It gives me immense pleasure and pride to state that we’ve closed additional funding from US-based investor, Steadview Capital. Setting a new standard in expense management loved by today’s ever-evolving generation is no small feat and Steadview’s contribution with long term investments aligned with our vision just right. With Steadview on board, our total raised investment stands at $10.6M, of which we raised $9M in the past 5 months alone, starting with our Series A led by Tiger Global.
2019 so far has been amazing for us. We began the year with a nimble team of 25 and are now 75+ strong! (and growing). We’re indebted to our strong culture and values that helped us reach this far, so soon. Our international operations instantly picked up pace and we’ve already acquired 250+ happy customers! In these mature markets, we’ve won against established incumbents purely because our product addresses the frustrations of employees and organizations alike.
As a product, we’ve always leaned on an employee-first, data-led approach. Over the last 10 months, our product has evolved to enable mid-sized to large enterprises manage and automate their entire employee-generated spend.
We’re also announcing a host of new capabilities that are geared towards solving the needs of a growing enterprises spread across multiple continents, which includes industry-first built-in spend analytics, enhanced spend controls and better security, reducing and eliminating the need for human time spent on managing expenses.
Earlier this quarter, we launched and published our APIs that card issuers use to integrate and provide bundled offerings for increasing value to their customers. We believe that expense tracking should happen at the point of spend and we see Fyle as an invisible, yet omnipresent platform that exists in a form that people desire. We’re creating an experience that doesn’t require people to be disciplined or for that matter to even think about this process -- it just happens.
In our quest to become a screen-less layer, Fyle now integrates with WhatsApp. People can click a picture of a receipt using WhatsApp, upload the same from their gallery or just share a document residing in their mobile directly to a WhatsApp number. Our internal launch itself has provided us with tons of positivity and suggestions on how we can build this further.
We started Fyle as a means to address a personal frustration. From there, we’ve come a long way in the past 3 years. This would’ve just been a dream if not for our early customers who trusted us even when we had very little going for us. And, our investors, angels, families, friends, and well-wishers who helped us turn our big dream into a reality.
Lastly, I can’t stress this enough -- our fantastic, crazy team who has believed and grown our vision like their very own, inspiring us every day in the process. We’re humbled by the trust and passion towards helping every human on this planet Never Lose Track.
Signing off,
Yash
