Expensify Lands $100M Credit Facility From CIBC Innovation Banking

CIBC Innovation Banking has provided $100 million as a credit facility to Expensify, a payments super app helping people manage money, the companies announced Monday (Feb. 7).

The funding was provided last October and will help the company grow and add more products, according to the release.

With more than 10 million members globally, Expensify provides free corporate cards, expense tracking, next-day reimbursement and related services, such as invoicing, bill pay and travel booking.

The product also integrates with every major accounting software and several human resources (HR), tax, practice management and travel platforms like Uber.

“Expenses are a universal pain point for businesses of every size, and Expensify’s tools are addressing and alleviating those headaches for millions of users,” Paul McKinlay, managing director at CIBC Innovation Banking, said in the release. “We have thoroughly enjoyed working with Expensify and are excited and proud to continue to support this company as they continue to scale and innovate through new platforms and initiatives.”

Meanwhile, Expensify Chief Financial Officer Ryan Schaffer said that CIBC has provided Expensify with “creative and flexible financing” for several years.

“As we prepared to enter the public markets last year, we knew CIBC was the right banking partner for us,” Schaffer said. “We’re excited to continue with this credit facility as we scale in the public markets and further extend our product platform.”

Late last month, Expensify also debuted its Expensify CPA Card, which offers fast client setups and a large revolving credit limit without a credit check or personal guarantees.

Related: Expensify Debuts Card for CPAs and Accounting Firms

The card reportedly makes use of reconciliation between the company and integrated accounting systems. This adds to a real-time picture of a company’s financial statements.

There’s also a dedicated firmwide account manager, free membership with the AICPA, free cards for the firm and free CPA certification renewal, along with high credit limits, instant online approvals and other such things.

David Barrett, founder and CEO, said the company had been using its expertise to build a card program that works with accounting clients.