Factorial, a Miami, FL-based provider of human resources software solutions, acquired Fuell, an expense management startup based in Madrid, Spain.
The amount of the deal was not disclosed.
With this first acquisition, Factorial will expand its presence in the global expense management market. Fuell’s entire team will join Factorial’s more than 1,000 global team members as part of the acquisition.
Founded in 2019 by Eduardo Ortiz de Lanzagorta and Edgar Alvarez, Fuell provides an expense management solution focused on budget management, while also simplifying back-office tasks such as tax refunds and expense categorization. Fuell is backed by Y Combinator and has received support from investors including Fin Capital, FJ Labs, and K Fund with the latter being an investor in Factorial.
Founded in 2016, Factorial offers people-centric solutions for HR teams, automating processes so they have more time to dedicate to the people within their organization. The company recently expanded its core HR offerings to include financial services. With over 75,000 users across 65+ countries, it serves clients such as KFC, Booking.com, and Whisbi.
Factorial became Europe’s Unicorn in 2022 following a Series C investment round.
FinSMEs
04/10/2023