Corporate travel and expense management firm Expensify is doing a bit of traveling itself. The company has launched its first European location in London, and after a promising report that signaled massive growth for the firm, reports on Monday (Feb. 8) are taking a closer look at the company’s international expansion.
Expensify was named in a recent Gartner Report as the fastest-growing travel and expense management solutions provider, seeing 136 percent growth in 2014, according to reports.
Only days ago, Expensify opened its doors in London, marking the first European office for the company. The firm is now running a promotion to encourage European businesses to sign up for its T&E services.
[bctt tweet=”Only days ago, Expensify opened its doors in London.”]
“Expensify has revolutionized the expense management space in the U.S.,” said Expensify Founder and CEO David Barrett in a statement. “The U.K. is a hotbed for the growing financial tech sector, so London was an obvious choice for our international expansion.”
According to reports, the global expansion and growth of the business could mean that Expensify would overtake current industry leader Concur. Already, more than 300,000 companies are using Expensify solutions, reports added.
Expensify’s European entrance follows just weeks after analysis from American Express Global Business found expected growth in the continent’s T&E sector, with a 1.42 percent increase in corporate travel spend in 2015 — more than twice the increase expected from 2014 analysis.
It also coincided with separate research, also published on Monday, in which researchers concluded that the global cloud-based expense management industry is likely to see a CAGR of 19.2 percent between 2013 and 2018. Ariba, Concur, IBM and Oracle were listed as the top global competitors in this space.
In a statement, the researchers pointed to the driving forces behind rising expense software adoption.
“End-to-end expense management solutions allow the expense manager to have greater control and reduce reporting errors. In addition, this speeds up the process and improves the operational efficiency of the company,” the report stated. “With an end-to-end expense management solution in place, companies can significantly lower their expense processing cost compared to companies that do not use any such solution.”