- Expensify now enables business customers to reimburse international employees in multiple currencies.
- Expensify customers can send employee reimbursements in over 154 currencies and across 200+ countries.
- Today’s move also enables businesses to link withdrawal bank accounts in the U.K., Canada, Australia, and the European Union.
Business expense management firm Expensify made a move this week to support businesses operating in the global economy. The San Francisco-based company now enables its business customers to reimburse their employees across borders in multiple currencies.
Using the Expensify app, customers can send employee reimbursements in over 154 currencies and across 200+ countries. The international reimbursement process doesn’t require businesses to pre-fund payment. Rather, businesses can pay employees at any time by linking their local bank account.
“Employees can work from anywhere these days and expect to be reimbursed quickly for out-of-pocket expenses regardless of where they live,” said Expensify Founder and CEO David Barrett. “We have listened to these customers and now include global reimbursements for free in all paid Expensify plans.”
Additionally, Expensify is taking another step to support international businesses. The company now enables businesses to link withdrawal bank accounts in the U.K., Canada, Australia, and the European Union.
If you’re familiar with Expensify’s company culture, the only surprising aspect about this move is that the company didn’t launch it sooner. Even pre-pandemic, Expensify was known for its flexible working policy, taking its entire workforce to fun, overseas locations to work for a month. “The entire team goes on a month-long Offshore to a new country every year,” the company’s website states. “We start out the trip in hostels and Airbnbs, and then for our final week together, we re-locate to the most amazing or unique accommodation we can find!”
Expensify went public in 2021 and now trades on the NASDAQ under the ticker EXFY. The company launched expense reporting in 2008, and has since grown to add billpay, a travel concierge, a corporate payment card, and– as of last month– a co-working space as a perk for its business clients.
The business expense management space has become increasingly crowded in recent years, having seen competition from the likes of Brex, Ramp, Divvy, PayEm, Bento for Business, and more. According to Grand View Research, the market size for global spend management platforms was valued at $15.9 billion in 2021 and is expected to expand at a rate of 10.3% from 2022 to 2030.