[Funding alert] Expense management platform Fyle raises additional $4.5M from Steadview Capital
The startup will use the funding to invest in product innovation and expand its global market footprint, with additional sales and marketing investments.
Expense management startup, Fyle on Friday said that, it has received an additional $4.5 million in venture capital investment from US-based hedge fund Steadview Capital, following its Series A round in April 2019. Existing investors Tiger Global, Freshworks, and Pravega Ventures, also participated as part of this round.
With this, the total equity funding raised by Fyle stands at $10.5 million. The startup will use the funding to invest in product innovation and expand its global market footprint, with additional sales and marketing investments.
Founded in 2016 by Yashwanth Madhusudan and Sivaramakrishnan Narayanan (former-colleagues at Qubole), Fyle offers expense management solution for organisations and individuals. Earlier in March 2019, the company had raised $4.2 million as part of its Series A round, led by Tiger Global Management.
“Intelligent and automated systems will empower businesses to be more efficient in the coming decade. We are excited to partner with Fyle to transform one of the core business processes of expense management through intelligence and automation,” Ravi Mehta, Managing Director, Steadview Capital said.
At present, more than 300 companies in the US, India, Singapore, the European Union, and the UK use Fyle.
Fyle also claimed in a statement that its revenue over the past five months has increased five times and its in-house team has grown by three times.
“We’re very excited to bring on Steadview as a financial partner, as we’re aggressively expanding our market presence in the US and UK to meet customer demand. We’ve created a customer-first culture and with this additional financial backing, we’ll be able to continue to execute on product innovation to deliver a truly automated process for expense management, saving precious time for employees and ensure continuous compliance for the company,” Yash Madhusudhan, CEO and Co-founder, Fyle said.
Apart from the fund raise, Fyle also announced the launch of its new WhatsApp integration, which will enable users to text an expense via the social media messaging app and automatically create an expense entry.
Disclaimer: Fyle is YourStory's Tech 30 2018 startup.
(Edited by Suman Singh)
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.