Expensify, an expense management software company, has announced in a press release that it submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO).
The size and price range of the offering haven’t been determined, the release stated. The IPO is expected to come together after the SEC completes its review process.
Last year, Expensify rolled out new travel tools with its Concierge Travel virtual assistant. The program helps users making reservations with access to a total assortment of Global Rescue services, including security and medical advice, emergency transportation to medical facilities and field rescue.
Those visiting other countries have access to a destination report including information about the location, security and wellness assessments, and requirements for those going into and leaving various destinations. They can also find travel summary reports letting them know the timing and location of staffer trips.
Expensify Founder and CEO David Barrett said that while many people were avoiding travel because of the pandemic, essential workers’ trips that couldn’t be canceled or postponed were still in need of safe travel requirements.
He added that the Concierge Travel program learns one’s preferences for airlines and seats, allowing them to make other reservations for canceled or called-off flights.
PYMNTS reported earlier in 2021 that the IPO market was “red hot,” getting a boost in part from the way retail investors had embraced special purpose acquisition companies (SPACs).
Activity was busy in 2020 as analysts estimate around 480 IPOs just in the U.S. alone. That number was up over 100 percent from the previous year, and 2020 was a record year in that the reading was over 20 percent higher than had been seen in 2000, the previous record year for IPOs.
In 2021, there had been 250 IPOs by the end of February, a big increase from the 32 at that time in 2020.
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