Expensify, possibly the most brilliant app for business we’ve ever encountered, has hit a major milestone.It now has 1 million users, CEO David Barrett just announced in an email.
That’s up from 600,000 users in November, when it started targeting medium-sized businesses.
The company, founded in 2008, was one of Business Insider’s top 10 at the Startup 2009 conference. It does one thing spectacularly well: manage expenses.
Here’s how it works: Take a receipt, snap a photo, and toss the paper.
For a fee, Expensify will scan the receipt and transcribe the information. Or it can just store the image and you can enter the details yourself for free.
It also imports your credit-card statements automatically and feeds those in. You can categorize the expenses, add notes to explain why they were incurred, and automatically email your boss or accountant.
You can send a PDF—or, better yet, get reimbursed electronically.
It’s light-years beyond older expense-reimbursement systems like Gelco—and way better than the old-fashioned paper way.
Expensify has raised $6.7 million, with Redpoint Ventures and others last backing it in 2010. Given how long it’s run without new investment, it may well be breaking even on the fees it charges. (Above certain free offerings, it charges $5 or $10 a month per active expense-report submitter and $0.20 per receipt scan.)