CIBC Innovation Banking Provides Expensify with Expanded $100 Million Credit Facility to Support Growth Plans
07 Fevereiro 2022 - 11:00AM
Business Wire
CIBC Innovation Banking is pleased to announce it has provided a
$100 million credit facility to Portland-based Expensify, a
payments superapp that helps individuals and businesses around the
world simplify the way they manage money. This funding, provided in
October 2021, will further support the company’s rapid growth and
product expansion, and represents a significant increase to an
existing relationship between CIBC Innovation Banking and
Expensify.
With more than 10 million members across the globe, Expensify
provides free corporate cards, expense tracking, next-day
reimbursement, invoicing, bill pay, and travel booking all in one
app. The product also integrates with all major accounting
software, as well as HR, tax, practice management, and travel
platforms such as Uber and Lyft.
“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,” said Paul McKinlay, Managing
Director at CIBC Innovation Banking. “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.”
“CIBC has provided creative and flexible financing for us for
several years,” said Ryan Schaffer, Chief Financial Officer and
Board Member of Expensify. “As we prepared to enter the public
markets last year, we knew CIBC was the right banking partner for
us. We’re excited to continue with this credit facility as we scale
in the public markets and further extend our product platform.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash
management and funding to innovation companies across North
America, the UK, and select European countries at each stage of
their business cycle, from start up to IPO and beyond. With offices
in Atlanta, Austin, Boston, Chicago, Denver, London, Menlo Park,
Montreal, New York, Reston, Toronto and Vancouver, the team has
extensive experience and a strong, collaborative approach that
extends across CIBC’s commercial banking and capital markets
businesses in the U.S. and Canada.
About Expensify
Expensify is a payments superapp that helps individuals and
businesses around the world simplify the way they manage money.
More than 10 million people use Expensify’s free features, which
include corporate cards, expense tracking, next-day reimbursement,
invoicing, bill pay, and travel booking in one superapp, all free.
Whether you own a small business, manage a team, or close the books
for your clients, Expensify makes it easy so you have more time to
focus on what really matters. Download the app or sign up at
Expensify.com today!
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220207005052/en/
Josh Burleton, josh.burleton@cibc.com, 416-304-2712 James Dean,
press@expensify.com
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