Corporate expense management company Expensify is rolling out a commercial card product to augment its solution.
Reports in CPA Practice Advisor said Monday (Oct. 7) that Expensify announced the Expensify Card, a corporate card for businesses of all sizes that is integrated with the Expensify platform. Businesses can provide these cards to their own employees to make purchases on behalf of their employers. Each transaction on the card is then automatically integrated into the Expensify platform to automate receipt generation, expense report creation and spend analysis.
In a statement, Expensify CEO and Founder David Barrett said the company is going back to its roots with the new card solution.
“Expensify started as a corporate card way back in 2008, before we decided to focus on expense, so it's fun to see the product come full circle with a card that naturally extends our existing platform,” he said. “The card will make life even easier for our customers, who no longer have to worry about lost receipts, late fees or accidental overspending.”
The Expensify Card, Barrett said, “offers the most reliable, consistent view of your company's spend, all in one place.”
The card enables daily settlement for employee spend and customizable cardholder spending limitations. Managers are connected to compliance notifications in real time to ensure employees are not misusing the card.
In April Expensify announced an integration with Southeast Asia ride sharing company Grab, allowing joint customers to automatically connect transaction data from Grab into their Expensify accounts. Similar integrations had previously been announced for Uber and Lyft.
Previously, the company also rolled out software to provide spend management solutions for self-employed and freelance professionals in support of cash flow management and tax filing.
Expensify's launch of a commercial card reflects growing popularity of the spend tool, no only in the accounts payable department but in the expense management and employee spend arenas.