Taxfix, a Berlin-based digital tax app, has reportedly raised approximately $65 million in investment from a Series C round from its investors. Taxfix would utilize the funds to expand its strong team of nearly 200 by adding another 100 people, as the company widens its product portfolio and forays into new nations by the end of the year.
The investment round was led by Index Ventures and partner Neil Rimer would be joining the Taxfix board. Present investors Redalpine, Valar Ventures, and Creandum also took part in the round, which was twofold the size of the organization’s Series B fund raise nearly a year ago.
The company Taxfix was formed by Lino Teuteberg and Mathis Büchi in Berlin in 2016. They previously had formed a popular document software known as SmallPDF, which they turned into a profitable company. The company has helped collect approximately €270 million for its users, a majority of whom have been unable to fill a tax return before.
Mathis Büchi, Taxfix, stated that that company cares about helping the people with things that they struggle with. Considering the financial pressure that people are facing currently with the COVID-19 infection, its essential that people could easily claim their tax refunds back.
Taxfix provides a well-made mobile application which stimulates an interaction with a friendly tax accountant. By utilizing automation and drastically lowering the complexity of the process, the company cuts the normal filing time from numerous hours to just 22 minutes.
Neil Rimer, Index Ventures partner, stated that Taxfix has made filing of tax returns easy and affordable for all, and are also putting millions of euros each day in people’s hands. The firm is thrilled to have partnered with Taxfix and its founders to ensure that each one could effectively navigate the tax system without the need to pay lawyers and tax accountants.
Taxfix is presently processing approximately 2 million euros of refund a day, and its revenue had dramatically multiplied in the previous year. Moreover, the company counts nearly 40,000 review that are five-star in the Google and Apple Play stores.
Mathis Büchi, stated that the company is planning to expand its operation in Europe now. It sees potential in turning out to be not just an automated tax accountant but also becoming a digital financial accountant in the coming years in order to help individuals improve their taxes along with enhancing their finances.