Expensify, the world's fastest growing expense reporting software provider, is going to try its hand at venture capital. The company has raised a $17.5 million round of Series C funding from OpenView Ventures to start Expensify Ventures, a strategic investment fund for early-stage fintech startups. They also announced their first partnership with Piper, a SaaS service that helps business travelers automatically keep track of paper receipts.
“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,” said David Barrett, 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.”