Cloud-based expense management provider Fyle now enables
corporate card payments to flow into its expense management tool via
application programming interface. Corporates now also can apply policy-based
spend controls for real-time authorization of expense submissions. If the
expense exceeds limits or guidelines set by the company, it is automatically
flagged for additional scrutiny. The company then can decide whether to
reimburse each transaction.
After approval, a new Automated Clearing House payment
integration allows managers to expedite reimbursements via direct deposit. Fyle
also has now enabled clients' employees to send receipt images via social media
messaging platform WhatsApp for automatic entry to Fyle's expense system.
Meanwhile, Fyle has landed $4.5 million in venture capital
investment from U.S.-based hedge fund Steadview Capital. Following its Series A
round in April 2019, the infusion brings Fyle's equity funding to $10.5
million. The company will use the new financing to fund product innovation and
expand its sales and marketing efforts.
Fyle launched in April 2018, initially focusing on the small
and midsize enterprise segment. Integrations with Google G Suite and Microsoft
Office 365 enabled expenses to be reported directly from employee email inboxes
via email plugin. Fyle has more than 300 client firms across India, Europe, the
U.S. and Singapore, including enterprise-level customers in its home base of
India, and is looking to expand to bigger clients in other markets, as well,
according to CEO and co-founder Yash Madhusudhan. "As we started getting
more inquiries from corporate customers, we decided to prioritize the B2B use case
and augmented the technology with features that went beyond the individual user
persona," said Madhusudhan.
"We have successfully demonstrated that
enterprise-grade products, when combined with a consumer-grade user experience,
help accelerate adoption, reduce training costs and improve overall customer
satisfaction," he noted.