Expense Management Startup Fuell has been acquired by Barcelona-based Unicorn Startup Factorial. This deal is the unicorn’s initial major product expansion and acquisition as part of its ambition to revolutionize the HR sector and empower workers globally.
With its acquisition of Fuell, Factorial is able to move faster toward its goal of providing an all-in-one business management platform for all things employee-related while also showing its commitment to providing its core HR service into the financial services industry.
One of the companies in the cost administration industry that is expanding the fastest is Fuell, which provides unique solutions for budget management and the automation of administrative tasks like VAT recovery and expense classification.
By making this change, Factorial will be enabled to offer its international clients a set of products that performs better than competing options, which at times only address HR or expense management.
Jordi Romero, founder & CEO of Factorial, said: “With this acquisition we are one step closer to achieving our mission of making Factorial the go-to all-in-one Business Management platform, by bringing an amazing financial product in-house, and investing in proven essential solutions for our customers.”
Additionally, this acquisition offers a great chance for Factorial to grow beyond its core product line and directly fight with well-resourced European Expense Management companies. The $7 billion market for software to track expenses is expected to grow at a CAGR of 9% over the next few years.
Eduardo Ortiz de Lanzagortav Fuell’s founder & CEO said: “We are thrilled to see the journey of Fuell reach new heights through this acquisition by joining forces with the amazing team at Factorial, Our vision has always been to revolutionise expense management for businesses, and with Factorial’s expertise and resources, we are confident this vision will be achieved much faster.”
About Fuel & Factorial
Fuell, which was established in 2019 by Eduardo Ortiz de Lanzagorta and Edgar Alvarez, has grown substantially over the past year, with a YoY rise of 250%. Fin Capital, FJ Labs, and K Fund, the latter of having additionally invested in Factorial, are among the investors in the business in addition to Y Combinator.
The founders, Jordi, Bernat and Pau realized that they wasted a lot of time managing the schedules, vacations, contracts or payroll of the company’s employees. And they were sure there was an easier and more useful way to do it. So, in 2016 they decided to create a solution that would offer CEOs and Managers data to grow their company’s talent in addition to automating processes. And they called it Factorial.
In a cash and stock acquisition, Factorial will acquire all of Fuell’s assets, including its patented technology, customers, and staff. Following the transaction, the co-founders of Fuell will remain advisors.