BENGALURU, India, Oct. 03, 2019 (GLOBE NEWSWIRE) -- Fyle, the fastest-growing innovator in intelligent expense management, today announced that it has received an additional $4.5 million in venture capital investment from U.S.-based hedge fund Steadview Capital following its Series A round in April 2019, bringing total equity funding to $10.5 million. Participating investors include Tiger Global, Freshworks, and Pravega Ventures. With a recent surge in inbound enterprise customer interest following its official launch this spring, Fyle’s revenue over the past five months has increased 5x and the team has grown 3x. Fyle will use this round of funding to invest in product innovation and expand its global market footprint with additional sales and marketing investments.
Known for its strategic investments in global growth India startups such as Flipkart, Dream11 and Ola Cabs, Steadview Capital is a first-time investor in Fyle.
“Intelligent and automated systems will empower businesses to be more efficient in the coming decade,” said Ravi Mehta, Managing Director at Steadview Capital. “We are excited to partner with Fyle to transform one of the core business processes of expense management through intelligence and automation.”
Designed to serve fast-growing SMBs and mid-size enterprises -- particularly ones with multi-country operations and distributed field teams -- Fyle’s AI-powered expense management platform is built to offer enterprise-grade functionality with a consumer-grade user experience. More than 300 companies in the U.S., India, Singapore, the EU, and the UK use Fyle today.
The cloud-based solution is the first and only 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’s AI technology extracts data automatically and with a policy ingestion engine at its core, anomalies and fraudulent behavior are detected in real-time to ensure compliance with corporate policies and regulatory requirements.
Today, 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. Additional features in the enhanced version of the platform will enable end-to-end enterprise-grade functionality with consumer-grade usability. To learn more about the news, please visit here.
“We’re very excited to bring on Steadview as a financial partner as we’re aggressively expanding our market presence in the U.S. and UK to meet customer demand,” said Yash Madhusudhan, CEO and co-founder of Fyle. “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.”
For more information about the Fyle expense management platform, please visit here.
About Fyle
Founded in 2016, Fyle is on a mission to create the most user-friendly expense management experience on the market. A cloud-based, API-driven platform, Fyle's industry-first AI-powered solution provides a mobile and desktop user experience that integrates with employee-first channels including Google G Suite, Microsoft Office 365, and WhatsApp to automate previously manual tasks associated with expense reporting, optimize productivity and harness analytics insights related to employee spend and corporate expenses. Serving more than 300 customers across over 20 countries, Fyle is backed by Steadview Capital, Tiger Global Management, Pravega Ventures, Beenext, and Freshworks. Additional information about the company is available at www.FyleHQ.com, Fyle Blog, LinkedIn, Facebook, @FyleHQ.
For media inquiries, please contact:
Anna Vaverka
BOCA Communications for Fyle
fyle@bocacommunications.com