Fuell closed a €1.5 million round led by Y Combinator and Fin Capital.

Fuell, a Madrid, Spain-based developer of a software solution for the financial industry, announced completing a fresh equity round closed at €1.5 million ($1.5M).

The money was raised from a range of investors, led by US-based Y Combinator and Fin Capital, joined by American business angels Michael Levinthal and Andy Cohen.

Proceeds will be used for business expansion in Italy as well as consolidating locally in Spain and Portugal.

Fuell, founded in 2019 by Daniel Seijo and Eduardo Ortiz de Lanzagorta, developed a software solution and issues an associated corporate cards that together record employee expenses automatically, without the need to fill out expense reports. Users can also currently earn 3% cashback on all expenses made with Fuell corporate cards, and the tool automates expenses management enabling employees, accountants, and CFOs have access to a a platform that synchronizes expenses within companies' accounting software. Customers range from startups to publicly-traded companies in various sectors such as tech, hospitality, audiovisual, construction, and commerce, and include Grupo Solutia, Coverwind Solutions, Docuten, Aloha Poke, and LaMucca.

Fuell was part of the 2022 winter batch of startups part of the Y Combinator accelerator program from the US, and previously raised $1.2 million in 2021 from investors including K Fund, The Venture City, FJ Labs, Wayra and angel investors David Carrero Fernandez-Baillo. The company was initially incubated and funded by The Venture City in Madrid in the summer of 2020.