I was surprised to see Expensify's revenue growth was only 8% YoY from 2019 to 2020. For comparison, Asana and GitLab had ~85% year-over-year growth on their S-1.
Granted, Expensify grew 60% over the last twelve months, but by their own account it was 'primarily due to a pricing change implemented in May 2020, which led to a gradual increase in per member price for our paid members"
Makes me wonder if they are being hit hard by the new entrants like Ramp, or if the pandemic had such a major impact on all expense management platforms as people travel less - especially on business?
If anything, based on these numbers the email increased their sales. I highly doubt there’s an actual causation, but personally speaking having a CEO take a stance I agree with would have made me check out their product.
Granted, Expensify grew 60% over the last twelve months, but by their own account it was 'primarily due to a pricing change implemented in May 2020, which led to a gradual increase in per member price for our paid members"
Makes me wonder if they are being hit hard by the new entrants like Ramp, or if the pandemic had such a major impact on all expense management platforms as people travel less - especially on business?