Expensify, the Portland-based financial management app, is capitalizing on its title sponsorship of the fictional team in Apple Originals’ new F1 movie, which debuted nationwide today. The company, which reportedly paid millions for the partnership, aims to boost both revenue and global brand recognition through this high-profile placement.
The sponsorship, involving a consortium led by Apple, Warner Bros., and Jerry Bruckheimer Films, was part of over $40 million in product placement deals secured by Apple and Bruckheimer Films. Expensify has been gradually paying for the partnership over several years, with the total cost to be recognized in its upcoming quarterly earnings report.
Within the film, Expensify’s branding appears prominently—displayed on the team’s headquarters, the drivers’ firesuits, and referenced frequently during race commentary by Sky Sports’ David Croft. Expensify CFO Ryan Schaffer told SBJ that the company anticipates a 5:1 return on investment through new customer sign-ups and upselling, although a lower return might be acceptable if brand awareness significantly grows.
Following actor Damson Idris’s appearance in an Expensify-branded firesuit at the Met Gala in May, the company experienced a temporary fourfold increase in sign-ups. Schaffer described the exposure as unique and highly effective, highlighting the organic fit of sponsorship within the sport of Formula 1, where team and driver sponsorship is standard.
Founded in 2008, Expensify has a history of bold marketing moves, including a 2019 Super Bowl ad featuring rapper 2 Chainz and actor Adam Scott. The company selected the F1 movie opportunity for its authentic integration of sponsors, aligning with Expensify’s goal to avoid forced product placement.
To coincide with the film’s release, Expensify accelerated and adjusted product updates targeting international users. Enhancements include support for 10 languages, integration with thousands of global banks, new billing options allowing local currency payments and reimbursements, and expanding the Expensify Visa Commercial Card to additional countries.
Expensify plans a social media campaign around its role in the film. The company has also been approached by real-world F1 and NBA teams about sponsorship opportunities but remains cautious due to the high costs of F1 team sponsorships. For now, Expensify regards the deal as a major success in terms of media exposure, though its impact on revenue remains to be determined.