Pilot closes $40m Series B, launches new tax preparation service

Bookkeeping solution provider Pilot has secured $40m in its Series B and launched a new corporate tax preparation service.

The investment round was led by venture capital firm Index Ventures, and payment processing company Stripe.

Pilot Tax empowers consumers to handle taxes and bookkeeping in a single location, with tools including income tax filings, 1099 filings, Delaware franchise tax filings, among others. The solution will streamline services like returns, foreign founder fillings, foreign bank account management, and switching from cash to accrual.

Its tax tool is available to all Pilot customers who are Delaware C Corporations without foreign subsidiaries.

US-based Pilot is a bookkeeping solution which lets businesses build a more accurate image of their business and ease the generation of financial reports.

Last year, Pilot closed its Series A round on $15m with contributions coming from Index Ventures, and a selection of angels from Stripe, Dropbox and Google, among many others.

Index Ventures closed two new funds earlier in the year, pulling in $1.65bn across the pair. This was split $650m for its ninth venture fund and $1bn for its fourth growth vehicle.

The firm has already backed a number of RegTech companies this year, having recently supported the $35m Series C round of web application security solution Signal Sciences. The RegTech supplies organisations with technology and firewalls to automatically block cyberthreats.

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