Fyle, a startup which provides expense management software, said on Thursday that it has raised $4.5 million led by US-based hedge fund Steadview Capital. Existing investors Tiger Global, Freshworks, and Pravega Ventures also participated in the round.
Bengaluru-based Fyle, which claims its revenue has grown 5x over the last five months has increased 5x plans to use the funds to invest in product innovation and expand its global market footprint with additional sales and marketing investments.
It is designed to serve small and mid-size enterprises -- particularly ones with multi-country operations and distributed field teams. It says more than 300 companies in the US, India, Singapore, the EU, and the UK use Fyle currently.
The cloud-based solution is an integrated system that enables users to “fyle" an expense within
Google G Suite and Microsoft Office 365, enabling automated expense reporting directly from user email inboxes. Whether it’s transportation receipts or a software subscription invoice, email has become the default repository for receipts.
Fyle is also launching new first-of-its-kind WhatsApp integration to enable users to text an expense via WhatsApp and automatically create an expense entry.
“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," said Yash Madhusudhan, co-founder and CEO of Fyle.
Fyle last raised a Series A of $4.2 million in April this year led by Tiger Global, which has become the most active investor in software-as-a-service firms this year.