• American Express: $ 72 mil millones procesados ​​anualmente

Plataformas de gestión de viajes corporativos

Plataforma	Detalles de la asociación	Volumen anual de gastos de viaje
Savia de acuerdo	Integración integral	$ 2.4 mil millones
Tripacciones	Seguimiento de gastos en tiempo real	$ 1.6 mil millones

Proveedores de servicios en la nube

Servicios web de Amazon (AWS) sirve como socio de infraestructura de nube principal de Expensify:

• Gasto anual de infraestructura en la nube: $ 42 millones
• Regiones del centro de datos global: 24
• Garantía de tiempo de actividad: 99.99%

Socios de integración de software empresarial

Pareja	Alcance de integración	Clientes empresariales
Salesforce	Seguimiento de gastos de CRM	3.200 clientes empresariales
Oráculo	Gestión de gastos de ERP	2.700 clientes empresariales

Expensify, Inc. (exfy) - Modelo de negocio: actividades clave

Desarrollo del software de gestión de gastos

ESPENSIFY asigna aproximadamente $ 42.3 millones anuales a los gastos de investigación y desarrollo. La compañía mantiene un equipo de ingeniería de software de 127 profesionales dedicado al desarrollo de la plataforma a partir del cuarto trimestre de 2023.

Métrico de desarrollo	Datos cuantitativos
Inversión anual de I + D	$ 42.3 millones
Tamaño del equipo de ingeniería de software	127 profesionales
Frecuencia de actualización del producto	Lanzamientos principales trimestrales

Innovación de plataforma continua y mejora de características

• Implementó 37 características de la plataforma nueva en 2023
• Mejoras del algoritmo de aprendizaje automático
• Funcionalidad mejorada de aplicaciones móviles
• Integración con más de 300 plataformas financieras

Atención al cliente e incorporación

Expensify mantiene un equipo de atención al cliente de 89 profesionales, con un tiempo de respuesta promedio de 2.4 horas. La compañía ofrece soporte multilingüe en 6 idiomas.

Métrico de soporte	Datos cuantitativos
Tamaño del equipo de soporte	89 profesionales
Tiempo de respuesta promedio	2.4 horas
Idiomas compatibles	6 idiomas

Seguridad de datos y gestión de cumplimiento

ESPENSIFY invierte $ 12.7 millones anuales en infraestructura de ciberseguridad. La Compañía mantiene las certificaciones de cumplimiento de SoC 2 tipo II, ISO 27001 y GDPR.

• Equipo de ciberseguridad dedicado de 24 profesionales
• Auditorías de seguridad trimestrales
• Protocolos de cifrado avanzados

Estrategias de marketing y adquisición de clientes

ESPENSIFY asigna $ 18.5 millones a los esfuerzos de marketing y adquisición de clientes en 2023. La compañía se centra en los canales de marketing digital y la divulgación empresarial específica.

Métrico de marketing	Datos cuantitativos
Presupuesto anual de marketing	$ 18.5 millones
Costo de adquisición de clientes	$ 124 por cliente empresarial
Distribución del canal de marketing	65% digital, 35% de ventas directas

Expensify, Inc. (exfy) - Modelo de negocio: recursos clave

Infraestructura de software avanzada basada en la nube

ESPENSIFY opera en una robusta infraestructura en la nube con las siguientes especificaciones:

Componente de infraestructura	Especificación
Proveedor de alojamiento de nubes	Servicios web de Amazon (AWS)
Gasto anual de infraestructura en la nube	$ 4.2 millones (año fiscal 2022)
Tiempo de actividad del servidor	99.99% Fiabilidad

Aprendizaje automático y tecnologías de IA

Las capacidades de IA de expensas incluyen:

• Tecnología de escaneo inteligente para el reconocimiento de recibos
• Algoritmos de aprendizaje automático Procesamiento de más de 10 millones de informes de gastos anualmente
• Sistemas de detección de fraude con IA

Equipo de Ingeniería Calificada y Desarrollo de Productos

Métrico de equipo	Valor
Total de empleados de ingeniería	187 (a partir del cuarto trimestre 2023)
Experiencia de ingeniería promedio	6.4 años
Inversión anual de I + D	$ 22.3 millones (2022)

Algoritmos de seguimiento de gastos propietarios

Capacidades algorítmicas clave:

• Categorización de gastos en tiempo real
• Procesamiento de transacciones múltiples
• Mecanismos de verificación de cumplimiento

Gran base de datos de clientes e información de transacción

Métrico de base de datos	Valor
Total de clientes corporativos activos	500,000+ (cuarto trimestre 2023)
Volumen de transacción anual	$ 21.4 mil millones
Base de usuarios globales	10 millones de usuarios

Expensify, Inc. (exfy) - Modelo de negocio: propuestas de valor

Informes y seguimiento de gastos automatizados

ESPENSIFY proporciona soluciones de gestión de gastos automatizados con las siguientes métricas clave:

Métrico	Valor
Volumen de procesamiento anual	$ 5.4 mil millones
Número de clientes corporativos	Más de 500,000
Tiempo promedio ahorrado por informe de gastos	57 minutos

Gestión de gastos en tiempo real en múltiples plataformas

Las capacidades de integración de la plataforma incluyen:

• Compatibilidad de la aplicación móvil (iOS y Android)
• Interfaz web de escritorio
• Integraciones directas con más de 200 sistemas contables y ERP
• Sincronización en tiempo real en todos los dispositivos

Flujo de trabajo financiero simplificado para empresas

Función de flujo de trabajo	Métrica de eficiencia
Captura de recibos automatizada	Tasa de precisión del 99.1%
Velocidad de flujo de trabajo de aprobación	2.3 días Tiempo de procesamiento promedio
Soporte multi-monedas	Más de 140 monedas compatibles

Reducción de la entrada de datos manuales y tareas administrativas

Métricas de eficiencia para la reducción de tareas administrativas:

• Automatización de entrada de datos: 86% de reducción en la entrada manual
• Precisión de la tecnología OCR: 97.5%
• Ahorro de costos promedio por empleado: $ 11.50 por informe de gastos

Solución rentable para empresas pequeñas y empresariales

Segmento de negocios	Nivel de precios	Costo mensual
Pequeño negocio	Motor de arranque	$ 4.99 por usuario
Mercado medio	Equipo	$ 9.99 por usuario
Empresa	Corporativo	$ 14.99 por usuario

Expensify, Inc. (Exfy) - Modelo de negocio: relaciones con los clientes

Plataforma en línea de autoservicio

Expensify ofrece una plataforma digital con 10 millones de usuarios registrados a partir de 2023. La plataforma permite a los usuarios:

• Seguimiento de gastos automatizado
• Captura de recibos en tiempo real
• Generación de informes instantáneos

Métrica de plataforma	Valor 2023
Total de usuarios registrados	10,000,000
Usuarios activos mensuales	4,500,000
Transacciones de autoservicio	125,000,000

Canales de atención al cliente dedicados

Expensify proporciona atención al cliente multicanal con:

• Tiempo de respuesta de soporte por correo electrónico: 24 horas
• Disponibilidad de chat en vivo: 12 horas diarias
• Soporte telefónico para clientes empresariales

Prueba gratuita y modelo freemium

El modelo freemium de Expensify incluye:

• Nivel gratis para usuarios individuales
• Tasa de conversión a planes pagados: 18%
• Ingresos promedio por usuario convertido: $ 120/año

Actualizaciones de productos regulares y desplume de funciones

Actualización de frecuencia	2023 estadísticas
Actualizaciones de productos por año	24
Nuevas características introducidas	36
Participación del usuario post-actualización	72%

Comentarios y mecanismos de mejora impulsados ​​por la comunidad

ESPENSIFICADO aprovecha los comentarios de los usuarios a través de:

• Participación del foro comunitario: 250,000 usuarios
• Presentarios de solicitud de función: 15,000 anuales
• Tasa de implementación de comentarios de comentarios de los usuarios: 62%

Expensify, Inc. (exfy) - Modelo de negocio: canales

Plataforma directa de ventas en línea

ESPENSIFY genera $ 127.3 millones en ingresos recurrentes anuales a partir del cuarto trimestre de 2023. La plataforma de ventas en línea directa representa el 62% de la adquisición total de clientes, con 5.2 millones de usuarios activos en su plataforma digital.

Métrico de canal	2023 datos
Registros en línea	3.8 millones
Tasa de conversión	14.3%
Costo promedio de adquisición de clientes	$42

Modelo de suscripción SaaS

Expensify ofrece múltiples niveles de suscripción con precios que van desde $ 4.99 a $ 24.99 por usuario activo mensualmente. Los clientes empresariales representan el 38% de sus ingresos por suscripción.

• Nivel gratis: características limitadas
• Nivel de equipo: $ 4.99 por usuario/mes
• Nivel corporativo: $ 24.99 por usuario/mes

Aplicación móvil

La plataforma móvil genera el 47% de las interacciones del usuario con 2.1 millones de usuarios móviles activos mensuales. Disponible en plataformas iOS y Android con calificaciones promedio de App Store de 4.6/5.

Métricas de plataforma móvil	2023 estadísticas
Descargas de iOS	1.3 millones
Descargas de Android	1.8 millones
Contribución de ingresos móviles	$ 53.6 millones

Equipo de ventas empresarial

Fuerza de ventas empresarial dedicada dirigida al mercado medio y grandes corporaciones. Cerrado 672 ofertas empresariales en 2023 con un valor promedio del contrato de $ 87,000.

Integraciones de mercado de software de terceros

Integrado con 47 plataformas de software de contabilidad, ERP y financiero diferentes. Estas integraciones contribuyen al 22% de los canales de adquisición de clientes totales.

Categoría de socio de integración	Número de integraciones
Software de contabilidad	23
Sistemas ERP	12
Plataformas de pago	12

Expensify, Inc. (exfy) - Modelo de negocio: segmentos de clientes

Empresas pequeñas a medianas

A partir del cuarto trimestre de 2023, Expensify atiende a aproximadamente 10,000 pequeñas y medianas empresas en diversas industrias.

Tamaño de negocio	Número de clientes	Gasto anual promedio
5-50 empleados	6,500	$ 3,200 por año
51-250 empleados	3,500	$ 7,500 por año

Grandes organizaciones empresariales

Expensificar a las empresas con más de 250 empleados, atendiendo a 500 grandes organizaciones en 2023.

• Valor promedio del contrato: $ 25,000 anualmente
• Penetración en Fortune 500: 35 empresas
• Industrias típicas: tecnología, finanzas, atención médica

Profesionales y trabajadores independientes

ESPENSIFY admite aproximadamente 250,000 usuarios individuales y trabajadores independientes.

Categoría independiente	Número de usuarios	Tipo de suscripción
Profesionales solos	180,000	Nivel libre
Usuarios de planes profesionales	70,000	Suscripción pagada

Departamentos de contabilidad y finanzas

ESPENSIFY atiende a 15,000 departamentos de contabilidad y finanzas a nivel mundial.

• Socios de integración clave: QuickBooks, Netsuite, Xero
• Usuarios promedio por departamento: 7-12 profesionales
• Ahorro anual típico: $ 45,000 por departamento

Empresas globales con fuerza laboral distribuida

Expensify admite 250 corporaciones multinacionales con equipos distribuidos.

Extensión geográfica	Número de empresas	Tamaño promedio del equipo
América del norte	150	500+ empleados
Europa	60	350+ empleados
Asia-Pacífico	40	Más de 250 empleados

Expensify, Inc. (exfy) - Modelo de negocio: estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, los gastos de investigación y desarrollo de Expensify informaron de $ 32.8 millones, lo que representa el 37.6% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 32.8 millones	37.6%
2022	$ 28.5 millones	35.2%

Mantenimiento de la infraestructura en la nube

Los costos de infraestructura en la nube de Expensify para 2023 fueron de aproximadamente $ 15.6 millones, con un uso primario en Amazon Web Services (AWS).

• Contrato anual de servicio en la nube con AWS: $ 12.4 millones
• Servicios adicionales de seguridad en la nube y optimización: $ 3.2 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para gastos en 2023 totalizaron $ 45.2 millones, lo que representa el 51.9% de los ingresos totales.

Canal de marketing	Asignación de gastos
Publicidad digital	$ 18.7 millones
Ferias y conferencias	$ 7.5 millones
Marketing de contenidos	$ 6.3 millones
Programas de asociación	$ 12.7 millones

Operaciones de atención al cliente

Los gastos de atención al cliente para 2023 fueron de $ 11.4 millones, con un equipo de soporte global de 125 empleados a tiempo completo.

• Salarios de apoyo al personal: $ 8.6 millones
• Infraestructura tecnológica de soporte: $ 2.8 millones

Costos de licencia y cumplimiento de software

Los gastos de licencia y cumplimiento de software para 2023 ascendieron a $ 5.6 millones.

Categoría de gastos	Costo
Licencia de software	$ 3.9 millones
Certificaciones de cumplimiento y seguridad	$ 1.7 millones

Expensify, Inc. (exfy) - Modelo de negocio: flujos de ingresos

Planes de suscripción SaaS mensuales/anuales

Expensify ofrece planes de suscripción escalonados con la siguiente estructura de precios a partir de 2024:

Nivel de plan	Precio mensual por usuario	Fijación de precios anuales
Lite	$4.99	$ 49.99/año
Equipo	$9.99	$ 99.99/año
Corporativo	$14.99	$ 149.99/año

Modelo de precios por usuario

Gastos de gastos $ 5.50 por usuario activo por mes Para clientes de nivel empresarial, con descuentos de volumen disponibles para organizaciones más grandes.

Ingresos basados ​​en transacciones

Tarifas de transacción para el procesamiento de pagos:

• Transacciones de tarjeta corporativa: Tarifa de procesamiento del 1.5%
• Procesamiento de pagos de ACH: 0.5% por transacción
• Transacciones de pago internacionales: Tarifa de procesamiento del 3.5%

Premium características altas de las ventas

Característica premium	Costo adicional
Informes avanzados	$ 7.99/mes
Seguimiento de gastos globales	$ 12.99/mes
Servicios de integración personalizados	$ 199/configuración

Acuerdos contractuales empresariales

Ingresos de contrato empresariales en 2023: $ 87.4 millones, representando el 62% de los ingresos totales de la compañía.

• Valor promedio de contrato empresarial: $ 75,000 anualmente
• Duración típica del contrato: términos de 3 años
• Tasa de renovación para clientes empresariales: 92%

Expensify, Inc. (EXFY) - Canvas Business Model: Value Propositions

You're looking at the core value Expensify, Inc. delivers right now, late in 2025. It's all about speed and integration, moving beyond just scanning receipts.

Automated expense reporting via SmartScan, eliminating manual entry

Expensify, Inc. pioneered the concept of snapping a photo of a receipt for automatic transcription and report generation with its SmartScan technology. This core automation remains central to the value proposition, driving efficiency from the moment an expense occurs.

Integrated financial superapp for expenses, cards, travel, and bills

The platform now covers the full spectrum of company spend, helping 15 million people worldwide manage their money across multiple functions in one place. This integration is showing up in the numbers, indicating deeper customer reliance on the ecosystem.

Value Component	Metric/Data Point (Late 2025)	Context/Detail
Total Users Supported	15 million people worldwide	Helps individuals and businesses simplify money management.
Paid Members	642,000 (as of Q3 2025)	A decrease of 6% year-over-year as of Q3 2025.
Corporate Card Adoption (Interchange)	$5.4 million in Q3 2025	Interchange revenue grew 18% year-over-year in Q3 2025.
Travel Booking Growth	95% increase since Q1 2025	Quarterly travel bookings saw a 36% jump in Q3 2025.
Core Functions Offered	Expenses, Corporate Cards, Travel Booking, Invoicing, Bill Pay	All available within the single financial management superapp.

Real-time compliance and spend control for finance teams

For finance teams, the value shifts to control and faster closing. The Control plan offers specific tools to enforce governance across the spend lifecycle.

• Control plan features include custom expense and travel policies.
• Role-based access and permission settings are available.
• Supports department-level budgeting and spend tracking.
• Admins can now bulk-edit employee roles and approvers in seconds.
• One-click accruals for unapproved reimbursements and card spend are available.

Simple, transparent pricing like the $5 per member/month Collect plan

Expensify, Inc. has simplified its entry-level business pricing to remove negotiation friction, which was a radical departure from enterprise norms. This is designed to make the platform accessible to small and medium-sized businesses (SMBs).

The current Collect plan is a flat rate of $5 per member per month, requiring no annual commitment. The Control plan, which offers more sophisticated features, starts at approximately $9 per active user per month.

Here's the quick math on the Collect plan's global transparency:

• US Collect Plan: $5 per member/month.
• UK Collect Plan: £5 GBP per member/month.
• Australia Collect Plan: A$8 AUD per member/month.
• New Zealand Collect Plan: NZ$9 NZD per member/month.

Finance: draft 13-week cash view by Friday.

Expensify, Inc. (EXFY) - Canvas Business Model: Customer Relationships

You're looking at how Expensify, Inc. (EXFY) manages the connection with its users as of late 2025. It's a tiered approach, moving from broad, automated self-service to high-touch management for the largest accounts. The overall paid base is shrinking slightly, but the focus is clearly on driving deeper engagement with the higher-value offerings.

Automated, AI-driven support through Concierge AI

The primary layer of relationship management is heavily automated, centered around the Concierge AI. This system is designed to handle a high volume of interactions without direct human intervention. For instance, in Q1 2025, Expensify enhanced Concierge AI to resolve basic policy violations using natural language chat via email or SMS, meaning users didn't even need to open the application to get resolution. Also, by May 2025, Concierge AI was upgraded to suggest expense categories and learn from user choices, moving beyond simple data extraction. This AI capability is built directly into the user interface, allowing users to ask questions or request changes inside their expense policy or report. The company is clearly betting on this AI to handle the bulk of routine customer queries, which aligns with industry trends where 80% of companies are using or planning to use AI-powered chatbots for customer service by 2025.

Self-service and low-touch model for bottom-up adoption

The foundation of the relationship model supports bottom-up adoption, starting with individuals and small teams. The Free plan is the entry point, offering basic capabilities like up to 25 SmartScans a month, which helps attract a very wide user base. The most popular entry for businesses is the Collect plan, priced at $5 per unique member per month on a fully month-to-month basis for new customers whose first workspace was created on or after April 1, 2025. This low barrier to entry encourages organic, self-service adoption across organizations. As of Q3 2025, the total number of people the company reported helping worldwide, including those on the Free plan, stood at 15 million. The company has also focused on product tours, which launched in May 2025, to further enable self-service education.

Here's a look at the core pricing tiers that define the customer relationship segmentation:

Plan Tier	Base Monthly Price (Per Member/User)	Commitment/Qualification	User Type Focus
Free	$0	Up to 25 SmartScans/month	Individuals, Freelancers
Collect	$5	Month-to-month (for new customers post-April 1, 2025)	Small Teams, SMBs
Control (Annual w/ Card)	$9	Annual Subscription; Use Card for 50% or more of settled US spend	Growing Businesses, Higher Control Needs
Control (Annual No Card)	$18	Annual Subscription	Growing Businesses

Community-based support and educational resources

While direct support is automated, Expensify, Inc. (EXFY) fosters community and broad educational outreach. The company's commitment to its customer relationships was recognized when it received the 2026 Buyer's Choice Award from TrustRadius in late 2025, specifically citing its customer relationships. Furthermore, the company's international expansion in Q2 2025, adding support for over 10,000 banks worldwide and launching Euro-based billing, shows a commitment to improving the experience for its global user base. This global effort supports a wider community of users who rely on seamless international functionality.

Dedicated account management for larger Control plan customers

For customers on the higher-tier Control plan, the relationship shifts to a more dedicated model. The company explicitly stated in Q3 2025 that it is focused on migrating all Control customers onto the New Expensify platform, indicating a high-touch focus on this segment for feature adoption. The Control plan itself has a higher entry price point, starting at $9 per active member/month when qualifying for the annual subscription discount via card usage, or $18 per active member/month without that usage. This higher spend level and the complexity of features like custom reporting and advanced approvals necessitate dedicated support, which is typically provided through an Account Manager, as referenced in billing inquiries. As of Q3 2025, the paid member base stood at 642,000, a 6% year-over-year decrease, meaning the focus on retaining and growing these higher-value Control customers is critical to offsetting the decline in the overall paid count.

Expensify, Inc. (EXFY) - Canvas Business Model: Channels

You're looking at how Expensify, Inc. gets its product into the hands of users, which is a mix of self-service and targeted outreach. The overall Q3 2025 revenue was $35.1 million, which is the result of all these channels working together, even as the company navigates a shift to its new platform.

Direct-to-consumer/employee mobile app and web platform

The core channel is the direct digital interface, the mobile app and web platform where users manage their expenses. This is where the company is pushing its future, with all new customers now being onboarded onto New Expensify. As of Q3 2025, the company reported 642,000 paid members, which was a 6% decrease year-over-year. Still, adoption of the platform's newer features is strong; Expensify Travel bookings increased by 36% quarter-over-quarter, showing employees are using the integrated travel feature. Furthermore, revenue derived from the Expensify Card, which is accessed through the platform, hit $5.4 million in interchange revenue for the quarter, marking an 18% increase year-over-year. Honestly, the migration itself is a channel focus, as less than 50% of revenue was coming from New Expensify as of the third quarter of 2025.

Organic word-of-mouth adoption (bottom-up sales model)

The bottom-up adoption model relies on individual employees or small teams adopting the product, which then spreads organically within an organization. This is the classic viral loop for Software as a Service (SaaS) companies. While the exact percentage attributed to organic word-of-mouth isn't public, the overall base of 642,000 paid members in Q3 2025 is the foundation for this strategy. The company noted strong customer reception for New Expensify among newer clients, which suggests the core value proposition is resonating directly with end-users, helping to drive the 95% rise in travel bookings since the first quarter of 2025.

Accountant and partner referral network

Partnerships are key for both credibility and distribution, especially within the accounting community. A concrete example of a strategic channel win is Expensify, Inc. becoming the official Travel and Expense partner of the Brooklyn Nets, with that long-time customer adopting Expensify Travel in Q3 2025. This type of high-profile adoption validates the platform for other potential partners and large users. The growth in the Expensify Card is also a channel indicator, as these financial products often gain traction through accountant recommendations to their client base. The 18% year-over-year growth in interchange revenue to $5.4 million in Q3 2025 reflects successful adoption of these integrated financial tools.

Direct sales team for onboarding larger enterprises

The direct sales effort targets larger organizations, often through the company's Control customer tier. Management's focus in late 2025 was heavily on migrating these Control customers to the New Expensify platform. The company is working to move all Control customers over, which is a direct sales and account management function. The success of this channel is critical for stabilizing the top-line, as the overall paid member count declined by 6% year-over-year in Q3 2025. The company reiterated its full-year 2025 Free Cash Flow guidance of $19.0 million to $23.0 million, which relies on efficient customer management across all tiers, including those managed by the direct sales force.

Here is a snapshot of key metrics tied to product and channel adoption as of the third quarter of 2025:

Metric	Value (Q3 2025)	Year-over-Year Change
Total Revenue	$35.1 million	-1%
Paid Members	642,000	-6%
Interchange Revenue (Expensify Card)	$5.4 million	+18%
Quarterly Travel Bookings Growth	36%	N/A
Travel Bookings Growth Since Q1 2025	95%	N/A
Cash from Operating Activities	$4.2 million	N/A

The company's strategy is clearly leaning on product stickiness to drive channel expansion, evidenced by the strong growth in transaction-based revenue streams over pure subscription growth. You can see the focus on platform adoption through these numbers:

• All new customers are now onboarded to New Expensify.
• Nearly all customer data has been migrated, enabling seamless switching.
• The company is actively focused on migrating all Control customers.
• The Concierge AI is designed to handle tasks across chat, email, and SMS.

Finance: draft 13-week cash view by Friday.

Expensify, Inc. (EXFY) - Canvas Business Model: Customer Segments

You're looking at the customer base for Expensify, Inc. as of late 2025, and the picture is one of a platform serving a wide spectrum, though the core paid base is currently contracting while transaction-based revenue grows. The strategy clearly involves a wide net, from the smallest operators to larger entities needing more control.

Small to Medium-sized Businesses (SMBs) seeking simple expense tools form the core of the paid customer base. These businesses are the primary target for the simplified pricing structure announced in 2025. To capture and retain this segment, the company reintroduced a straightforward Collect plan priced at $5 per member per month. This segment is crucial because they drive the initial subscription revenue, even as the overall paid count shifts.

Individual users, freelancers, and independent contractors (freemium entry) represent the largest pool of people using the platform. This group uses the free features to get started, which is a key pipeline for future paid adoption. As of the latest reports, more than 15 million people worldwide use Expensify's free features for tasks like expense tracking and corporate card use. This freemium entry point is designed to expand adoption organically within smaller business structures.

Larger Enterprises requiring advanced policy control and integration are also served, though the recent focus has been on migrating existing customers to the New Expensify platform. While the overall paid member count saw a dip, the focus on higher-value services like the Expensify Card suggests a push toward deeper enterprise integration. As of the third quarter of 2025, the total number of paid members across all segments stood at 642,000, representing a 6% decrease year-over-year.

Global businesses utilizing multi-currency and international bank support are a growing focus area, especially as the company expands its financial product offerings. This is a clear strategic move to capture international spend. The platform strengthened its global reach by adding support for card feeds from over 10,000 additional banks, including numerous international ones. Furthermore, the Expensify Card was expected to launch in the UK and most of the EU, opening access to over 30 million more businesses across 18 new countries.

Here's a quick look at the key quantitative metrics defining the customer base as of Q3 2025:

Customer Segment Indicator	Metric/Value	Period/Context
Total Paid Members	642,000	Q3 2025
Paid Member YoY Change	-6%	Q3 2025 vs. Q3 2024
Total Users (Free Features)	Over 15 million	As of late 2025
SMB Plan Price Point	$5 per member per month	Collect Plan (2025)
International Bank Support	Over 10,000 additional banks supported	Q2 2025
New Market Potential (EU/UK Card Launch)	Over 30 million businesses in 18 new countries	Expected Q3/Q4 2025

The shift in the business model is evident when you see the paid subscription base shrinking while transaction-based revenue, like interchange, grows-interchange revenue hit $5.4 million in Q3 2025, up 18% year-over-year. You're seeing a transition where the value proposition is increasingly tied to the financial services layer, not just the expense reporting seat count. Finance: draft 13-week cash view by Friday.

Expensify, Inc. (EXFY) - Canvas Business Model: Cost Structure

You're looking at the major drains on the bottom line for Expensify, Inc. as of late 2025. The cost structure is heavily weighted toward growing the business and maintaining the platform, which is typical for a growth-focused SaaS company, even one generating positive free cash flow.

The Total Operating Expenses for the third quarter ended September 30, 2025, hit $19.655 million. Honestly, this figure, which is close to $20 million, shows where the immediate cash is going to drive future revenue.

The largest component driving this spend is the push for new customers and market presence, which you see in the Sales and Marketing line. For the nine months ended September 30, 2025, Sales and Marketing totaled $22.824 million. Just for the third quarter alone, that line item was $4.936 million.

Keeping the lights on and building the next generation of the product is the next big bucket. This covers the engineering talent necessary for the ongoing platform migration to New Expensify-which, as of Q3 2025, was still less than 50% of revenue customers on the new platform-and the development of features like the upgraded Concierge AI.

Here's the quick math on how those operating expenses broke down for the three months ended September 30, 2025 (in thousands):

Cost Category	Q3 2025 Amount (in thousands)	Nine Months Ended Sep 30, 2025 Amount (in thousands)
Sales and marketing	4,936	22,824
Research and development	4,905	15,421
General and administrative	9,814	30,054
Total operating expenses	19,655	68,299

The personnel costs for your engineering and customer support teams are embedded in the Research and Development (R&D) and General and Administrative (G&A) figures. R&D for the quarter was $4.905 million, while G&A was $9.814 million. Remember, G&A includes a lot of overhead, not just support staff.

When you look at the card product, the direct cost implication is usually in the Cost of Revenue, but the financial data highlights the revenue side, which offsets some of those transaction costs. For Q3 2025, the Interchange derived from the Expensify Card grew to $5.4 million, marking an 18% increase year-over-year. What this estimate hides is the actual cost of funds and processing fees Expensify pays out to generate that interchange.

You should also note the costs associated with maintaining the user base, especially as they transition platforms. The company reported a decrease in Paid Members to 642,000 in Q3 2025. Keeping those remaining users happy and migrating the rest requires significant customer success and support investment, which flows through G&A.

Here are the key expense drivers for Q3 2025:

• Sales and marketing spend: $4.936 million.
• Research and development spend: $4.905 million.
• General and administrative spend: $9.814 million.
• Total operating expenses: $19.655 million.

Finance: draft 13-week cash view by Friday.

Expensify, Inc. (EXFY) - Canvas Business Model: Revenue Streams

You're looking at how Expensify, Inc. actually brings in the money, which is key for understanding their valuation. The revenue streams are a mix of recurring software fees and transaction-based income, which is pretty standard for a FinTech-adjacent SaaS company. Honestly, the mix shows where they are pushing growth right now.

The foundation is still the subscription model. As of the third quarter of 2025, Expensify, Inc. reported having 642,000 paid members. This number is the base for the recurring revenue component of their business. You should note that this figure represented a 6% decrease year-over-year, but they did see a slight uptick to 653,000 paid members in October 2025, which is defintely something to watch for Q4.

Transaction-based revenue from the Expensify Card is a significant and growing piece. Interchange revenue, which is what they earn from card swipes, hit $5.4 million in Q3 2025. That's a solid 18% increase compared to the same period last year, showing the card product is gaining traction in spend volume.

Here's a quick look at how some of those key revenue drivers stacked up in Q3 2025:

Revenue Component	Q3 2025 Amount	Year-over-Year Change
Total Revenue	$35.1 million	-1%
Interchange Revenue (Expensify Card)	$5.4 million	18% increase
Average Paid Members	642,000	-6%

Fees tied to Expensify Travel bookings are another area management is highlighting. The growth here is impressive, showing adoption of their integrated travel offering. Travel bookings have increased by 95% since the first quarter of 2025. That's a huge jump, and it was also supported by a 36% increase in quarterly travel bookings from Q2 to Q3 2025. This suggests that bundling travel with expense management is working to increase the overall transaction value per customer.

Finally, when you look at the overall financial health, the company is focused on cash generation, even if subscription growth is lagging. Expensify, Inc. reaffirmed its full fiscal year 2025 Free Cash Flow guidance. They are projecting that figure to land between $19.0 million and $23.0 million for the year ending December 31, 2025. This guidance suggests confidence in their operational efficiency to convert earnings into actual cash flow, despite the Q3 net loss of $2.3 million.

You can see the revenue streams are diversifying:

• Subscription fees from 642,000 paid members in Q3 2025.
• Interchange revenue hitting $5.4 million in Q3 2025.
• Expensify Travel bookings up 95% since Q1 2025.
• FY 2025 Free Cash Flow guidance set at $19.0 million to $23.0 million.

Finance: draft 13-week cash view by Friday.