Essenify, Inc. (EXFY): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le monde en évolution rapide de la gestion des dépenses, la dépense est devenue une plate-forme qui change la donne qui révolutionne la façon dont les entreprises suivent, signalent et optimisent leurs dépenses financières. En tirant parti des technologies de cloud de pointe et des algorithmes intelligents, cette entreprise innovante transforme le suivi des dépenses complexes d'un fardeau administratif fastidieux en un processus automatisé rationalisé et permet aux organisations de toutes tailles d'obtenir une visibilité et un contrôle financiers sans précédent.

Expentify, Inc. (exfy) - Modèle d'entreprise: partenariats clés

Fournisseurs de logiciels comptables

La dépense maintient les intégrations stratégiques avec plusieurs plates-formes logicielles comptables:

Partenaire	Statut d'intégration	Volume de transaction annuel
Fusée	Intégration complète de l'API	3,2 milliards de dollars
NetSuite	Synchronisation de niveau d'entreprise	1,7 milliard de dollars
Xero	Connectivité complète	892 millions de dollars

Institutions bancaires et financières

Les partenariats de traitement des paiements de la dépense comprennent:

• Visa: 127 milliards de dollars traités par an
• MasterCard: 98 milliards de dollars traités chaque année
• American Express: 72 milliards de dollars traités par an

Plateformes de gestion des voyages d'entreprise

Plate-forme	Détails du partenariat	Volume annuel sur les dépenses de voyage
Sève d'accord	Intégration complète	2,4 milliards de dollars
Tripactions	Suivi des dépenses en temps réel	1,6 milliard de dollars

Fournisseurs de services cloud

Amazon Web Services (AWS) sert de partenaire d'infrastructure cloud principale de Depensify:

• Dépenses annuelles d'infrastructure cloud: 42 millions de dollars
• Régions du centre de données mondiales: 24
• Garantie de disponibilité: 99,99%

Partenaires d'intégration de logiciels d'entreprise

Partenaire	Portée de l'intégration	Entreprenants
Salesforce	Suivi des dépenses CRM	3 200 clients d'entreprise
Oracle	Gestion des dépenses ERP	2 700 clients d'entreprise

Expentify, Inc. (exfy) - Modèle d'entreprise: activités clés

Élaboration d'un logiciel de gestion des dépenses

La dépense alloue environ 42,3 millions de dollars par an aux frais de recherche et de développement. La société maintient une équipe d'ingénierie logicielle de 127 professionnels dédiée au développement de la plate-forme au quatrième trimestre 2023.

Métrique de développement	Données quantitatives
Investissement annuel de R&D	42,3 millions de dollars
Taille de l'équipe d'ingénierie logicielle	127 professionnels
Fréquence de mise à jour du produit	Sorties trimestrielles majeures

Innovation de plate-forme continue et amélioration des fonctionnalités

• Implémenté 37 nouvelles fonctionnalités de plate-forme en 2023
• Améliorations d'algorithmes d'apprentissage automatique
• Fonctionnalité améliorée des applications mobiles
• Intégration avec plus de 300 plateformes financières

Support client et intégration

Expensify maintient une équipe de support client de 89 professionnels, avec un temps de réponse moyen de 2,4 heures. L'entreprise fournit un support multilingue dans 6 langues.

Métrique de soutien	Données quantitatives
Taille de l'équipe de soutien	89 professionnels
Temps de réponse moyen	2,4 heures
Langues prises en charge	6 langues

Sécurité des données et gestion de la conformité

La dépense investit 12,7 millions de dollars par an dans les infrastructures de cybersécurité. La société maintient SOC 2 Type II, ISO 27001 et Certifications de conformité du RGPD.

• Équipe de cybersécurité dédiée de 24 professionnels
• Audits de sécurité trimestriels
• Protocoles de chiffrement avancés

Stratégies de marketing et d'acquisition des clients

La dépense alloue 18,5 millions de dollars aux efforts de marketing et d'acquisition de clients en 2023. La société se concentre sur les canaux de marketing numérique et la sensibilisation ciblée des entreprises.

Métrique marketing	Données quantitatives
Budget marketing annuel	18,5 millions de dollars
Coût d'acquisition des clients	124 $ par client d'entreprise
Distribution de canaux marketing	65% numérique, 35% de ventes directes

Essenify, Inc. (Exfy) - Modèle d'entreprise: Ressources clés

Infrastructure logicielle avancée basée sur le cloud

Essensify fonctionne sur une infrastructure cloud robuste avec les spécifications suivantes:

Composant d'infrastructure	Spécification
Fournisseur d'hébergement cloud	Amazon Web Services (AWS)
Dépenses annuelles d'infrastructure cloud	4,2 millions de dollars (2022 Exercice)
Time de disponibilité du serveur	Fiabilité de 99,99%

Apprentissage automatique et technologies de l'IA

Les capacités de l'IA de l'Expensify comprennent:

• Technologie de balayage intelligent pour la reconnaissance des réception
• Les algorithmes d'apprentissage automatique traitent plus de 10 millions de rapports de dépenses chaque année
• Systèmes de détection de fraude propulsés par l'IA

Équipe d'ingénierie et de développement de produits qualifiés

Métrique de l'équipe	Valeur
Total des employés d'ingénierie	187 (au Q4 2023)
Expérience d'ingénierie moyenne	6,4 ans
Investissement annuel de R&D	22,3 millions de dollars (2022)

Algorithmes de suivi des dépenses propriétaires

Capacités algorithmiques clés:

• Catégorisation de dépenses en temps réel
• Traitement des transactions multi-monnaie
• Mécanismes de vérification de la conformité

Grande base de données client et aperçus des transactions

Métrique de la base de données	Valeur
Clients corporels actifs totaux	500 000+ (Q4 2023)
Volume de transaction annuel	21,4 milliards de dollars
Base d'utilisateurs mondiaux	10 millions + utilisateurs

Essenify, Inc. (exfy) - Modèle d'entreprise: propositions de valeur

Rapports et suivi automatisés des dépenses

Essensify fournit des solutions automatisées de gestion des dépenses avec les mesures clés suivantes:

Métrique	Valeur
Volume de traitement annuel	5,4 milliards de dollars
Nombre de clients d'entreprise	Plus de 500 000
Temps moyen économisé par rapport	57 minutes

Gestion des dépenses en temps réel sur plusieurs plateformes

Les capacités d'intégration de la plate-forme comprennent:

• Compatibilité des applications mobiles (iOS et Android)
• Interface Web de bureau
• Intégrations directes avec plus de 200 systèmes comptables et ERP
• Synchronisation en temps réel sur les appareils

Flux de travail financier simplifié pour les entreprises

Fonctionnalité de workflow	Métrique d'efficacité
Capture de réception automatisée	Taux de précision de 99,1%
Vitesse du flux de travail d'approbation	2,3 jours de temps de traitement moyen
Support multi-monnaie	140+ monnaies prises en charge

Réduction de la saisie manuelle et des tâches administratives

Métriques d'efficacité pour la réduction des tâches administratives:

• Automatisation de la saisie des données: Réduction de 86% des entrées manuelles
• Précision de la technologie OCR: 97,5%
• Économies de coûts moyens par employé: 11,50 $ par rapport de dépense

Solution rentable pour les petites entreprises et les entreprises

Segment d'entreprise	Niveau de prix	Coût mensuel
Petite entreprise	Démarreur	4,99 $ par utilisateur
Intermédiaire	Équipe	9,99 $ par utilisateur
Entreprise	Corporatif	14,99 $ par utilisateur

Essenify, Inc. (Exfy) - Modèle d'entreprise: relations avec les clients

Plateforme en ligne en libre-service

Essensify propose une plate-forme numérique avec 10 millions d'utilisateurs enregistrés à partir de 2023. La plate-forme permet aux utilisateurs de:

• Suivi automatisé des dépenses
• Capture de réception en temps réel
• Génération de rapports instantanés

Métrique de la plate-forme	Valeur 2023
Total des utilisateurs enregistrés	10,000,000
Utilisateurs actifs mensuels	4,500,000
Transactions en libre-service	125,000,000

Canaux de support client dédiés

Essensify fournit un support client multicanal avec:

• Temps de réponse de l'assistance par e-mail: 24 heures
• Disponibilité du chat en direct: 12 heures par jour
• Prise en charge du téléphone pour les clients d'entreprise

Essai gratuit et modèle freemium

Le modèle Freemium de DePpensify comprend:

• Tier gratuit pour les utilisateurs individuels
• Taux de conversion en plans payants: 18%
• Revenu moyen par utilisateur converti: 120 $ / an

Mises à jour régulières des produits et déploiement des fonctionnalités

Mettre à jour la fréquence	2023 statistiques
Mises à jour du produit par an	24
Nouvelles fonctionnalités introduites	36
Engagement de l'utilisateur après la mise à jour	72%

Mécanismes de rétroaction et d'amélioration axés sur la communauté

Dépension à des levier les commentaires des utilisateurs:

• Participation du forum communautaire: 250 000 utilisateurs
• Soumissions de demande de fonctionnalités: 15 000 par an
• Taux de mise en œuvre des commentaires des utilisateurs: 62%

Expensify, Inc. (exfy) - Modèle d'entreprise: canaux

Plateforme de vente en ligne directe

La dépense génère 127,3 millions de dollars de revenus récurrents annuels au quatrième trimestre 2023. La plate-forme de vente directe en ligne représente 62% de l'acquisition totale des clients, avec 5,2 millions d'utilisateurs actifs sur leur plate-forme numérique.

Métrique du canal	2023 données
Inscriptions en ligne	3,8 millions
Taux de conversion	14.3%
Coût moyen d'acquisition des clients	$42

Modèle d'abonnement SaaS

Essensify propose plusieurs niveaux d'abonnement avec des prix allant de 4,99 $ à 24,99 $ par utilisateur actif mensuellement. Les clients d'entreprise représentent 38% de leur revenu d'abonnement.

• Tier gratuit: fonctionnalités limitées
• Tier d'équipe: 4,99 $ par utilisateur / mois
• Tier d'entreprise: 24,99 $ par utilisateur / mois

Application mobile

La plate-forme mobile génère 47% des interactions utilisateur avec 2,1 millions d'utilisateurs mobiles actifs mensuels. Disponible sur les plates-formes iOS et Android avec des notes moyennes moyennes de 4,6 / 5.

Métriques de la plate-forme mobile	2023 statistiques
téléchargements iOS	1,3 million
Téléchargements Android	1,8 million
Contribution des revenus mobiles	53,6 millions de dollars

Équipe de vente d'entreprise

Force de vente d'entreprise dédiée ciblant le milieu du marché et les grandes sociétés. Conclu 672 transactions d'entreprise en 2023 avec une valeur de contrat moyenne de 87 000 $.

Intégrations du marché des logiciels tiers

Intégré à 47 plates-formes logicielles de comptabilité, ERP et financières différentes. Ces intégrations contribuent à 22% du total des canaux d'acquisition de clients.

Catégorie des partenaires d'intégration	Nombre d'intégrations
Logiciel de comptabilité	23
Systèmes ERP	12
Plates-formes de paiement	12

Expentify, Inc. (exfy) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises

Depuis le quatrième trimestre 2023, la dépense dessert environ 10 000 petites et moyennes entreprises dans diverses industries.

Taille de l'entreprise	Nombre de clients	Dépenses annuelles moyennes
5-50 employés	6,500	3 200 $ par an
51-250 employés	3,500	7 500 $ par an

Grandes organisations d'entreprise

Dépenser les entreprises cibles avec plus de 250 employés, desservant 500 grandes organisations en 2023.

• Valeur du contrat moyen: 25 000 $ par an
• Pénétration dans Fortune 500: 35 entreprises
• Industries typiques: technologie, finance, soins de santé

Professionnels et pigistes indépendants

La dépense prend en charge environ 250 000 utilisateurs et pigistes individuels.

Catégorie de pigiste	Nombre d'utilisateurs	Type d'abonnement
Professionnels en solo	180,000	Niveau gratuit
Utilisateurs de plan professionnel	70,000	Abonnement payant

Départements de comptabilité et de financement

Expensify dessert 15 000 départements comptables et financiers dans le monde.

• Partenaires d'intégration clés: QuickBooks, NetSuite, Xero
• Utilisateurs moyens par département: 7-12 professionnels
• Économies annuelles typiques: 45 000 $ par département

Les entreprises mondiales ayant des effectifs distribués

Essensify prend en charge 250 sociétés multinationales avec des équipes distribuées.

Propagation géographique	Nombre d'entreprises	Taille moyenne de l'équipe
Amérique du Nord	150	Plus de 500 employés
Europe	60	350+ employés
Asie-Pacifique	40	250+ employés

Essenify, Inc. (Exfy) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, les dépenses ont déclaré des frais de recherche et de développement de 32,8 millions de dollars, ce qui représente 37,6% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	32,8 millions de dollars	37.6%
2022	28,5 millions de dollars	35.2%

Maintenance des infrastructures cloud

Les coûts d'infrastructure cloud de DePpeniefy pour 2023 étaient d'environ 15,6 millions de dollars, avec une utilisation principale sur Amazon Web Services (AWS).

• Contrat de service cloud annuel avec AWS: 12,4 millions de dollars
• Services supplémentaires sur la sécurité et l'optimisation du cloud: 3,2 millions de dollars

Investissements de vente et de marketing

Les dépenses de vente et de marketing pour la dépense en 2023 ont totalisé 45,2 millions de dollars, représentant 51,9% des revenus totaux.

Canal de marketing	Allocation des dépenses
Publicité numérique	18,7 millions de dollars
Salons et conférences	7,5 millions de dollars
Marketing de contenu	6,3 millions de dollars
Programmes partenaires	12,7 millions de dollars

Opérations de support client

Les dépenses de support client pour 2023 étaient de 11,4 millions de dollars, avec une équipe de soutien mondiale de 125 employés à temps plein.

• Salaires du personnel de soutien: 8,6 millions de dollars
• Infrastructure technologique de soutien: 2,8 millions de dollars

Coûts de licence et de conformité logiciels

Les frais de licence de logiciels et de conformité pour 2023 s'élevaient à 5,6 millions de dollars.

Catégorie de dépenses	Coût
Licence de logiciel	3,9 millions de dollars
Certifications de conformité et de sécurité	1,7 million de dollars

Essenify, Inc. (Exfy) - Modèle d'entreprise: Strots de revenus

Plans d'abonnement au SaaS mensuel / annuel

La dépense offre des plans d'abonnement à plusieurs niveaux avec la structure de tarification suivante à partir de 2024:

Niveau de plan	Prix ​​mensuel par utilisateur	Tarification annuelle
Lite	$4.99	49,99 $ / an
Équipe	$9.99	99,99 $ / an
Corporatif	$14.99	149,99 $ / an

Modèle de tarification par utilisateur

Dépenser les frais 5,50 $ par utilisateur actif par mois Pour les clients au niveau de l'entreprise, avec des remises en volume disponibles pour les grandes organisations.

Revenus basés sur les transactions

Frais de transaction pour le traitement des paiements:

• Transactions de cartes d'entreprise: Frais de traitement de 1,5%
• Traitement des paiements ACH: 0,5% par transaction
• Transactions de paiement international: frais de traitement de 3,5%

Fonction premium.

Fonctionnalité premium	Coût supplémentaire
Rapports avancés	7,99 $ / mois
Suivi mondial des dépenses	12,99 $ / mois
Services d'intégration personnalisés	199 $ / configuration

Accords de contrat d'entreprise

Revenus contractuels de l'entreprise en 2023: 87,4 millions de dollars, représentant 62% du total des revenus de l'entreprise.

• Valeur du contrat moyen de l'entreprise: 75 000 $ par an
• Durée du contrat typique: Conditions de 3 ans
• Taux de renouvellement pour les clients d'entreprise: 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.