Expensify has launched Expensify Ventures, a new, strategic investment fund for early-stage startups in the growing financial technology sector.
“Everyday, we meet with entrepreneurs and companies that have awesome ideas when it comes to solving some of the corporate world’s biggest pain points, and making life easier for both employees and employers,” says David Barrett (pictured), founder and CEO of Expensify. “We raised a USD17.5M round led by OpenView Venture Partners to enable us to think bigger and act bolder in dominating our marketspace, and ventures is the first of those initiatives. From receipt capture to expense management and even booking travel, there are a ton of companies out there trying to make these processes easier, and Expensify wants to be involved.”
One of the first companies to partner with Expensify through Expensify Ventures is Piper, an alternative receipting solution that eliminates the need for paper receipts, and automatically stores all proofs of purchase into one central location. With Piper’s technology, Expensify customers can go paperless and picture free. Piper’s technology captures receipt details at the point of purchase and sends it directly to the cloud instead of the receipt printer.
The Piper platform stores users’ digital receipts for merchants and customers to access anytime, anywhere. With no more lost receipts and the tedious process of filling out expense reports, employees can spend more time working, and employers will have better insight into their employees’ corporate spending.
“Together, Piper and Expensify have an amazing opportunity to shake-up a stale experience,” says Morgan Giddings, founder and CEO of Piper. “We are taking the passé receipt into today’s digital world to eliminate one of the biggest annoyances of expense reports, tracking receipts. For the business traveler and corporate employees we want to make their already stressful lives just that much easier, expense reports don’t have to- and should not- suck anymore with this partnership.”
This new partnership will allow Expensify users to link their payment cards to Piper, which will capture receipt details automatically. Piper’s integration with Expensify will streamline their current customer interface making it easier for business travelers to document their expenses.
Expensify takes the time, headaches, and paper out of expense reports with an easy-to-use mobile and web app that streamlines the expense process from first receipt to reimbursement. The app features a patented, industry-leading SmartScan technology that eliminates manual entry, integrations with all major accounting packages, corporate and credit card management, ACH Direct Deposit reimbursement, and more to simplify expense reports for both employees and accountants.
Expensify will be announcing more investments in the coming months and encourages other financial technology companies to apply to become an Expensify Ventures partner.
