NEW YORK, September 1, 2020 -- CB Insights today named Fyle to the third annual Fintech 250, a prestigious list of emerging private companies working on groundbreaking financial technology.
“We're proud to, once again, recognize the 250 best private fintech companies globally. This year's Fintech 250 represents 25 countries and spans 19 categories -- reimagining everything from retail banking and crypto, to insurance and asset management,” said CB Insights CEO Anand Sanwal. “The previous Fintech 250 class raised more than $22 billion in investor financing and saw more than 20 exits after being recognized, and we expect this year's class will have similar success as they continue to transform how people and businesses spend, save, borrow, and invest their money.”
“It is an honor to be part of this illustrious list and share names with some of the biggest names in the Fintech world. We started Fyle to eliminate frustration and create a new standard of expense management for this generation. A lot has changed in the world over the last decade with automation. Yet the accounting ecosystem spends a disproportionate amount of time managing company expenses.
Expense management is an age-old problem where billions of human hours are wasted all over the world every year. It’s necessary but time-consuming. Over the last four years, we have created a fundamentally new experience that blends consumer-grade experience and enterprise-grade control. This results in behavior change, better and faster control, and compliance on an autopilot mode, delivered inside everyday applications like Google Suite, Microsoft office 365, Slack, WhatsApp.”
- Yashwanth Madhusudan, CEO, Fyle
Through an evidence-based approach, the CB Insights Intelligence Unit selected the Fintech 250 from a pool of 16,000 companies, including applicants and nominees, based on several factors. These factors include patent activity, investor quality, news sentiment analysis, proprietary Mosaic scores, market potential, partnerships, competitive landscape, team strength, and tech novelty. The Mosaic Score, based on CB Insights’ algorithm, measures the overall health and growth potential of private companies to help predict a company’s momentum.
From the CEO’s desk
At Fyle, we believe the process of expense management must be seamless with minimal to no human intervention. Thus, began our journey into building a software for this generation's workforce. A software that will revolutionize managing processes by truly automating them.
To further strengthen our product, we are now working with major US banks to bundle our software with banking products, like corporate credits, debit cards, and SMB cards. This is to ensure we deliver a flawless experience and best in class visibility into business spend.
The response from Banks have been great as they look at this as an opportunity to deliver more value with bundled software offerings for their customers. This also helps them compete with Fintech companies who are building alternatives to various banking products. In this sense, we see ourselves as a reverse Fintech company, empowering traditional financial enterprises.
I am proud of our team's achievement, from building innovative solutions to consistently creating new experience standards. We're honored to be recognized by CB Insights in our first year of US operations. While we have a long way to go before we can impact millions of businesses, this recognition is an excellent boost to our entire team that's working relentlessly to eliminate manual effort from expense management.
2020 Fintech 250 Highlights:
- Unicorns: 32 of the 250 companies are valued at or above $1B as of their latest funding round
- Funding trends: YTD, these 250 private companies have raised $10.3B in equity funding across 120 deals (as of 8/26/20)
- Mega-rounds: Since 2019, there have been 87 mega-round ($100M+) equity investments to this year’s Fintech 250, with 35 of them in 2020 YTD (as of 8/25/20)
- Global representation: 46% of the 2020 Fintech 250 are based outside the US. After the US, the UK is home to the most Fintech 250 companies (38), followed by India (20)
About CB Insights
At CB Insights, we believe the most complex strategic business questions are best answered with facts. We are a machine intelligence company that synthesizes, analyzes and visualizes millions of documents to give our clients fast, fact-based insights. Serving the majority of the Fortune 100, we give companies the power to make better decisions, take control of their own future, and capitalize on change.
Contact:
Keith Swiader, PR Manager
keith.swiader@cbinsights.com
About Fyle
Founded in 2016, Fyle is a new age expense management solution growing rapidly across the US and 20+ countries. Founded by Yashwanth Madhusudan and Sivaramakrishnan Narayanan, Fyle takes a radically different approach by delivering expense tracking inside everyday applications like GSuite, O 365, Slack, and WhatsApp. All this while also automating the process of verification, risk detection, and approvals for the company.
We are built to empower millions of SMB and Mid-market customers across the globe by automating every step of the process. With Fyle, Enterprises get real-time visibility, and control over all kinds of employee spend without any human effort. The software is used by over 250,000 users worldwide and is rated as one of the top 10 expense management solutions in the US. Fyle is funded by marquee investors like Tiger Global Management, Steadview Capital, Freshworks, Pravega Ventures, Beenext, and Recruit Holdings and has raised over $10M in venture capital over 2 rounds.
To put an end to your expense management woes, visit our website www.fylehq.com
CONTACT:
Siddharth Deswal, Head of Marketing
siddharth.deswal@fylehq.com
