Personal tax platform April has closed its Series A funding round on $30m.
The capital injection was supported by QED, Nyca Partners, Team8, Euclidean Capital and Atento Capital. Also joining the round was Treasury, a FinTech infrastructure focused fund established by the founders of Betterment and Acorns.
Capital from the round will help April bolster its research and development capabilities and increase operational capacity in preparation for next tax season.
April, which officially launched in January 2022, was co-founded by former Deloitte FinTech strategist Ben Borodach and Daniel Marcous, the former CTO of the navigation startup Waze. The company has now grown to a team of 30.
The company’s tax engine helps FinTechs perform tax calculations throughout the year, as data emerges. By embedding directly into a user’s banking app or website, April can proactively fill most information needed for tax filing, saving users time and money.
Since its launch earlier in the year, April has already served thousands of American taxpayers through partnerships with several financial institutions. It claims to help a user file their tax information in an average of 15 minutes.
As part of the investment round, seasoned FinTech infrastructure entrepreneur Lowell Putnam has joined April’s board of directors.
Borodach said, “April’s main goal is to empower the taxpayer. By embedding tax into the banking and financial apps that folks are already using, we can drastically reduce the tension of tax filing, helping American taxpayers avoid overpayments and attain a better grasp on their overall financial picture, with the full power of the tax code at their disposal.”
The FinTech company previously raised $10m in its seed round in January 2022.
Personal tax income software company Column Tax recently bagged $21.7m for its Series A round. The company leverages APIs to give personalised, secure and powerful income tax experiences.
Crypto tax services have also started to crop up this year. Cryptio recently netted $10m and PINTU scored $113m for its Series B.
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