Factorial Acquires Fuell to Expand into Expense Management

Published 7 months ago

Today, Factorial, a comprehensive HR platform for SMBs, announced the acquisition of Fuell, an Expense Management startup. This acquisition is the first significant expansion for Factorial, aiming to revolutionize the HR industry and benefit employees globally.

Fuell’s Unique Expense Management Solution

Fuell is a rapidly growing company within the Expense Management sector. Its unique solution focuses on budget management and simplifies back-office tasks such as VAT recovery and expense categorization. This acquisition will provide Factorial’s UK and global clients with an improved product suite that outperforms existing solutions. Current solutions typically focus only on HR or Expense Management.

Delivering an All-in-One Business Management Solution

Jordi Romero, founder & CEO of Factorial, emphasized the acquisition’s significance. He stated, “With this acquisition, we are one step closer to making Factorial the go-to all-in-one Business Management platform”. The acquisition of Fuell accelerates Factorial’s expansion beyond its core HR offering. It also highlights the company’s commitment to providing a comprehensive solution for all things employee-related.

A Challenge for European Expense Management Players

This acquisition is not only a growth opportunity for Factorial, but it also presents a direct challenge to well-funded Expense Management entities in Europe. According to Fortune Business Insights, the global Expense Management Software market is valued at 7 billion USD and is projected to grow at a CAGR of 9% in the coming years.

Fuell Joins Factorial

As part of the acquisition, Fuell’s entire team will join the 1,000+ team members of Factorial. They will continue leading the development and roll-out of the new integrated expense management offer to the 500,000+ Factorial users worldwide. Eduardo Ortiz de Lanzagorta, Fuell’s founder & CEO, expressed his excitement about this new chapter for Fuell.

Remarkable Growth Achieved By Fuell

Founded by Eduardo Ortiz de Lanzagorta and Edgar Alvarez in 2019, Fuell has experienced impressive growth over the past year, with a YoY increase of 250%. The company is backed by Y Combinator, Fin Capital, FJ Labs & K Fund, the latter also being an investor in Factorial. Factorial’s acquisition includes all of Fuell’s assets in a cash and equity deal, including its proprietary technology, clients, and team. Fuell’s co-founders will continue to serve as advisors following the acquisition.