Taxfix, a mobile assistant for tax declarations, has secured $13m in its Series A round of funding.
The investment was led by N26 and Valar Ventures. Participation also came from existing backers Creandum and Redalpine, who previously supported Taxfix’s €2m seed round last year.
Through this capital injection, the company can expand its app into other countries, and heavily invest into machine learning technology.
Berlin-based Taxfix uses smart algorithms to simplify tax and speed up refund processes, helping to cut times by 12-times and making it up to 10-times cheaper than existing solutions. The platform uses its technology to guide a user through a questionnaire to help calculate the outstanding refund, automatically compile the tax return and a one-click option to process the form to tax authorities.
This offering has a fully automated communications system with users and is easily integrated with different countries to help with future internationalisation of the business.
Since the platform launched in 2017, it has seen double-digit growth week over week, according to the company. In just under a year, the company has submitted nearly 800 tax returns a day to financial authorities, helping to reclaim tens of millions of Euros for users.
Valar general partner James Fitzgerald said, “Taxfix not only aims at making tax declaration easy and transparent. The Taxfix app completely re-invents the process of tax declaration and improves the way people file their taxes in a revolutionary manner.
“We are seeing rising demand for digital FinTech products and services in the European market and we are very excited to build a long-term partnership with Taxfix and participate in its growth.â€
The company has received ‘substantial public financial support’ from the development bank of Berlin and the European Regional Development Fund.
European mobile bank N26 reportedly closed its own round of funding earlier in the year, collecting €110m in its Series C. The capital was raised to support its efforts expanding into the US market.
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