Fuell, the Fintech resposible for creating the first corporate card which helps companies reduce expenses, has raised 1 million euros. The lead investor of the startup is K Fund, one of the most important funds in Spain focused on seed phase startups. Among the investors we also find Wayra, the accelerator of Telefónica, TheVentureCity, and Fj labs, a well-known New York fund which has invested in companies such as Stripe, Uber, or Alibaba.
The final tranche of the 1 million euro capital injection, which has been spread over several tranches, will be spent on the consolidation of the Spanish market, the launch of expansion to other markets and expanding the team in the areas of Marketing, Operations, Product and Technology.
The startup offers a solution to avoid the long and tedious process of compiling corporate expense reports. The solution of Fuell allows this process to be completed in a greatly simplified and more controlled manner, both for the employee and for the company. The employees use the Fuell card, whether physical or virtual, for payment (for online purchases and subscriptions). Simultaneously, the app prompts the employee to upload a photo of the receipt or invoice, so that this chore does not fall to the company.
Besides that, the plataform synchronizes, in two clicks, the expenses with the company´s accountancy software. Moreover, it permits automatic categorization in line with the configuration of accountancy software such as Holded or Navision.
The company can simultaneously control via the platform, in real time, employee expenses, track these expenses and assign card limitations for the individual employee. Should additional funds be required, the company can foward such funds which are available for immediate utilization.
Fuell also offers the possibility of automatic conversion of receipts into invoices so that the company can recover V.A.T. in over 100,000 parking operators, taxis and restaurants (such as Starbucks, Tagliatella, Manolo Bakes, etc). This saves time for the employees, who do not have to wait, for example, after finishing a meal in a restaurant in order to obtain the invoice. A further advantage it offers is that, thanks to homologation by the Internal Revenue, it is not necessary to store paper receipts in case of inspection, as the digital version on the platform will suffice.
Behind Fuell are two entrepreneurs with a long trajectory in the world of startups: Daniel Seijo (founder of Diariomotor and ¿Qué coche me compro?) and Eduardo Ortiz de Lanzagorta (co-founder and Director of a crowdfunding platform and Director and Head of Business Development of Owl-Systems, in the Rocketspace incubator in Silicon Valley).
Both also founded Civeta Investment, which has invested in companies such as Genial.ly, Reclamador, Dogbuddy, Chicfy and Goin.
“We have reinvented company cards in order to help companies save time and money. With Fuell any company can: eliminate expense sheets, stop chasing after receipts and invoices, obtain in real time the big picture of subscriptions paid for by team members, reconcile expenses automatically and much more. Moreover, it is a real-time business intelligence tool available to all”, comments Eduardo Ortiz de Lanzagorta, the founder of Fuell.
The fintech is operating in Spain and Portugal and has clients such as Capchase, Aloha Poke, Tuk Tuk, Scalpers, Pompeii, TheVentureCity and Playflow,among others. The startup forecasts closing 2021 with over 300 companies using its service.