Expensify's Argument for Business Travel's Return Before Its IPO

Equal parts humanitarian manifesto and financial statement, Expensify’s initial public offering document outlines a highly ambitious recovery plan and a bid to raise money in the face of dwindling customers. The finance software company aims to list on the Nasdaq stock exchange, and financial documents filed in the build-up detail how an army of revitalized small and mid-size businesses could lead the corporate travel recovery. "There are over 100 million businesses in the world, but less than 0.1 percent actually use some form of modern expense management. Excel/email — or a physical, paper envelope — are our primary competitors," the company said in its Nov. 8 U.S. Securities and Exchange Commission filing. These types of travelers are already bolstering the bottom line of hotel groups like Hilton, whose CEO Christopher Nassetta said there will continue to be "a great strength in small and medium enterprises, which aren’t fully back to pre-Covid levels but are pretty close,” during an investor call at the end of last month. It reported a third quarter $240 million profit. Now, tapping into the recovery, Expensify wants to raise around $250 million by offering 9.7 million shares at a price range of $25 to $27. The date has not been set, but it's widely expected to go public on Nov. 10. A public listing at $27 a share would value the Portland, Oregon-based company at more than $2 billion. The proceeds will be used for general corporate purposes and working capital, while s