The fund will help the business to expand in the international market
Bangalore based startup Fyle that deals with an expense management platform. The firm has increased its financing by adding 4.5 million of fresh investment as it looks to get more clients in the international market.
The fresh round of funding was led by Steadview Capital; the US-based Hedge Fund Company. The other participants were Tiger Global, Freshworks and Pravega Ventures. The fresh flow of investment was said to be A1. This means the company which is only three years old has raised 8.7 million in Series A financing, which makes total investment 10.5 million to date.
The company provides an expense management platform, which is useful for employees of an enterprise to keep a record of their expenses related to business. The eponymous service provides assistance to help some well-known email providers such as G Suite and Office 365. It utilizes a proprietary technology to scan and fetch details form emails.
System Integration with WhatsApp
This system is pretty helpful for the users as they can go to flight ticket email and push the Fyle’s Chrome extension to get all details and reports of expenses in real-time. Yash Madhusudhan also told that they have integrated the system with WhatsApp. This will help the passengers to take a photo of the ticket and other stuff and send it to Fyle. This will help Fyle to scan and file expense reports for its clients.
Mudhusudhan said, “80 % to 90 % of a user’s spending patterns land on their email and messaging clients. And traditionally it has been a pain point for them to get done with their expense fillings. So we built a platform that looks at the challenges faced by them. At the same time a company’s compliances and policies to ensure that the fillings are legitimate.”
