Expensify, the world’s most popular preaccounting platform, today announced that they will donate 25 cents for every dollar they pay their white male employees to fund Expensify.org’s volunteer-led campaigns. Based on current employee headcount at Expensify, this equity-based funding initiative will generate $3 million in 2021 alone to help fund campaigns aimed at creating a more fair, inclusive, and just world.
“Equity is a tool to account for generations of past inequality and we should be looking to employ it in our continuous journey towards creating a diverse and inclusive company and community,” says David Barrett, founder and CEO of Expensify. “As part of our broader commitment to creating a world free of injustice, we’re using external data sources to determine our direct donations so it meaningfully reflects the types of fundamental and generational issues we’re trying to help solve.” The equity-based donation model was inspired by numerous internal conversations about diversity, equity, and inclusion between employees, including nine-year veteran Expensifier, Puneet Lath.
“Across society, women earn less on average, with some minority groups earning as low as 75 cents for every dollar earned by white men,” says Puneet Lath, a Director at Expensify. “This massive pay gap is a result of generations of systemic inequality, unequal access to opportunity, and unequal treatment within the workforce. The impetus for Expensify.org was that we wanted to help solve societal issues, not just issues that affect us. In addition to our Karma features, this new funding method furthers our commitment to unwind systemic injustice throughout society.”
Expensify.org started one year ago with a mission to eliminate injustice around the world by making giving and volunteering more convenient, meaningful, and collaborative. Just a few months after launching, Expensify.org pivoted all funds to a hunger campaign to support families in need while the COVID-19 crisis took hold. By the end of 2020, Expensify.org had reimbursed around 5,000 low-income families to help them purchase essential groceries.
From now until April 30, Expensify.org is crowdsourcing campaign ideas for how to spend its funds in the most impactful way — apply today to receive up to $100,000 towards executing your idea.