Expensify reported $35.8 million in revenue for the second quarter, up 7 percent year over year, as the company reported international expansion and continued growth of its travel offering.
Quarterly travel bookings in Expensify Travel were up 44 percent compared with the first quarter, in which bookings had increased 166 percent compared with the fourth quarter of 2024. Expensify launched the travel-booking capabilities last year and made it available across its full network earlier this year. CFO Ryan Schaffer in an earnings call said the travel offering is "growing extremely well," noting that it saw "huge growth" in July.
Expensify also has been broadening its international reach, having added support for euro billing and third-party card feed from more than 10,000 additional banks, the company said. CEO and founder David Barrett said the company's Expensify Card offering will be available in the U.K. and most of the EU "very soon," followed by expansion into Canada.
Interchange revenue from the Expensify Card totaled $5.3 million in the quarter, up 31 percent year over year.
Barrett also reported a "brisk pace" of migration to the company's "New Expensify" app. The number of paid members on Expensify declined 5 percent year over year in the second quarter to 652,000.
Expensify reported a net loss of $8.8 million for the quarter, compared with a $2.8 million loss in the second quarter of 2024. Schaffer noted the higher loss was a result of expenses related to getting Expensify's brand featured in the recently released film "F1: The Movie." Sales and marketing costs were $14.3 million for the quarter, compared with $3.1 million in the second quarter of 2024.
"The way movie accounting works is, we've been making payments for multiple years, but the expense was all recognized this quarter," Schaffer said. "We expect next quarter for these to go back to normal."
Barrett said the film placement, which included the Expensify brand name appearing on screen for more than 35 minutes throughout the film, has contributed to increased brand awareness, with 50 percent gains in target demographics in recent brand awareness surveys and 350 percent growth among the 18-to-24 age bracket.
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