Expensify, Inc. (EXFY): Business Model Canvas [Dec-2025 Updated]

You're looking for the real story behind Expensify, Inc.'s financials as we close out 2025, and honestly, the numbers show a clear pivot: they are aggressively shifting their focus from just expense reports to monetizing the Expensify Card and travel bookings, even as their core paid member count sits at 642,000 in Q3. It's a fascinating model where interchange revenue hit $5.4 million that same quarter, signaling that the 'superapp' vision is where the real money is now being made, not just subscriptions. Dive into the full Business Model Canvas below to see exactly how their Key Activities and Revenue Streams are aligning with this high-stakes strategy.

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

You're looking at the core relationships that help Expensify, Inc. scale its platform beyond just individual users. These aren't just vendor agreements; they are deep integrations that automate the messy parts of corporate finance, which is where the real value is captured.

The partnership with Uber for Business is a prime example of automating a high-volume expense category. As of the December 2, 2025 announcement, this improved integration fully automates receipt collection for employee Uber rides and Uber Eats orders, sending e-receipts directly to Expensify, which eliminates manual uploads and data entry for those common work expenses. Josh Butler, Global GM at Uber for Business, noted that rides and meals are some of the most expensed items for employees, so this automation is key to efficiency.

For brand visibility and showing platform adoption in high-profile settings, Expensify secured a significant marketing and product integration. Expensify became the official Travel and Expense partner of the Brooklyn Nets, with the team adopting Expensify Travel in Q3 2025. This kind of partnership helps signal trust and capability in the travel management space.

The financial backbone of the platform relies heavily on its card product and banking relationships. The Global network of banks for Expensify Card and international support is expanding rapidly. As of June 2025, Expensify expanded company card support by integrating with over 10,000+ more banks worldwide, powered by Plaid. This global reach is supported by the fact that Expensify helps 15 million people worldwide manage their spend. The financial results from this card product show clear traction; total interchange derived from the Expensify Card grew to $5.4 million in Q3 2025, an increase of 18% year-over-year. Furthermore, the Expensify Card beta was live across the UK and EU, with support for Canada coming soon as of mid-2025.

The relationship with the accounting community is critical for driving adoption through referrals, which aligns with Expensify's bottom-up business model. Here's a look at the structure of the ExpensifyApproved! Accountants Program:

• Partners are eligible to earn a 0.5% revenue share on all USD Expensify Card spend across their client portfolio.
• Partners can elect to pass that 0.5% revenue share as additional cash back to their client instead.
• The program offers exclusive partner resources and dedicated support to help bookkeepers and firms serve their clients better.

To put the scale of the card partnership into perspective, consider the financial impact as of the latest reported quarter:

These partnerships aren't just about features; they directly impact the financials. For example, the growth in interchange revenue of 18% y/y to $5.4 million in Q3 2025 shows that the card product, supported by these banking relationships, is a major driver. If you're hiring before product-market fit, you need these external validation points. Finance: draft 13-week cash view by Friday.

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

You're focused on the core engine driving Expensify, Inc.'s current operations. The key activities right now are all about platform transition, AI integration, transaction scale, and high-profile marketing bets.

Developing and migrating customers to the New Expensify platform

The entire business hinges on moving existing users to the New Expensify architecture. This is the trigger for recovery and future growth, according to management.

• New Expensify is approaching 90% feature parity with the Classic version.
• All new customers are onboarded directly onto New Expensify.
• As of Q3 2025, less than 50% of revenue was generated from the New Expensify platform.
• Operating expenses for Q3 2025 rose to $19.7 million, up from $18.0 million in the prior year, driven by migration-related costs.
• The company executed a share repurchase of 1,579,763 shares in Q3 2025, totaling approximately $3.0 million.

The company reaffirmed its fiscal year 2025 Free Cash Flow guidance to be between $19.0 million and $23.0 million.

Enhancing the Concierge AI for contextual, multi-modal support

Expensify, Inc. is pushing its Concierge AI as a 'single general intelligence' designed to handle complex user needs conversationally across chat, email, and text.

• The Concierge AI blends LLM technology with 24/7 human support experts for real-time review.
• The upgraded AI now auto-corrects expense details before submission, aiming to reduce delays.
• Concierge is designed to help reduce the up to 20% of expense reports that typically contain errors.
• The system can now flag potentially suspicious or AI-generated receipts.

Processing high volumes of expense reports and financial transactions

The core activity remains processing massive volumes of financial data, with growth accelerating in the newer card and travel segments, even as the overall paid member base saw a slight contraction.

Here's a look at the key transaction metrics from the third quarter of 2025:

Note that paid members in October 2025 ticked up to 653,000, showing a positive trend post-quarter end.

Investing heavily in brand awareness (e.g., F1 sponsorship)

Expensify, Inc. made a significant, multi-year investment in brand storytelling by becoming the title sponsor of the fictional APX GP team in the major summer release film, 'F1 The Movie.'

• Sales and marketing costs for the six months ending June 30, 2025, were $17.888 million, up from $6.456 million the prior year.
• The film generated an estimated $61 million in earned media value for the company.
• Management reported a 50%+ rise in brand awareness among core demographics.
• Brand awareness among ages 18-24 saw a 350% increase.
• On the night of the Met Gala appearance in May 2025, the company saw a 400% increase in website traffic and sign-ups versus an average Monday evening.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that make the Expensify, Inc. platform run, the things they absolutely must own or control to deliver on their promise of simplifying money management. These aren't just line items; they are the engine room.

Proprietary SmartScan and Concierge AI technology

The foundation of Expensify, Inc.'s automation capability rests on its intellectual property, specifically its receipt-scanning and AI support systems. The patented SmartScan technology is the original differentiator, allowing for automatic transcription from a receipt photo. This is now augmented by significant investment in the Concierge AI engine.

The latest focus on the AI side involves upgrading the LLM prompting to a multi-modal tree-of-thought design. Furthermore, the company has a pending patent application as of September 30, 2025, titled Augmenting chat-based workflows with large language models. This AI layer is crucial for streamlining user interaction and handling exceptions that the automation can't manage.

The Expensify Card corporate card product

The corporate card is a major revenue driver, shifting the company toward a payments superapp model. Interchange revenue, the fee earned from card use, is a key metric here. For the third quarter of 2025, this revenue hit $5.4 million, which was an 18% increase year-over-year. To be fair, in the first quarter of 2025, the growth was even higher at 43% year-over-year, reaching $5.1 million. This product is designed to incentivize spending on the platform.

The card structure itself offers specific rewards that drive adoption:

• Get 1% cash back with every swipe on US purchases.
• Get 2% cash back if monthly spend across cards exceeds $250k.
• The Collect plan pricing is a flat rate of $5 per member per month.

This financial product is clearly a growth engine, supporting the overall fiscal year 2025 Free Cash Flow guidance of $19.0 million to $23.0 million.

Global user base of approximately 15 million people worldwide

The sheer scale of the user base is a massive asset, even if the paid conversion is a near-term challenge. Expensify, Inc. is trusted by 15 million members worldwide. This figure represents the total reach across both free and paid tiers. However, you need to know the paid segment as of late 2025. As of Q3 2025, the company reported 642,000 paid members, marking a 6% decrease year-over-year. The strategy relies on converting this large free base, which includes freelancers and small business owners, into paying subscribers.

Here's a look at the user base dynamics:

Core software platform and intellectual property

The platform itself is a critical resource, built on a modern, cross-platform stack. Expensify, Inc. rebuilt atop a realtime stack, with all core technology elements complete and in production as of Q2 2025. A specific technology choice is the use of React Native, where the company claims to be the largest deployment outside of Facebook. This technology choice is intended to provide exact functionality parity between desktop and mobile applications.

The platform's capabilities extend beyond just expense reports, encompassing a full suite of financial tools:

• Corporate cards and expense tracking.
• Bill pay and invoicing.
• Travel booking services through Expensify Travel.
• Realtime integrations with accounting packages like NetSuite.

The platform's ease of setup, allowing any employee to start submitting expenses within minutes without speaking to sales, is a key design element that attracts members. Finance: draft 13-week cash view by Friday.

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.

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:

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:

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:

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):

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:

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.