Customer Base IssuesThe company's predominantly small and very small business customer base may remain a tough end market due to elevated rates and sticky inflation.
Market CompetitionExpensify needs to demonstrate product-led growth to compete against well-funded competitors like Concur, Divvy, Ramp, and Brex.
Subscription Business ChallengesThe subscription business is still facing challenges, with no significant recovery expected in 2025, and growth coming only from interchange revenue.