CIBC Innovation Banking has provided a $100 million credit facility to Portland, Oregon-based Expensify, a payments application for individuals and businesses. The deal’s proceeds will support the company’s growth and product expansion. CIBC Innovation Banking is the technology lending arm of Canadian bank CIBC.
February 7, 2022
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 North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, 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.
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! Contact: James Dean, email@example.com