Fuell, a company that has developed a corporate card and expenses management SaaS, has raised €1.5m in funding.
The round was co-led by Y Combinator and Fin Capital and saw participation from business angels such as Andy Cohen and Michael Levinthal.
Fuell claims it helps businesses better manage and organise expenses via corporate cards and employee reimbursements. The firm also automates expenses management enabling employees, accountants and CFOs to save money and time.
The company’s platform synchronises expenses within companies’ accounting software. Teams are able to monitor employee-spending in real time, and track and assign card usage controls per employee, as well as send money to employees. Users are also able to earn 3% cashback on all expenses made with Fuell corporate cards.
The new funding will be used to consolidate the firm’s Spanish and Portuguese markets and launching in Italy.
Fuell CEO Eduardo Ortiz de Lanzagorta González said, “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.”
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