TaxScouts said to raise $5m in its Series A round as it eyes European expansion

Tax support company TaxScouts has reportedly netted £5m in its Series A round, which was led by Octopus Ventures.

Other contributions to the round came from existing TaxScouts investors SpeedInvest, Seedcamp and Finch Capital, according to a number of reports in the media. The round also saw Clocktower Technology Ventures join the round, TaxScouts’ first US-based investor.

The FinTech, which is based in London, is allegedly looking to enter its first international market with plans to begin operations in Spain. TaxScouts has already appointed a country manager to help tackle the market.

This is just the start of the expansion plans, with TaxScouts looking to enter additional European countries in the near future. The company expects it will file tens of thousands of tax returns over the next year and is increasing its network with more accountants in the UK.

The platform offers a mobile app for completing tax returns. Users simply answer questions and they will be partnered with an accountant suited to help. Once the user is happy with the tax return, the accountant will handle everything.

TaxScouts launched in 2018 and has witnessed a five-times year-over-year growth since then, the articles report.

Last year, Octopus Ventures held the £83m final close for its third European growth-stage investment fund.

The firm is an active FinTech investor, having recently supported the $12.6m Series B of text message-based financial advice platform Stackin’. Octopus also contributed to the £15m Series B round of pay-per-mile insurance startup By Miles.

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