On October 3rd, at Factorial, we have successfully closed the acquisition of Fuell, a Madrid-based startup focused on improving corporate expense management. This first acquisition represents a significant step in our ongoing quest to enhance our operational efficiency and our ability to provide our customers with a better solution.
Factorial acquired Fuell after the startup established itself as a leader in the corporate expense management sector by offering a unique tool for small and medium-sized enterprises.
About Fuell
Fuell was founded by Eduardo Ortiz de Lanzagorta and Edgar Alvarez. Fuell’s software primarily relies on the use of corporate cards. The software assists HR managers, finance professionals, and other expense management-related profiles in having a real-time reporting system that automatically collects expenses incurred by company employees. Additionally, Fuell enables finance departments to deduct VAT and taxes from invoices and corporate expense receipts, recovering the VAT amount paid by employees for tax purposes.
In recent years, Fuell has experienced annual growth of 250%. The company also has the support of Y Combinator and other investors such as Fin Capital, FJ Labs, and K-Fund, with the latter being a recurring investor in Factorial.
Details of the acquisition
Factorial formalised the acquisition of Fuell on September 27, 2023. The agreement included the acquisition of technological assets, customers, and Fuell’s teams. Furthermore, Fuell’s co-founders have joined our board following the purchase.
Our vision has always been to revolutionise expense management for companies, and with the experience and resources of Factorial, we trust that this vision will expand in the future.
Eduardo Ortiz de Lanzagorta, co-founder and CEO of Fuell.
Acquisition of the software as an expansion opportunity
It’s been almost a year since we closed our last Series C investment round of $120 million. This made us the latest unicorn in Spain. Since then, we haven’t stopped working on new features related to corporate expense management, such as reimbursing expenses to employees directly in their payroll or using corporate cards.
With this acquisition, we aim to strengthen our presence in the Spanish and international markets, delving into a sector full of opportunities related to budget management, tax payment, corporate cards, and corporate expense reimbursement.
At Factorial, we continue to invest in creating a tool that centralises all HR management tasks with the goal of creating an environment where people are the primary focus.
We are turning Factorial into the go-to all-in-one product in the sector, not only through an impressive internal design and engineering team but also by investing in tools that have proven to be useful and necessary.
Jordi Romero, founder and CEO of Factorial.
Factorial remains committed to solving issues related to people management, which is why we actively contribute to empowering human resources to become more human with each passing day.
This is the first transaction of this kind for Factorial, and we are continuing to grow!
