Merchant Innovation

Expensify Launches Venture Fund

Expensify, an expense reporting software company, has gotten its hands into the FinTech funding space.

The company announced yesterday (July 27) that it was launching Expensify Ventures — an investment fund for early-stage financial tech startups. And joining them for the launch is Piper, an alternative receipting solution that does away with paper receipts.

“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,” said David Barrett, founder and CEO of Expensify. “We raised a $17.5M 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.”

The Expensify Ventures fund is in its early stages and the company should be announcing more investment in the near future, but for now Expensify it trying to recruit FinTech companies to apply to become a partner of the fund.

The Piper platform works with stores to help merchants and consumers have better access to receipts as they are stored digitally in order to cut down on the extra paper, time and expense it takes to track them all down. Piper’s deal with Expensify will “streamline their current customer interface, making it easier for business travelers to document their expenses,” the companies said.

“Together, Piper and Expensify have an amazing opportunity to shake-up a stale experience,” said 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.”

 

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