13 Best Technology Penny Stocks to Buy Right Now

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6. Expensify Inc. (NASDAQ:EXFY)

Share Price as of March 28: $3.31

Number of Hedge Fund Holders: 23

Expensify Inc. (NASDAQ:EXFY) provides a global cloud-based expense management software platform. Its platform offers corporate card management, bill payment, invoice generation, payment collection, and travel booking services, along with track and submitting plans for individuals. It serves individuals and corporations, small and mid-sized businesses, and enterprises.

The company is integrating AI into its operations to drive efficiency and reduce costs. It has greatly enhanced its SmartScan functionality. SmartScan has minimized the need for human intervention in receipt processing by using advanced LLMs and Optical Character Recognition (OCR) technology. This enhancement from AI has resulted in accelerated scanning speeds and higher accuracy.

The Concierge AI, which is the company’s AI-powered virtual assistant, has also been upgraded. It uses LLM technology to enable faster and more natural chat-based interactions with customers. This has lowered the need for human intervention in such interactions by 80%. Expensify Inc. (NASDAQ:EXFY) saw a massive 4,200% increase year-over-year increase in free cash flow in FY24.

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