Refundit, a service helping travellers reclaim VAT refunds digitally, has collected $9.8m in funding.
Contributions to the round came from Amadeus Ventures, Portugal Ventures and investors from its seed round.
Founded in 2017, Refundit streamlines VAT rebates for tourists around the world that are visiting Europe. The solution is currently being piloted in Belgium.
The mobile app platform works by having a non-EU tourist take a photo of their receipts, boarding pass and passport and then apply for a VAT refund. Tax authorities from the country will review the request digitally and send a confirmation to the user.
Refundit co-founder and CEO Ziv Tirosh said, “The existing VAT reclaim process is cumbersome and inefficient for all stakeholders. By offering its innovative end-to-end digital solution, Refundit creates real value for all stakeholders,”
“Our solution benefits everyone: the tourist, the retailer, the tax authorities and the country’s economy by making shopping even more appealing.”
New VAT rules for the EU, which will make relevant data on online purchases available to anti-fraud authorities, could be implemented by 2024. The rules will give anti-fraud experts in EU member states will have access to VAT-relevant data held by payment intermediaries such as credit card and debit card providers.
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