Expensify finds a gateway through CPAs

Expense-management giant Expensify announced the launch of a card exclusively for CPAs and accounting firms. The product offers high credit limits, online approvals, as well as synchronization with accounting software; it also waives the need for personal guarantees.

Why should we care?
Although most B2B fintechs sell directly to individual businesses, Expensify’s strategy may help reach larger or more traditional businesses that rely on accounting firms to make a range of financial decisions. Of the 100 million businesses spanning the globe, only about 0.1% use modern expense-management tools, according to Expensify founder and CEO David Barrett. The CPA-targeted cards can help these businesses grow accustomed to more innovative financial products through their accountants, who can eventually refer them to other services once Expensify has proven its worth. With that in mind, this news can further be interpreted as a retention strategy, keeping accounting firms in an amicable and profitable partnership with Expensify. “Expensify is already used by nearly half of the top 100 CPA firms in the U.S,” said Barret. “We used that expertise and experience to build the first card program that caters directly to the accounting profession and their clients.” The ultimate success of this strategy will determine whether Expensify’s competitors follow suit.