CIBC Innovation Banking provided a $100 million credit facility to Oregon-based Expensify, a payments app 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,” Paul McKinlay, managing director at CIBC Innovation Banking, said. “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,” Ryan Schaffer, CFO and board member of Expensify, said. “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.”
