Fuell, the Spanish firm that has created a corporate card and expense management SaaS, has finalized a €1.5 million funding round that was led by Y Combinator and Fin Capital.
US business investors Michael Levinthal and Andy Cohen also made contributions to the investment round, and have previously invested in Fintechs Concur, Divvy or Clara. The proceeds will be channeled towards solidifying Fuell’s Spanish and Portuguese markets and launching operations in Italy.
Fuell assists firms with effectively managing and organizing their expenses through corporate cards and worker reimbursements. The firm automates expense management allowing workers, accountants, and CFOs to save considerable time and money.
With just a few clicks, the Fuell platform is able to synchronize expenses within firms’ accounting software. Teams are able to monitor employee-spending in real time, and track and assign card usage controls per worker, and quickly send funds to company employees.
Users are also able to earn 3% cashback on all expenses made via Fuell corporate cards.
As noted in the update, Fuell is able to automatically convert receipts into invoices to support firms recovering VAT in over 500,000 restaurants, parking lots, and cabs.
Due to Tax Agency approval, firms don’t need physical copies of receipts, so if an inspection takes place, businesses may submit digital versions of receipts via the Fuell platform.
Eduardo Ortiz de Lanzagorta González, CEO at Fuell, stated:
“We have grown quietly, without investing in marketing, supported by the recommendations of our customers. Now we are going to step on the accelerator. It took us more than a year to reach 10,000 cumulative transactions, and we are adding that amount every month.”
Fernando Dal Re, Partner at TheVentureCity, the fund that invested in Fuell’s first round in May 2020, remarked:
“We have worked with Eduardo and Fuell’s team from the moment they started, with a special focus on the product and data. Today, we are excited to see how the company has found a sustained growth path on a very solid product with great engagement and an incredible retention rate. The space is hot, the team is strong and Fuell has all the necessary ingredients to be the key player in Southern Europe.”
Fuell assists firms with being more efficient, enhancing overall operations and administration. Its customers include startups and publicly-traded firms in sectors like tech, hospitality, audiovisual, construction, and commerce. Existing clients reportedly include Grupo Solutia, Coverwind Solutions, Docuten, Aloha Poke, and LaMucca.
Fuell is a graduate of Y Combinator, which claims to be the number one accelerator in the world. It has backed Airbnb, Stripe, and Dropbox. In the latest group, the acceptance rate was around 2.4%.
Fuell is reportedly the eleventh Spanish startup to be accepted by the accelerator since its launch back in 2005.