Expensify, the payment and expense app, reported a drop in revenue in the second quarter compared with 2023, but executives on an earnings call said they expect a new app and travel booking capabilities to provide a boost in the third quarter.

The company reported $33.3 million in revenue for the second quarter, down 14% year over year; and it had 684,000 paid members in the quarter, down 8%. Ryan Schaffer, CFO, said those numbers have “leveled off” and were “effectively flat” compared with previous quarters. He also said that paid members as of July were up to 689,000, despite its being a “traditionally soft” month for the company.

For the third quarter, according to executives, the company is in a position to begin generating revenue from its “New Expensify” app, which takes a “super app” strategy in combining capabilities for chat and expense — both business and personal — into a single platform.

Expensify also expects its travel booking capabilities, which it announced a few months ago, to contribute as a revenue stream for the quarter. David Barrett, CEO, said: “We think it can scale up to the top of the market. It has very powerful functionality that can go head-to-head with anyone out there.”

The new Expensify Card program also will be a contributor to future revenues, according to Schaffer, as it earns 20% higher interchange for Expensify, and the company is also able to count that interchange as direct revenue. So far, 34% of spend has migrated to the new card program, and total interchange for the quarter totaled $4 million — up 48% year over year.

Expensify reported a net loss of $2.76 million for the quarter, compared with a net loss of $11.3 million in the second quarter of 2023.