The Spanish startup Fuell closes an investment round of €1,5M

 

fuell, the Spanish startup that has developed corporate card and expense management software, has closed a round of 1,5 million euros led by Fin.capital and Y Combinator, in which the American business angel has also participated, Michael Levinthal who has previously invested in companies in the same sector such as Concur, Divvy or Clara.

 

The company already raised 1 million euros last year in another round led by K Fund, and in which he also anticipated Wayra, TheVentureCity, and Fj labs. The objective of the Fintech, after now raising 1,5 million euros, is to invest in the marketing and sales teams to lead the markets of Spain and Portugal. “We have grown silently, without investing in marketing, supported by the recommendations of our clients. Now let's step on the accelerator. It took us more than a year to reach 10.000 transactions per month, and right now, we are adding that amount every month,” he says. Eduardo Ortiz de Lanzagorta, CEO of Fuell.

 

The fintech, established in 2020, currently carries out more than ten times more transactions per month than in its first year of life. Recently, the company has completed the program Silicon Valley's Y Combinator (YC), the number one accelerator in the world that has supported great technology startups of this generation such as Airbnb, Stripe and Dropbox. In this call the acceptance rate was 2.4% with more than 17.000 startups applying from 46 countries.

With its participation, Fuell has become the eleventh Spanish startup that has been accepted by this accelerator since its inception in 2005.

 

Recently, the company has completed the Y Combinator (YC) program of Silicon Valley, the number one accelerator in the world. Fuell is the eleventh Spanish startup that has been accepted by this accelerator since its inception in 2005.

 

How Fuell works

The startup offers a solution to avoid the long and complex process of carrying out corporate expense reports. Fuell's solution allows this process to be carried out in a much simpler and more controlled way, both for the worker and for the company. Employees use the Fuell card, physical or virtual (for online purchases and subscriptions), to pay. At that moment, the app notifies you that you must upload a photograph of the ticket or invoice, so it is not the company that has to wait for it to be done.

 

On the other hand, the platform synchronizes, in two clicks, expenses with the company's accounting software. In addition, it allows them to be automatically categorized as configured in accounting software such as Holded or Navision.

 

At the same time, the company can control employee spending through the platform, in real time, track it and assign card usage controls per worker. In the event that someone needs more funds, the company can send them to them so that they receive them instantly.

 

Fuell also offers the possibility of converting tickets into invoices automatically so that the company can recover VAT in more than 100.000 car parks, taxis and restaurants. This saves time for workers, who do not have to wait, for example, after finishing eating in a restaurant for the invoice to be issued. Another advantage it offers is that, thanks to the approval by the Tax Agency, it is not necessary to save the paper tickets in case there is an inspection, since the digital version of the platform would be sufficient.