Fyle Acquired

The startup's one-click expense report signals the end of expense forms and templates, making it easy for individuals, businesses and non-profits to keep track of their expenses.

Sage acquired Fyle, an AI-powered expense management platform; its AI-driven platform embeds receipt capture within everyday apps and surfaces real-time insights to slash month-end close times.

Accounting and finance teams can get real-time notifications on their transaction data, and given it is card-agnostic, businesses can retain their existing credit card programs while automating their expenses.

Fyle uses a programmatic approach to applying company policy, detecting fraud and managing compliance.

Fyle makes expense management effortless and instant for small and medium sized businesses by automating every interaction between employees, finance teams, and accounting systems.

Every company today could make use of an intelligent expense platform like Fyle... as a company or startup grows beyond 50 to 100 people, it becomes tedious to manage expense filings.

Makes it easy for individuals, businesses and non-profits to keep track of their expenses.

Over 1,600 direct customers in the US, as well as thousands of additional users under a white-label agreement.

Funding will help expand the sales and marketing teams, especially in the US, and also invest in research and development, so the company can serve customers better.

The startup is also launching an enterprise version of Fyle that will serve the needs of major companies; the enterprise version supports additional security features, such as IP restriction and a single sign-in option.

Fyle maintains a web application and a mobile app, and users are free to use them.

The eponymous service supports a range of popular email providers, including G Suite and Office 365... A user could open a flight ticket email and click on Fyle's Chrome extension to fetch all details and report the expense.

Madhusudhan unveiled an integration with WhatsApp. Users will now be able to take pictures of their tickets and other things and forward it to Fyle, which will quickly scan and report expense filings for them.

Users can 'Fyle' their expenses through the web app, mobile application, email extensions and by forwarding the receipts to Fyle directly.

The startup retrains its algorithms each month to improve their scanning abilities.

Fyle uses a programmatic approach to applying company policy, detecting fraud and managing compliance.

Until late last year (2018), Fyle was serving customers in India; earlier this year it began searching for clients outside the nation and now has customers in 17 nations, including the US and UK.

Users note expenses directly from the merchant site by using Fyle's core Intellectual Property (IP) and linking it to third-party applications; the IP automatically extracts expense data from PDFs, images, emails and other workflow applications.

The Fyle team has partnered with Microsoft and has run joint campaigns prompting Fyle integration, making Office 365 a productive platform.

Girish Mathrubootham-led Freshworks, which has been a customer of Fyle across multiple countries, also participated in Fyle's funding rounds.

Within the Sage ecosystem, Fyle already integrates with Sage Intacct and Sage 300 Construction and Real Estate, with broader rollouts planned across North America and beyond.

Fyle charges a monthly fee based on the number of active users in an organisation. They integrate with any organisation and charge only users with more than 3 expenses in a month.