Not every startup has to have a David vs. Goliath confrontation. Expensify, a San Francisco company that markets cloud-based expense management software, has prospered by pursuing self-employed individuals and companies with a few hundred to a few thousand employees. That strategy allows it to feed in the same ecosystem as its larger rival, Concur Technologies, which goes after Fortune 500 clients. In September, Germany?s SAP (SAP) said it was buying Concur for $7.4 billion. Emerging tech companies such as Airbnb and Uber have linked up with Concur to sell to big corporate travel accounts. But when it comes to internal expense reporting, the two companies turn to Expensify. ?The interface is clean and very easy to use,? says Omer Artun, the founder and chief executive officer of AgilOne, a data analytics company that adopted Expensify for its 150 employees.
Expensify?s client roster has doubled, to 8,000 individuals and companies, in the past six months. Founder David Barrett says his 55-employee company is already profitable, and revenue has been doubling each year since it started in 2008. He?s raised about $10 million in financing so far from investors that include Travis Kalanick, a co-founder of Uber. Barrett once worked at another Kalanick startup, the peer-to-peer file-sharing service Red Swoosh.
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