Expensify at Citi Conference: Embracing AI for Financial Growth

On Wednesday, 03 September 2025, Expensify (NASDAQ:EXFY) showcased its strategic vision at Citi’s 2025 Global Technology, Media and Telecommunications Conference. The company highlighted its innovative approach to expense management, focusing on mobile and AI-driven solutions, while also addressing challenges in customer diversity and macroeconomic pressures.

Key Takeaways

• Expensify is developing a "super app" to streamline financial management for businesses.
• The company is leveraging AI to improve user experience and operational efficiency.
• Expensify remains cash positive and has revised cash flow forecasts upwards.
• A strong inbound pipeline is driven by brand marketing, including an F1 sponsorship.
• Expensify’s travel product is experiencing significant growth and has a large waitlist.

Financial Results

• Cash Positive Status: Expensify has maintained a cash-positive position since going public, reflecting robust financial health.
• Card Product Impact: The card product has significantly boosted revenue growth in recent quarters.
• Focus on Efficiency: The company prioritizes automation and AI to manage human capital costs and enhance financial performance.
• Cash Flow Forecasts: Consistent upward revisions of cash flow forecasts indicate improved financial outlook.

Operational Updates

• NewDot Development: The new version of its expense management tool, NewDot, offers a more mobile and real-time experience.
• Go-to-Market Evolution: Expensify emphasizes brand marketing and enhancing the onboarding process for a diverse customer base.
• AI Integration: AI is extensively used in product development and operational support, enhancing efficiency and customer experience.
• Travel Product Rollout: The travel product shows strong month-over-month growth, with careful rollout to manage fraud risks.
• Cross-Selling Initiatives: Focus on cross-selling opportunities, particularly in travel, to meet customer needs.

Future Outlook

• Product Unification: Expensify aims to create a seamless user experience by unifying its products.
• Market Expansion: The company targets small businesses, transitioning them from Excel and paper receipts to its platform.
• Unit Economics: Expensify plans to improve unit economics through intelligent automation and lean operations.
• Super App Vision: The ultimate goal is a super app offering comprehensive finance and back-office capabilities.
• Travel Rollout Completion: By year-end, Expensify expects to meet the current demand for its travel product and improve bundled sales.

Q&A Highlights

• NewDot Adoption: Users benefit from improved functionality with NewDot.
• Agentic AI Uses: AI capabilities aim to reduce time spent on expenses.
• Inbound Pipeline Robust: Strong inbound pipeline attributed to brand marketing strategies.
• Customer Size: Revenue growth is driven by slightly larger customers.

For more details, refer to the full transcript below.

Full transcript - Citi’s 2025 Global Technology, Media and Telecommunications Conference:

Steve Enders, Part of the software team, Citi: Buddy. Welcome to day one of the, Citi Global TMT Conference. I’m Steve Enders, part of the software team here. With us for the first session, we have Expensify. Anu, wanna thank you so much for, for being here today.

Anu, Not specified, but leads sales and marketing, Expensify: For joining me. You guys start early. Yeah.

Steve Enders, Part of the software team, Citi: A little bit earlier. Maybe just to get started, you know, for those who might be new to the story, can you just talk a little bit about Expensify, introduce the the company, and tell us about your background and time there?

Anu, Not specified, but leads sales and marketing, Expensify: Absolutely. So Expensify is an expense management platform. Let’s restart. Yeah. Expense advice and expense management platform, we have corporate cards, travel, and, of course, the core product is expense.

And we primarily sell to businesses, but we have a range of customers, everyone from individuals looking to just manage their own finances to sole proprietors to small companies all the way to really large fortune 50 size companies. It was actually started on this I wanna say now may not sound as revolutionary, but at the time was that delivering a good product experience to employees is about as important, if not more, than delivering good product experience to the administrators of expense policies. No one really cared about the employee sort of experience, but we did. So we were the first to have a mobile app that had OCR capabilities that allowed employees on travel, on the go to scan a receipt, never have to think about it again, and built in automation that factored in their policy settings and helped them do their expenses without spending their Friday evenings wrestling with paper receipts in Excel. You know, fast forward to the AI era, we’re kind of doing the same thing where we built in an agentic layer on the app.

We have brought chat into the app, which is front and center. And the point of doing that is really to bring the conversations that happen around expenses to one place, contextualize it, and help admins mine it for intelligence so they can improve their policies and cut down on the time that it takes them to close their books.

Steve Enders, Part of the software team, Citi: That’s a that’s a great intro for, for for for ExpensiveEye. Maybe we should talk about I think there’s been a lot of changes with Expenseify over the past few years. But, yeah, maybe just kinda walk us through kind of the the journey of being a public company and kinda where things, where things are today and level set there a little bit.

Anu, Not specified, but leads sales and marketing, Expensify: Yeah. And you’d asked about my background with the company as well, so maybe it’s a good segue. So I started at the company at maybe to the day ten years ago. Wow. And I built our operations team from scratch.

I built the card product. So I’ve done a lot in terms of ops, product development. Now I’m primarily working on the sales and marketing side, leading those teams. And, you know, when we went public, we were one of the few companies that only we didn’t raise much primary. We didn’t go public because we needed capital per se.

We wanted to create liquidity for our investors and our employees primarily. We were also one of the few companies that that was cash positive, remains cash positive. And this the changes that being public brought brings about, generally speaking, is more compliance, more processes. But we, as a company, always operated very process driven. We are not really people heavy.

We are process heavy, I’d like to say, in a good way. So it didn’t really change all that much in terms of how we operated. Of course, there’s a lot more in terms of storytelling and, you know, ups and downs with performance that you need to smooth out, for lack of a better word, for investors and and the street. And we’re doing that, and we’ve gotten a lot of experience doing that because it’s been four years since we went public. It’s been a roller coaster, but only good times to come.

Steve Enders, Part of the software team, Citi: Sure. No. That’s great to that’s good to hear. I wanna touch on the sales and marketing a little bit. But I guess before we get into it, let’s just talk about some of the newer kind of products that you’ve been introducing.

I think over the past year, there’s been a it seems like a lot more, I guess, forward Yeah. You know, innovation For sure. That that’s come out. So can you just walk us through maybe what you’ve been releasing, what you’ve been working on, and Yeah. How you’re thinking about the opportunity for travel and the new Expensify platform and and cars and just what all that looks like?

Anu, Not specified, but leads sales and marketing, Expensify: Yeah. For sure. So the reason we set out on building NewDot, which is basically our new and improved version of expense management chat and travel product is because we kind of saw the need for a more mobile focused, more real time enabled, more conversational interface. Mhmm. And that was something that we could do much better if we started over with a new product than if we tried to tape it on top of the existing product, which was really built for the last generation of Internet SaaS applications, I’d say.

So what is the point of adopting NewDot versus staying on the legacy application? You have a very tightly integrated web and mobile product that performs much better no matter what your bandwidth, allows you to do things offline and catches back up when it comes online. So a much better app experience itself. Then there’s better functionality, which is a much more powerful search, a lot of admin features around managing data at scale that large companies and mid market companies have long been asking for, integrated travel. So there’s upgrades, but also just the basic functions of the app itself are that much better, so there’s many reasons to adopt it.

And then, of course, there’s an agentic layer built on top of all of it, which, like I was talking about earlier, is constantly listening in a good way. Mhmm. Concierge, which is in supercharged with agentic AI now, is also always listening to your conversation in order to intervene and help smooth the way where it makes sense. So it’s a much more real time enabled application in every sense of the word. And all of the unstructured data in the structured data’s context because unstructured data is the conversation.

The structured data is the expense data. Mhmm. The combination of both of it using AI leads to a lot of insights for companies that helps them improve their policies, processes, identify who is most compliant, who’s not compliant, and how to make their ex entire expense process smoother. So that’s really the vision for

Steve Enders, Part of the software team, Citi: the product. Okay. I guess when you roll out this new the new chat forward solution, understand that there’s the agented capabilities in there as well, which which seems pretty, pretty interesting, pretty incredible to to to look at. But when you think about the business or what that enables for for customers, how do you kind of envision what that looks like, or what’s maybe been the the feedback from from customers so far?

Anu, Not specified, but leads sales and marketing, Expensify: Yeah. We always and, you know, this is something we’ve as our goal has always been to clear our customers’ path to greatness, we like to say. And, you know, it sounds a little bit big, but truly that’s the goal. Mhmm. Nobody really wants to spend their time doing expenses.

Everybody’s really got other more exciting things to do, will have more exciting things to do if they have the time. So that’s really the goal of the product is to cut down on the amount of time an employee spends doing their expenses, booking travel, cut down on the amount of time accountants, controllers spend closing their books. We don’t Accountants don’t accountants, finance teams don’t really wanna nag their employees to be compliant, to submit on time. Employees don’t wanna be nagged. We wanna make a product that does not require these kinds of annoying behaviors out of any party in the company.

So that’s really that continues to be the vision. There’s just more and more tech these days that can help you, a SaaS product, accomplish that goal, and we are leaning more and more into that.

Steve Enders, Part of the software team, Citi: Okay. That’s great to, that that’s great to hear. Maybe shifting gears a little bit. I do wanna touch on the go to market side of it Yeah. Since we have you here.

Yeah. But I guess it seems like there’s been maybe a bit of an evolution in terms of the go to market the past few years. And Sure. Maybe you can just kind of talk about what you have done, what you’ve what you’ve tried. Yeah.

Talk about the f one movie as well and and put that in there. But, yeah, maybe we can start there, we’ll we’ll dig in.

Anu, Not specified, but leads sales and marketing, Expensify: You know, we have both a really good and a really challenging problem. The good part of it is we’ve invested a lot in brand marketing. Mhmm. And f one is, like, the crowning glory of that. Why brand marketing?

Because it is kind of a wide sweep. Right? Like, you communicate that you exist. Your value proposition is people get curious. They find look for who you are.

They may not be at the stage where they’re making a buying decision today, but you keep on reiterating your presence and your leadership in the market. And when they are, they’ll think of you. So that’s strategy has generally worked. Mhmm. How do we know it’s worked?

We have probably the most robust inbound pipeline. We’ve invested in outbound before. I know we’ve talked about a a period of time that we used SDRs to do a lot of outbound. But the ROI from any kind of outbound paid ads, none of it has really touched the volume of inbound that brand marketing has naturally pushed towards us. So we know that brand marketing works, so we keep leaning back into it.

But the challenging part of the problem is there’s like I was saying in the very beginning, there’s a diverse range of customers. And each customer, given their size and their particular problem, has a very different expectation of what the app should do for them. Mhmm. And you have I think some some studies said that you have, like, not even ten seconds of a window when someone comes in, looks at your app, and is trying to assess if it’ll do what they need it to do for them. So our challenging problem is really making the onboarding experience so fine tuned that we can qualify the customer and then surface the exact onboarding content they need.

So even if they don’t finish onboarding, which almost nobody does in one session, that we’ve convinced them that the product is for them so they return. Mhmm. And so that’s really been the focus of all of our go to market efforts. We’ve become much more much more than before data driven, product testing driven, and keep trying to fine tune it. And, you know, there’s really no when I started doing go to market as my area of focus, Honestly, if you’d asked me, would have rattled off a few things, the silver bullets that I think such low hanging fruit.

Like, we’re gonna just do those things, and it’s gonna dramatically shift. But I’ve learned that it’s really a slog. Mhmm. You do a 100 things, and you do the 100 things really well, and it tips. So that’s that’s our discipline now.

Steve Enders, Part of the software team, Citi: Okay. I guess maybe where are we in that fine tuning? Yep. You know, what have you found is is working, and, you know, how do you think about what that means moving forward for some of the inbound? Yep.

Yeah. How do you drive that conversion?

Anu, Not specified, but leads sales and marketing, Expensify: Yeah. Honestly, a lot of it is much, much, much better today versus even, like, three years ago in the sense that we have a very strong degree of clarity on who the customer is and what problem they’re trying to solve. We’ve become very good at surfacing them the right content. We are seeing a lot of that stickiness as a result. They keep coming back.

Where the challenge really lies is a large amount of revenue is driven by a slightly larger customer. Right? Like, you have a you have a huge number of small businesses. Mhmm. And those are really important because that’s your word-of-mouth engine.

That’s where you get your revenue growth from. And then you have those small business the upper end of the small business middle market customer where you get a like, once you onboard one of them, you immediately get a revenue bump. Mhmm. And they’re stickier because they’re not changing processes all the time. Now the market is kinda stiff in terms of competition in that segment, and everyone’s competing on price, and it’s really a race to the bottom.

And and although that has changed a bit, most of our competitors used to be completely free three years ago, but they’re not so much anymore. We hear rumblings about some of them being, in fact, almost expensive when they bundle travel and travel card and expense together Mhmm. Which is all great windows of opportunity for us. But that’s the challenge in that segment of the market, and you need supremacy both really to win. Because one is your word-of-mouth engine.

It’s a growth engine. The other is an immediate revenue boost. Long term, maybe you can do it with just small businesses, but that’s the short term stickiness in revenue growth that I think the market’s seeing. Okay. And given those kind of dynamics and

Steve Enders, Part of the software team, Citi: what you’re seeing out there competitively, does that maybe change how you think about which areas to to target, or does it change how you think about the you know, where you put the the dollars and the strategy and and put that to work to to target that?

Anu, Not specified, but leads sales and marketing, Expensify: Now more than ever, I think it reinforces what has always been our strategy, which is focus on not just the mid market and enterprise customers, definitely deliver a product that mid market and enterprise customers can use to their satisfaction. But for a lot of our acquisition efforts were always focused sort of downstream, if you will. K. And now more than ever, I think that strategy is reinforced because here is a hugely untapped market. No one’s really going after them, but it’s difficult to acquire scale.

It’s difficult to acquire using just a sales strategy with people because the unit economics are not there. Like, you and those customers don’t wanna be sold to like that. So, really, the trick is in figuring out and continuing to polish, like I said, the 100 things that are gonna make that self onboarding, support based onboarding, lower ticket, lower touch onboarding more efficient, and we stay focused on that. We’ve always really prioritized that, but now more than ever, I think the strategy is reinforced. Okay.

I guess

Steve Enders, Part of the software team, Citi: with that kind of frame of frame of view, I think we hear a lot from other companies utilizing AI and agent capabilities to to help help help with support, help smooth onboarding. Just maybe how are you leveraging AgenTic AI, you know, within the product and also internally as as an organization?

Anu, Not specified, but leads sales and marketing, Expensify: Yeah. It’s we start with go to market because we’re just talking about it. We use it extensively, and the way in which we use it is really exactly as I was previously describing. A customer comes in. They tell us a little bit about their size, their use case.

Then they explore the product, which is really what they wanna do. They don’t wanna talk to anybody even if we’re willing to spend that kind of resources in getting a lower ticket customer onboarded, which we have tried in the past. But they don’t really wanna talk. They wanna explore on their own. So what we’ve done is sent we send every one of the signals that we get from a new lead exploring the product to the agentic layer.

And then we have smart messaging capabilities built into it. Because if you sort of looked at the QBO integration and then you went off to do something else, if you got an email or a chat about, okay. Here is how you set that up. Here are the perks. It kinda brings you back to something that piqued your interest.

It’s as simple as that. So that’s just one example. We also use AI extensively. Some of these leads are a little bit on the bigger end of the small business spectrum. They talk to a sales agent, and it is important information that we could mine to know how to sell better to that segment.

Maybe it’s industry specific. Maybe it’s size specific. And before, a lot of this was a sales manager to a salesperson, but nothing really existed to aggregate those kinds of intel to then make training across the board better, to make sales scripts across the across the board better. So we’re doing a lot of that as well. So that’s the go to market side.

Again, on the product side, of course, we’re doing a lot of testing, which is really how we’re doing product marketing better. And then across our operations team, support teams, Concierge is now powered by much better agentic AI algorithms. We have an agentic AI learning or help documentation, and we’ll give you the perfect answer in less than five seconds. And that’s twenty four seven, and that’s huge in terms of support. A lot of the tasks that used to be somewhat onerous on the ops team has been more or less automated except for the ones that require some sort of human judgment.

Mhmm. So it just frees up people to do more and also gives us the ability to maintain our leanness in terms of human resources. Sure.

Steve Enders, Part of the software team, Citi: I do wanna go into the into the product side a little bit more, but, I guess, what kind of efficiencies or, like, ROI have you seen, you know, internally from doing that? And and to your point, I think, you know, Sensei has a pretty unique maybe people model is the the way to put it. Yep. So just how do you kinda think about what that means for, you know, further head or how much more, you know, powerful and product productive you can make the the current employee base?

Anu, Not specified, but leads sales and marketing, Expensify: Yeah. You know, the reason we were able to always be so lean is because we always thought of all problems as how can we solve it with tech before we thought about how can we solve it with people. So we always leaned more into what can we automate. We should automate that and not have people doing it. And now that question of what can we automate is just that much more powerful to answer yes to because there’s just more resources given how good AI is and how much better it keeps getting.

Mhmm. So you’ve seen the cash flow forecasts that we have consistently revised up. So we’ve been able to sort of maintain our and, you know, human cost at a SaaS company is the biggest expense. So we’ve been able to use the fact that, you know, it’s not just saving money, but it also is much more efficient. So we’ve been using that efficiency, which is really a double edged sword to also make our financials that much more performant.

Okay.

Steve Enders, Part of the software team, Citi: That makes sense. Let’s talk a little bit about the product side. Yeah. You know, with everything you’ve kinda come out with, you know, new Expensify, I think, looks looks really interesting. Just I think you touched touched on a little bit around how you’re actually baking in agent capabilities into that experience.

But how do you kind of see that evolving further from here? What else can, you know, generative AI do for Expensify to help make the product that much more powerful?

Anu, Not specified, but leads sales and marketing, Expensify: We I think from a product perspective, you’re saying, yeah, we’ve only just scratched the surface. Now a lot of, you know, users come in and they scan a receipt, and what we’re seeing is the app. There is already a lot of conversation now happening on new product within the context of an expense. And often what we see is somebody will ask, oh, I took this trip. Can I expense business class?

Or I don’t have the receipt. Is that okay?

Steve Enders, Part of the software team, Citi: Mhmm.

Anu, Not specified, but leads sales and marketing, Expensify: What we wanna be able to do is teach the policy, and by that, I mean, the expense policy of a company to the agentic AI layer and have concierge answer them. So it frees up admins from having to repeatedly answer the same questions over and over again because this agent works for them, basically. It also surfaces for them aberrations in terms of expense behavior that it thinks they need to maybe take another look at. Mhmm. Powering for search into a natural language model.

Because right now, the way we all use powerful search capabilities is a bunch of different filters and tools. And, you know, some people will use it like that for a very long time, which is fine. We have a beautiful UX for them. But we are gonna make it also possible for you to ask it. Like, you’d ask another human, and then it’ll mine the data for you and give you insights.

So a a lot of that sort of improvement is still in the pipeline, not yet live, so we’re excited for that. Okay.

Steve Enders, Part of the software team, Citi: That’s interesting. I guess when you think about the, I guess, forward go go forward Expensify in the product side, I just because what else, you know, could the platform look like? What new products could you potentially roll out? And, you know, if you think about AgenTek in in particular, like, other other group other avenues of monetization that you could Yeah. Start to lean into moving forward?

Anu, Not specified, but leads sales and marketing, Expensify: For sure. The first one we did was card. Right? Like, the first transactional revenue pipeline. Then we’ve now launched travel.

They’re both I mean, the card has really propped up the financials in a in a very healthy way for a few quarters. Mhmm. So it’s already the proof is in the pudding. We have invoicing in bill pay, but we’ve got to think a little more in terms of is that initially, the thought was that it’s just gonna be a word-of-mouth engine. Mhmm.

Because when you invoice, when you pay bills, you’re always introducing different companies to the to Expensify. So that’s in and of itself the way it pays. But maybe there is room there to, like, look at transactional revenue opportunities as well. We’ve always talked about wanting to do payroll, which is probably not this year, but maybe late next year thing, and that brings with it its own revenue stream. Mhmm.

Ultimately, the idea is really to be like an Amazon Prime. Like, you wanna have one subscription. You don’t wanna think about 50 different things in your bill. Instead, you pay a price, and that price is a rich value proposition to the company, but also a rich value proposition to you because you’ve pulled all of your back office financial operations into one product. And especially for the smaller end of the spectrum, ideally, it’s just chat based.

Like, you have this agent in your pocket that can really help you do everything, and you never need to interact with the UX if you don’t want to. That’s really the goal. Okay.

Steve Enders, Part of the software team, Citi: I do wanna touch on on travel. It seems like the initial release, initial launch of that has been pretty pretty encouraging and seeing pretty good demand there. Can you just talk about what you’ve seen so far from from that product release?

Anu, Not specified, but leads sales and marketing, Expensify: Yeah. It’s been I mean, the year month over month growth is incredible. There’s a huge wait list. Yep. And the we could go a lot faster, but typically with products like card and travel, you also have to be really careful about fraud.

Mhmm. And doing things right is sort of so much more important than just doing it really fast. So we’re just taking it slow in terms of releasing the dam, I guess. And but it’s great that there is a huge pent up demand, that there is a huge wait list, that we know how to onboard those customers onto travel better and better every day so we can do it economically. So

Steve Enders, Part of the software team, Citi: all very encouraging signs. Okay. I guess as you think about that future kind of rollout, what is maybe the pace of that look like? You know, there’s certain kind of, like, checkpoints you need to see before you feel comfortable kind of releasing it out to more of the whalish. Just yeah, how do you think about that?

Anu, Not specified, but leads sales and marketing, Expensify: It’s we’ve basically created an entire team that is focused on cross selling travel. So it’s we’re certainly not we were pacing it before, but it’s all cylinders firing. Yeah. Forgot the I forgot the expression. Yeah.

It’s firing on all cylinders now. And I think by the end of the year, we should be able to have soaked up all the demand. And then then the question’s really, like, how do we sell it altogether immediately? Because what happens generally, someone a job score expense, they take six months, they may consider the card, then they take another we wanna be able to sell it as a package and communicate the value and power of the product immediately, so that’s maybe something we need to think more about. Okay.

Steve Enders, Part of the software team, Citi: I do wanna touch on cross sell K. And, you know, what that maybe looks like because you do have a pretty big portfolio of solutions at this point. So, you know, is there how do you think about building out a dedicated team for that? How do you think about, you know, how you can lean into that motion in particular to sell card and sell travel and,

Anu, Not specified, but leads sales and marketing, Expensify: you know, get all that moving? A lot of moving parts. So I can’t tell you exactly which way we’ll end up going, but it’s also kinda tactical. Mhmm. What we are doing right now is leaning hard into our account managers.

They are the eyes and ears of the company in terms of existing customers. They know what their customers are doing. They know their pain points. So they’d be the right person to pitch them these solutions that could improve their experience with Expensify. So that’s kinda where we’re starting.

A lot of them are and, you know, we are running things like contests to sort of get, like, the creative juices flowing in terms of how we could be doing it better because those are learnings that we could incorporate. Mhmm. Down the line, if the demand keeps growing, which is such a great problem, we might use some of our sales people to do the actual selling. So the account managers might create the demand Mhmm. For it and then hand off to sales to sell.

And then when it is sold, it could go back to account managers to maintain. We might explore that. Whichever works better for conversion, we don’t we don’t have a perspective on one being better than the other per se. Okay.

Steve Enders, Part of the software team, Citi: I do wanna touch on just maybe the macro and kind of what you’re seeing out there Yeah. In the last few minutes here.

Anu, Not specified, but leads sales and marketing, Expensify: Yeah.

Steve Enders, Part of the software team, Citi: Just yeah. What have you maybe seen from from from customers? Like, how are they thinking about, you know, their own spend? How are you seeing kind of the general demand and and adoption of kinda new software at this point?

Anu, Not specified, but leads sales and marketing, Expensify: Yeah. I think the biggest shift in our growth drivers, if you will, and we’ve talked about this a few times, has been the amount of expansion and usage among existing customers. Mhmm. So if you take 2018, 2019, so pre COVID, almost all of the growth really came from that expansion.

Steve Enders, Part of the software team, Citi: Okay.

Anu, Not specified, but leads sales and marketing, Expensify: And new customers were always sort of, compared to that, a drop in the bucket. And churn has been very for us, churn has been very steady, maybe spiked a little bit during COVID and then 2021 when we had the price change still sort of, like, percolating, but it’s smoothed out. Mhmm. By smoothed out, I mean, it’s sort of consistent for the business over the years. But now we’re seeing a shift in terms of that expansion among existing customers is not as rich as it used to be.

And I think there’s several reasons. Some of it we thought was macro with, like, a lot of companies letting a lot of their employees go. Some of it might be here to stay because with AI, more and more companies are becoming leaner.

Steve Enders, Part of the software team, Citi: Mhmm.

Anu, Not specified, but leads sales and marketing, Expensify: So, you know, maybe maybe it’s not going to be the biggest driver anymore, and that’s a shift in macro technically. Mhmm. New customer growth has been healthy then, has been healthy briefly during COVID. Again, it wasn’t it was a little stalled out, but it’s healthy again. So I think, you know, I’m not sure what point of view to really have, and maybe jury’s out and whether SaaS is dead, etcetera.

But Yeah. We are not seeing that to be true based on just incoming leads, still very healthy. And, ultimately, I think there’s always two types of customers, right, the ones that wanna use the product and the UX, and they’d like to do everything themselves. Even when you have tooltips and navigational help and videos, but they just ignore all of it. Like, I watch a lot of user sessions and just think, you’re a new customer.

Maybe that video might but, you know, they just wanna explore on their own, do things on their own. And there are others that seek out support, seek out AI, seek out ways to do things without having to interact with the product. And I think what we wanna do is build a product that serves them both because we want them all. Right. And that’s really has been the strategy, continues to be the strategy.

The tactics change, but it’s really still the same. Okay.

Steve Enders, Part of the software team, Citi: Maybe in the last minute and a half here or last couple of minutes here, you know, we can talk about just the longer term vision for

Anu, Not specified, but leads sales and marketing, Expensify: Yeah.

Steve Enders, Part of the software team, Citi: Expensify. And, you know, let’s say we’re in five years from now, 2030, Citi conference. Yeah. You know, what would we be talking about then? You know, what would be success for for Expensify, and how do you kind of, you know, target the company strategically to to get there?

Anu, Not specified, but leads sales and marketing, Expensify: For sure. We would have migrated and unified the products. We hope to have a large piece of the small business market off of Excel, off of paper receipts onto our product using a lot of the agentic capabilities to make their lives simpler because the easier use cases can do that the best. We hope to maintain, if not improve our unit economics Mhmm. Keep ourselves lean, really lean into intelligent automation that makes the company efficient but delivers the best user experience to our customers.

And and, ultimately, we wanna have a super app. We want our customers to use our product and no other because it solves all their needs as it relates to finance and back office capabilities. And, you know, then, I guess, we’ll take over the world.

Steve Enders, Part of the software team, Citi: Just a little a little small step there

Anu, Not specified, but leads sales and marketing, Expensify: to make that happen.

Steve Enders, Part of the software team, Citi: So awesome. Well, I think we’re about out of time. Anu, wanna thank you so much for for for joining us today and being the first session of the of the day here. So thank you so much.

Anu, Not specified, but leads sales and marketing, Expensify: Yeah. Good luck.

Steve Enders, Part of the software team, Citi: Alright. Thank you. Thanks, everybody.

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