And so that’s really our number one priority. We’ve been to several key conferences and events. That’s because we continue to grow our presence among the approved accountant communities, so the accountants that onboard small businesses, and that’s still pretty relevant as you go to the bottom of the market. Because when someone starts a business, they are really focused on how to grow that business and they outsource all of the back office to these accountants, so it remains a pretty key channel. So we’ve done a bunch of conferences, and we’ve used those conferences to demo beta experiences on Expensify 2.0, which we call activations, in order to get some early feedback on how the product does in terms of engaging the end users, because all of that learning is going to help us launch something, which is that much more effective.
And last but not the least, a pretty important update. So keeping with the theme of everything I’ve been talking about in terms of which segment of the market is interesting and what are the unit economics of that segment, we’ve decided that the ROI is just not there to go after these segments with outbound salespeople. And, we talked about this a lot, but we didn’t want to throw it away without experimenting with this idea. So we tried it out It works in the middle to top of the market, but the ROI that we’re seeing with our digital advertising efforts is so much higher and so much more of a fit in terms of where we want to go, that this doesn’t seem like a good area to keep putting money into. So we’ve sunset that. We’ve remained very invested in our onboarding specialists.
They’re doing a fantastic job of converting free trials. We want to keep increasing that number because that just increases the ROI of all the efforts upstream as well, which is a key focus. And then platform updates, we, like I said, in the previous slide, the accounting partners remain very vital to the business, both in terms of middle market, but also small businesses, so we continue to invest in them. Whenever they deploy the Expensify card for their clients, we give them 50 basis points as affiliate revenue. Some of them keep that. Their business model allows them to keep that, others don’t. And those that don’t pass it through to their customer, so it still makes its way down channel to either partner or the end user, and all of that is very good for loyalty and mentioned.
The net interchange we got from the Expensify card increased 16% quarter-on-quarter, 65% year-over-year. It’s our shining beacon of hope. It’s growing amidst all the chaos in the market. And so, now the effort that we’ve been invested in in terms of getting that interchange to revenues, almost near fruition. Ryan will talk more about that in his update. We’ve built a feature called Insights. It’s actually, kind of a little trick. We always had it. It was buried in the expenses page into one of the views, so nobody used it. But everybody asked — people are always asking for it. So, some product manager in our company came up with this genius idea, to pull it out and put it in the left hand nav. And now it’s being used by a lot of companies.
So easy win right there on our existing platform. And then last but not the least, we launched P2P. We launched it at Money2020. Now you can actually go on new Expensify 2.0 and you can sign up and you can chat with a friend, but also send and receive money from them in app, which was a pretty big deal. We are using our own MTLs on about 90% of that. Like, we still have 2 states New York being one of them, a pretty major one, to get our MTLs on, and we use our bank’s license for those. But that’s a pretty big one, a pretty big win. Sometimes you work on something for so long that when you finally have it, you almost forget how difficult the journey was, but it’s been a long time coming. We’re very proud of that. So I think that’s it for platform updates, product updates, and just a conversation about business strategy.
I’ll hand it over to Ryan for financials.
Ryan Schaffer : All right. Thank you, Anu. All right. So let’s talk about the numbers. So revenue was $36.5 million, which is a 14% decrease from the same period last year. That’s driven by a number of things. One is a decrease in activity and our user base. And Anu just spoke about user expansion being one of the biggest growth drivers for Expensify. And in recent periods, we’ve actually seen the growth expansion decrease, that’s in the 12, 13-plus years of the company, that’s really only happened twice and once with in COVID and once it’s right now. So in the history of the company, generally, our customers once they onboard, they stay and they grow. What we’re seeing now is a decrease in activity from our customers, which is causing a headwind to revenue.
Another issue — and one thing I want to mention is that, we are seeing subscriptions rise. We’re doing a great job. Anu mentioned our onboarding specialists, all of our conversion efforts, we’re adding subscriptions. So our subscription base is growing, but the activity-based portion of our users have been decreasing due to economic headwinds, high interest rates. It’s just tough for our customer segment right now. So that’s provided — accredited challenging environment for revenue growth. But there’s also some other — another factor there. Is that the card is growing so well and so fast and cashback is contra revenue. So if the card grows more and more, it pulls down revenue. And I’m going to talk a little bit about that because we have a solution that we’re very excited about.
