Bangalore-based expense management startup Fyle has reportedly landed $1.1m in its latest funding round.
The company raised the capital from Pravega Ventures, Beenext and Freshworks according to a report from Medianama, which cited CEO and co-founder Yashwanth Madhusudhan.
Flye is expected to use the capital to expand its sale and marketing teams, along with bolstering R&D Madhusudhan added. A spokesperson for Fyle did not respond a request for comment. The new round comes a year after Fyle raised $400,000 in a seed funding led by Pravega Ventures and BeeNext.
Founded in 2016, Fyle provides a software-as-a-service (SaaS) for B2B clients in the finance/accounting tech space. Its solutions are tailored to both enterprises and employees, providing custom policies, automatic compliance checks, hierarchy-based approval workflows and reminders. It recently introduced a data extraction engine that can identify and reproduce data from any kind of receipt with a single click.
For compliance, the company claims to ensure audit-ready expenses and check for expense policy violations automatically. It warns employees upon violations and provides an ‘eagleʼs eye view’ on violations to accountants. The company also provides a mobile app for scanning paper receipts and email plugins to extract expenses from an employee’s inbox.
Earlier this year, expense reporting and invoice management solution Chrome River Technologies reportedly received $35m in a new funding round. The company helps to automate and simplify expense reporting and invoice processing workflows, with its solutions designed to be configured to fit in with any organisation.
Paris-based expenses and payments management company Spendesk also raised €2m in a seed round. The funding came from Kima Ventures and FundersClub as well as angel investors. Spendesk aims to give CFOs greater control over a company’s spending through a SaaS application and customised company cards.
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