Portland budget app Expensify plans $280M public offering


A person making virtual stock trades through a mobile phone app. (Getty Images)

PORTLAND, Ore. (Portland Tribune) — Expenses app Expensify, which made its home in Portland’s First National Bank Building on the bus mall, aims to go public, selling shares worth up to $243.3 million.

In an SEC filing, Expensify said Monday, Nov. 1, it will list 9.7 million shares at $23 to $25 per share. The company has an option to sell 1.4 million shares, raising up to $279.8 million.

Expensify makes an app for tracking expenses. Users can photograph receipts and have them automatically categorized.

COURTESY PHOTO: EXPENSIFY – An example budget from the personal finance app Expensify is shown here.

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The company has 140 employees and officially moved its headquarters to Portland in 2019. In 2017 it took over the historic First National Bank Building on the bus mall after an award-winning remodel, with long desks in open plan spaces and hanging glass cubes as meeting rooms. During the pandemic the building has been mostly empty as tech staff have thrived working remotely.

Expensify will trade as EXFY on the Nasdaq exchange. Control will remain with CEO David Barrett, Chief Product Officer Jason Mills and CFO Ryan Schaffer. The company had net income of $14.7 million in the six months to end June, up from $3.5 million a year ago. Revenue rose to $49.5 million from $25.2 million.

Expensify has not raised capital since the $17.5 million it Series C round in 2015. The company was valued then at $143 million.

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