Expensify Launches First Ever Corporate Card Rewards Program That Makes a Difference: Karma Points
SAN FRANCISCO--(BUSINESS WIRE)--Jan 13, 2020--
Expensify, the world’s most widely-used and fastest-growing expense management platform, today announced a new corporate card initiative, Karma Points, that makes an automatic charitable donation every time an Expensify cardholder makes a purchase. With every swipe, Expensify will donate 10 percent of Expensify Card revenue to causes aimed at keeping people off the streets, getting hungry kids meals, and fighting climate change. The Expensify Card is the first corporate card to offer a more meaningful alternative to traditional rewards points.
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Expensify launches Karma Points, the only card reward that makes a difference. (Photo: Business Wire)
“The reality is, rewards worth hundreds of billions of dollars go unredeemed every year, and most people with rewards cards spend more in fees and interest than the rewards they earn,” said David Barrett, founder and CEO of Expensify. “Revenue from these rewards programs is literally measured in pennies on the dollar -- or fractions of pennies. But what if we combined all those billions of fractions of pennies and put them into the hands of those who need them a whole lot more than we do? That’s the idea behind Karma Points.”
All funds raised will be donated through a new charity, Expensify.org, and used to fight three of the biggest challenges of our time: homelessness, hunger, and climate change. To maximize simplicity and participation in the program, donations will route automatically to one of five funds most relevant to any given purchase. Cardholders will also receive an instant notification on their phone letting them know which fund their purchase supported. For example, an employee booking a flight with their Expensify Card will trigger a donation toward tree planting to help offset carbon emissions. An employee taking a client to lunch will direct funds to provide a hungry child a meal.
The specific Expensify.org funds include:
Companies using Expensify can choose to go a step further by enabling Corporate Offsets, which will automatically donate $2 to Expensify.org for every $1,000 worth of approved expenses. Individuals will also have the option to donate out of pocket for the same amount with Personal Offsets. Expensify plans to expand the number of ways to donate and volunteer through Expensify.org in the future.
“We’re applying our expertise in expense management to increase the transparency of how funds are spent, the convenience of how donations are gathered, and -- most importantly -- the emotional connection between donors, volunteers, and recipients,” Barrett said.
For more details on the Expensify Card and the inspiration behind Karma Points, see the full story here.
Ready to make a difference with every swipe? Join more than 10,000 businesses that have already signed up for the Expensify Card today!
Note: The Expensify Card is available to any business with a US bank account, and can be shipped to international employees. Donations from the Karma Points program only apply to purchases made in US dollars.
Expensify is the world’s most widely-used receipt tracking and expense management app. Whether you’re working for yourself, managing a team, or closing the books for your clients, Expensify helps you ditch the spreadsheet so you have more time to focus on what really matters. Download the Expensify mobile app or sign up at use.expensify.com today – because you weren’t born to do expenses.
Expensify.org empowers individuals and communities to maximize generosity around the world by connecting donors with the real-world effects of their donations to increase trust, emotional connection, and convenience in all charitable activities.
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CONTACT: Danny Casarella
KEYWORD: UNITED STATES UNITED KINGDOM AUSTRALIA/OCEANIA AUSTRALIA NEW ZEALAND IRELAND NORTH AMERICA CANADA EUROPE CALIFORNIA
INDUSTRY KEYWORD: SOFTWARE BANKING MOBILE/WIRELESS INTERNET OTHER RETAIL PROFESSIONAL SERVICES PHILANTHROPY DATA MANAGEMENT TECHNOLOGY FUND RAISING RETAIL FINANCE
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PUB: 01/13/2020 06:00 AM/DISC: 01/13/2020 06:00 AM