Miami, USA-based leading provider of human resources software solutions, Factorial acquires Spain-based startup specializing in expense management startup Fuell. The company announced the acquisition on October 3, 2023. However, the company did not disclose the amount of the deal.
Factorial acquired the entirety of Fuell’s assets in a cash and equity deal. It also includes the latter’s proprietary technology, clients, and team. Meanwhile, Fuell’s co-founders will continue to serve as advisors following the acquisition.
Purpose of Acquisition by Factorial
With the latest acquisition of Fuell, Factorial marks its first acquisition and product expansion. It also makes the company Europe’s first and largest integrated HR and expense management platform.
Earlier, Factorial expanded its core HR offerings to include financial services. The acquisition further fuels their product’s development, provides industry-related expertise, and highlights the company’s commitment to delivering an all-in-one platform for employees in SMBs. As a part of the deal, the entire team of Fuell will join Factorial’s more than 1,000 global team members. It will also continue to lead the product development and roll-out of the new integrated expense management offer to Factorial’s users.
Besides, the unified force will spearhead the ongoing product development efforts and facilitate the deployment of the integrated expense management solution to Factorial’s expansive user base, comprising more than 500,000 clients across the globe.
What the CEO of Factorial has to say
Jordi Romero, Co-Founder and CEO of Factorial, said, “With this acquisition, we are one step closer to our mission of making Factorial ‘the’ all-in-one business management software platform. This move promises our clients an improved product suite that outperforms existing solutions, which previously focused on HR and expense management individually.”
What the Fuell official has to add
In addition, Eduardo Ortiz de Lanzagorta, Founder & CEO of Fuell, said, “We are thrilled to witness Fuell’s trajectory soar to new heights through this acquisition, uniting with the exceptional team at Factorial. Our vision has been to redefine expense management for businesses, and with Factorial’s expertise and abundant resources, we are accelerating towards achieving this vision.”
About Fuell
Eduardo Ortiz de Lanzagorta and Edgar Alvarez launched the company in 2019. Fuell provides a unique expense management solution. It focuses on budget management while also simplifying back-office tasks such as tax refunds and expense categorization. The company witnessed a year-over-year growth rate of 250 per cent. Giants such as Y Combinator back the company. Fuell also garnered support from investors such as Fin Capital, FJ Labs, and K Fund, with the latter being an investor in Factorial.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
