Spanish fintech Fuell completes investment round of 1.5 million euros
Fuell, the Spanish start-up that has developed a SaaS for business cards and expense management, has completed a € 1.5 million round led by Y Combinator and Fin Capital.
American business angels Michael Levinthal and Andy Cohen also participated in the round, and have previously invested in the fintech companies Concur, Divvy or Clara. The capital raised will be used to consolidate Fuell’s Spanish and Portuguese markets and launch in Italy.
Fuel helps companies better manage and organize expenses through business cards and employee reimbursements. The company automates expense management so that employees, accountants and CFOs can save money and time. With just two clicks, the Fuell platform synchronizes expenses within the company’s accounting software. The teams can then monitor employees’ consumption in real time, and track and assign card usage checks per employee, as well as immediately send money to employees. Users can currently also earn 3% cashback on all expenses incurred with the Fuell business card.
In addition, Fuell automatically converts receipts into invoices to help businesses recover VAT on more than 500,000 restaurants, parking lots and taxis. Due to the Tax Administration’s approval, companies do not need physical copies of receipts, so if a check takes place, companies can submit digital versions of receipts from the Fuell platform.
Eduardo Ortiz de Lanzagorta González, CEO of Fuell, says “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 add this amount every month. “
Fernando Dal Re, partner in TheVentureCity, the fund that invested in Fuell’s first round in May 2020, says: “We have been working 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 sustainable growth path on a very solid product with great commitment and an incredible storage capacity. The space is warm, the team is strong and Fuell has all the necessary ingredients to be the key player in Southern Europe.”
Fuel helps companies become more business efficient, streamline operations and administration. Their customers range from startups to listed companies in various sectors such as technology, hospitality, audiovisual, construction and trade. Existing customers include Grupo Solutia, Coverwind Solutions, Docuten, Aloha Poke and LaMucca.
Fuell is a recent graduate of Y Combinator, the world’s number one accelerator, which has supported the likes of Airbnb, Stripe and Dropbox. In the last cohort, the acceptance rate was 2.4% competitive. Fuell is the eleventh Spanish startup that was accepted by the accelerator pedal since its inception in 2005.
