Expensify Introduces New Investment Fund “Expensify Ventures”

Expensify announced today the launch of Expensify Ventures, a strategic investment fund for early stage startups within the financial tech sector.

“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,” stated David Barrett, the 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.”

Partnering with Expensify through Expensify Ventures is Piper, an alternative receipting solution that is designed to eliminate the use of paper receipts, automatically, storing all proofs of purchase into one consolidated location.

Piper’s platform stores the users’ digital receipts for merchants and customers alike at any given time, regardless of location.

As a result of this design, customers will no longer deal with lost receipts and filling out long expense reports. In addition, employees can spend more time doing actual work, and employers will have better insight into their employees spending rates.

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

This partnership will allow Expensify users to link their payment cards to Piper, which will catch receipt details automatically.

Expensify looks to be on the rise, with the company set to make several more announcements pertaining to investments in the coming months.