Fuell Closes €1.5M Investment Round

  • Fundraising News
  • 12.07.2022 10:00 am

Madrid fintech Fuel reinvents B2B financial services through a corporate credit card that brings together equipment, means of payment and accounting for the first time. A card designed for the needs of a successful business, according to Eduardo Ortiz de Lanzagorta GonzálezFuell CEO.

This Madrid fintech has just completed a €1.5 million funding round led by Y Combinator and Fin Capital. American business angels Michael Levinthal and Andy Cohen also participated in the round, and have already invested in fintech companies Concur, Divvy and Clara. The capital raised will be used to consolidate Fuell’s Spanish and Portuguese markets and to launch in Italy.

Fuell helps companies better manage and organize their expenses through company cards and employee reimbursements. The company automates expense management, saving employees, accountants, and financial managers time and money. In just two clicks, the Fuell platform synchronizes expenses within companies’ accounting software. Teams can then monitor employee spending in real-time, track and assign card usage checks by employees, and instantly send money to employees. Users can also currently earn 3% cashback on all expenses made with Fuell corporate cards.

Plus, Fuell automatically converts receipts to invoices to help businesses recover VAT from over 500,000 restaurants, parking lots and taxis. Due to the Tax Agency approval, businesses do not need physical copies of receipts, so if an inspection takes place, businesses can submit digital versions of receipts from the Fuell platform.

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