Fuell provides a corporate credit card paired with expenses management software that automates expense capture, syncs transactions to accounting systems, and converts receipts into invoices to aid VAT recovery. The platform claims integrations enabling VAT recovery across more than 500,000 restaurants, parking lots, and cabs, and is trusted by about 150 companies. Fuell reports average time savings of roughly 50 minutes per employee and 18 minutes of administration after adoption. The company recently graduated from Y Combinator. Fuell plans to use new capital to consolidate its position in Spain and Portugal and to launch in Italy. The product targets CFOs, accountants and employees who need streamlined expense workflows. Fuell offers physical and virtual corporate cards and a companion app that prompts employees to upload receipts, syncs expenses with accounting software in two clicks, and auto-categorizes spending. The platform can convert tickets into invoices to help recover VAT at over 100,000 parkings, taxis and restaurants. Fuell operates in Spain and Portugal and is based in Madrid, serving customers including Capchase, Aloha Poke, Tuk tuk, Scalpers, Pompeii, TheVentureCity and Playflow. The founders are Daniel Seijo and Eduardo Ortiz de Lanzagorta; the startup was launched in March. The company expects to finish 2021 with more than 300 companies using its service. Fuell plans to use the new capital to consolidate its position in Spain, begin expansion to other markets, and grow teams in marketing, operations, product and technology. Fuell, launched in March by Daniel Seijo and Eduardo Ortiz de Lanzagorta, issues corporate cards and automatically records employees' expenses in a platform designed to avoid manual expense reports. Its software is homologated by the Agencia Tributaria and classifies each expense by category automatically. The product allows assigning different budgets to people, teams and purposes, and the founders say it handles VAT refunds—a capability they highlight as a competitive advantage versus Brex and Pleo. The company currently serves about 30 clients, including a listed company, Pompeii and the La Mucca restaurant chain, and employs 13 people. Fuell is finalizing the closing of a €400,000 venture capital round; at constitution the founders contributed €80,000 and The Venture City previously invested €100,000 after selecting Fuell for its Growth accelerator. Javier Zurita, formerly head of sales at Cabify and Housell, recently joined the team and is noted in the article for securing 18,000 clients and 45% of IBEX 35 accounts during his tenure at Cabify.

Total raised

$3M

Funding rounds

3

Latest round

Equity

Latest activity

Jul 2022