Expensify, which provides a cloud-based expense management software platform for SMBs, raised $263 million by offering 9.7 million shares (73% secondary) at $27, the high end of the upwardly revised range of $25 to $27. The company originally planned to offer 9.7 million shares at $23 to $25, before raising the range on Monday.
Expensify is a cloud-based expense management software platform that allows organizations to scan and reimburse receipts, including from flights, hotels, coffee shops, office supplies, and ride shares. Since its inception, the company has added over 10 million members to its community, and processed and automated over 1.1 billion expense transactions on its platform. For the quarter ended June 30, 2021, Expensify was used by an average of 639,000 paid members across 53,000 companies and over 200 countries and territories.
Expensify plans to list on the Nasdaq under the symbol EXFY. J.P. Morgan, Citi, and BofA Securities acted as joint bookrunners on the deal.
