Corporate card and expense management for SMBs
HQ: Madrid, Spain | Founded: 2019 | Stage: Acquired (by Factorial, Oct 2023) | Website: https://fuell.app
Fuell was a corporate card and expense management SaaS platform for SMBs. The platform combined physical/virtual corporate cards with automated expense management — receipt capture, categorization, VAT recovery, real-time spend monitoring, and accounting software synchronization. Users earned 3% cashback on expenses. The platform automatically converted receipts into invoices and supported VAT recovery across 500K+ restaurants, parking lots, and cabs in Spain. Tax Agency-approved digital receipts eliminated the need for physical copies. Founded in 2019 by Eduardo Ortiz de Lanzagorta (CEO) and Daniel Seijo. Edgar Alvarez later joined as co-founder (per acquisition announcements). Ortiz previously co-founded Civeta Investment, a crowdfunding platform, and was Director of Owl-Systems (Rocketspace incubator). He also co-founded what became the most active seed fund in Spain (backing 40+ companies). Seijo previously founded Diariomotor and QueCocheMeCompro. YC Winter 2022 batch. Raised $3.35M across 4 rounds from Y Combinator, K Fund, Fin Capital, TheVentureCity, Wayra (Telefonica), FJ Labs, and angels. 250% YoY growth. Customers included Grupo Solutia, Coverwind Solutions, Docuten, Aloha Poke, LaMucca. Acquired by Factorial (Spanish unicorn, $120M Series C) in October 2023 for undisclosed sum in cash-and-equity deal. Fuell's entire team joined Factorial. Co-founders served as advisors post-acquisition.
Fuell was a classic YC European fintech success story: strong product-market fit in Spanish SMB expense management, 250% YoY growth, and a clean exit to a Spanish unicorn (Factorial). The acquisition was strategic — Factorial wanted to add expense management to its all-in-one HR platform. Fuell's team joined Factorial's 1,000+ employees. Key risk for investors: acquisition terms undisclosed, but likely modest given total raised ($3.35M).
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