Expensify, a San Francisco, CA-based expense reporting software company, raised a $17.5M funding round.
The round was led by OpenView Venture Partners.
The company has also launched Expensify Ventures, a new, strategic investment fund for early-stage startups in the financial technology sector.
The new fund has already backed Piper, an alternative receipting solution that eliminates the need for paper receipts, and automatically stores all proofs of purchase into one central location. It wil allow Expensify users to link their payment cards to Piper, which will capture receipt details automatically. Piper’s integration with Expensify will streamline their current customer interface making it easier for business travelers to document their expenses.
Led by David Barrett, founder and CEO, Expensify provides an automated expense management platform, including patented mobile receipt transcription technology SmartScan (Patent #US8861861). The company will be announcing more investments in the coming months.