Expensify, a startup that sells expense management software, has been in talks with special purpose acquisition companies about a possible merger to take it public, say two people familiar with the discussions. The 13-year-old software company is also considering a direct listing with an accompanying capital raising, said one of the people.

Its eventual decision could provide a road map for other medium-size tech companies that are debating how to offer shares to the public. Many startups of Expensify’s age have chosen to list shares via SPACs in the last year. A few, notably Asana and Slack, have tried direct listings, which list a company’s existing shares directly for resale in the public markets. But none have tried a direct listing that also raises money, an arrangement that the Securities and Exchange Commission only approved in December. Successful listings that make use of this option could become an alternative to SPACs for some tech companies this year, say bankers.