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Fyle

“Can an expense-management SaaS win by working with merchants' existing cards instead of issuing new ones, and become the embedded expense layer inside Sage's ERP suite?”

Founded2016
HQNewark, DE, United States (corporate); Bangalore, India (origin)
FoundersYash Madhusudhan
Total raised$10.6M+ (pre-acquisition disclosed)
Latest roundAcquired by Sage (M&A, ~$94M per PitchBook)
IndustryHorizontal SaaS / Spend Management
The story

Fyle started in 2016 as a Bangalore-based email/receipt OCR expense reporting tool, then pivoted around 2019-2020 to a differentiated 'works with your existing cards' model — plugging into Visa, Mastercard, and Amex direct card feeds rather than issuing its own cards like Brex or Ramp. This 'no new cards' wedge let Fyle target SMBs that wanted automation without changing their banking relationships. Fyle was ultimately acquired by Sage and rebranded as Sage Expense Management, positioning the product as the expense layer of the Sage ERP stack (Intacct, Sage 300 CRE, Sage 50).

Last 12 months
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Product timeline
0
Acquired by Sage and rebranded as Sage Expense Management (formerly Fyle).· acquisition
2016
Fyle founded in Bangalore as an expense management SaaS using email/receipt OCR.· pivot
2019
Series A1 led by Steadview Capital; expansion into US and international markets.· funding
2020
Launched real-time card feed integrations with Visa, Mastercard, and American Express to support existing corporate cards (no card issuance).· card
The stack
4 layers disclosed in Fyle’s embedded-finance stack
Payments / PSP
Stripe
Card network
in the full report
Open banking
in the full report
Accounting
in the full report
Accounting gap: none
11 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.