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Expensify

Fintech / expense SaaSUSA
New to Unitard
πŸ“‰ Public < $1B
PeakΒ $2.3 BillionToday
βˆ’90%
from peak
  1. πŸ¦„
    Became a unicorn
    2021
  2. πŸ“ˆ
    Peak valuation
    $2.3 Billion ’21
  3. πŸ’”
    Became a Unitard
    2022
  4. πŸ’Έ
    Last valuation
    ~$236M
Current status
Public (Nasdaq: EXFY)
Live Β· EXFYΒ· NasdaqGS
as of 2026-10-23
$2.59β–² 7.02% today
β‰ˆΒ $236 Million market cap Β· βˆ’89.7% from peak

The rise & fall

6 moments Β· 2008–2024

The key moments, with employee sentiment along the way.

2008
Founded by David Barrett
The mission: expense reports that don't suck β€” built by a famously flat company with no managers.
Wikipedia
Nov 2021
The peak: a $2.3B Nasdaq debut$2.3B
Prices at $27 a share in the very last weeks of the 2021 SaaS mania.
Motley Fool
2022
Slips out of the club
Small businesses slow hiring and trim software spend; revenue shrinks and the stock breaks below a $1B valuation within a year of the IPO.
stockanalysis
Nov 2023
$27 to $2.42 in two years
The stock sits down ~91% from the IPO, while a securities class action picks over the IPO-era disclosures.
Seeking Alpha
From the inside Β· Glassdoor reviews, 2022–24
Glassdoor reviews stayed unusually warm through the slide β€” long-tenured employees praised the flat, no-managers structure, generous pay and stock, and work-from-anywhere perks β€” though post-IPO reviews also described abrupt redundancy rounds, a relentless pace and burnout, and roadmap churn some felt pulled focus off the core product.
Today
Still in the club β€” and still trading
Live Β· EXFY Β· NasdaqGSas of 2026-10-23
$2.59β–² 7.02% todayβ‰ˆ $236M cap Β· βˆ’89.7% from peak

πŸ’¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β†—; dated facts carry their source.

How it happened

Expensify built an expense-management app and went public in November 2021 at $27 a share, valuing it around $2.3B. Growth stalled as small businesses slowed hiring and trimmed software spend; revenue shrank and the stock fell more than 90%, leaving it worth a few hundred million β€” well below $1B β€” with a securities class action over its IPO-era disclosures.

But reviews from the post-IPO years also noted strain behind the slide: redundancy rounds some felt were abrupt, a relentless pace and burnout, and roadmap churn a few said pulled focus off the core product.

Source: Motley Fool / Seeking Alpha / stockanalysis ($27 IPO Nov 2021 at ~$2.3B; stock -91% to ~$2.42 by Nov 2023; securities class action over IPO disclosures)

Founder

  • David Barrett
    Founder & CEO
    Still there β€” Founder, CEO, and DirectorLinkedIn β†—

Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.

Disclosed investors (14)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round Β· Crunchbase β†— Β· 2026-10-13 Β· Methodology Β· Leaderboard

πŸ¦„