The AI-powered expense management software Fyle, has received an additional USD 4.5 Mn in venture capital investment from U.S.-based hedge fund Steadview Capital following its Series A round. As of now, the three year old company has recieved a total equity funding USD 10.5 Mn. The participating investors include Tiger Global, Freshworks, and Pravega Ventures.
Fyle is an AI-powered expense management platform is built to offer enterprise-grade functionality with a consumer-grade user experience. Its cloud-based integrated system that enables users to file an expense within Google G Suite and Microsoft Office 365, enabling automated expense reporting directly from user email inboxes. Fyle’s AI technology extracts data automatically and with a policy ingestion engine at its core, anomalies and fraudulent behavior are detected in real-time to ensure compliance with corporate policies and regulatory requirements.
“We’re very excited to bring on Steadview as a financial partner as we’re aggressively expanding our market presence in the U.S. and UK to meet customer demand,” said Yash Madhusudhan, CEO and co-founder of Fyle.
“We’ve created a customer-first culture and with this additional financial backing, we’ll be able to continue to execute on product innovation to deliver a truly automated process for expense management, saving precious time for employees and ensure continuous compliance for the company.”