Taxfix, a mobile assistant for tax returns, has raised $30m for its Series B financing round to support the development of its tax app.
The round was led by technology-focused venture capital firm Valar Ventures, with participation also coming from Creandum and Redalpine.
Germany-based Taxfix is a smartphone app which lets users send their tax returns digitally – the platform sends thousands of returns to tax offices across the country each week, it claims. It works by a user answering around 70 questions, with most data able to be transferred through the scanning of documents as the app can automatically recognise the values and puts them in the required parts of tax documents.
The platform helps its users receive a combined total of €5m each week, lowering tax return filings to 22 minutes.
Taxfix co-founder and CEO Mathis Büchi said, “We are incredibly proud that with Taxfix, we are helping especially those people who have never been able to file a tax return before and have until now been forgoing their average refund of 974 euros. Either because it seemed too difficult for them or because they were afraid of the bureaucratic effort.
“With our customer-friendly interface and smart technology, we have finally made it possible for anyone to claim their full tax refund. Our users have given us over 10,000 positive reviews in the app stores, and we receive daily thank-you letters from users who appreciate the additional income that often truly affects their life.”
Late last year, Valar Ventures was in the fundraising market for its sixth co-investment fund. The Vehicle ha a target of $20m, and at the end of 2018, it had pulled in up to $11.6m of the goal, according to a US SEC filing.
Earlier in the year, fellow tax platform Taxjar closed its own funding round on $60m from investors including Insight Venture Partners and Rincon Venture Partners. The platform offers affordable and automated sales tax solutions for e-commerce businesses.
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