Expensify is launching a corporate card that links directly to
the company's expense system, obviating the need for corporate clients' employees
to submit receipts for reimbursement.
The company's new Visa-branded Expensify Card, issued by
Sutton Bank, represents a return to form for the expense company, which launched
in 2008 as a debit card to help small and midsize enterprises track expenses.
The company subsequently shifted focus to its companion expense reporting
system as it scaled up to serve larger corporate clients.
The new card also "naturally extends our existing
platform," noted Expensify founder and CEO David Barrett. "The card
will make life even easier for our customers, who no longer have to worry about
lost receipts, late fees or accidental overspending," he said.
Every transaction made on the Expensify Card flows into the
company's expense system. Spend controls alert administrators of out-of-policy
expenses, while in-policy expenses populate expense reports and generate a
receipts. Clients can choose to automate expense approval and/or reimbursement.
Approved spend also can populate accounting systems.
Card-linked expense management services have
drawn increased interest over the past year. Last week, cloud-based expense
specialist Fyle rolled
out an update that enables corporate card payments to flow directly into
its expense management tool via application programming interface. In July,
expense conglomerate Certify/Chrome River agreed to acquire
Emburse, a startup provider of virtual and physical payment cards for
business expenses and vendor payments. And in December 2018, travel management
provider TripActions struck
a partnership with card-based expense management specialist Divvy.