Aibidia, a transfer pricing platform, has scored €13m in a Series A round co-led by DN Capital and FPV Ventures.
Also taking part in the funding round were Icebreaker.vc and fellow investor Global Founders Capital.
Aibidia claims it is the world’s first platform to help multinational enterprises and their advisors manage global cross-border business and related transfer pricing obligations together, on the same platform.
Using the technology, the firm said multinationals like Volvo, Bridgestone and Recipharm can effectively define fair global transfer pricing and automate related reporting. It empowers such companies to consequently comply with global cross-border tax obligations and regulations.
Until now, managing transfer pricing has been a laborious and expensive process which, despite the widespread adoption of spreadsheets and databases, remains largely manual. Aibidia believes its technology finally modernizes and speeds up this process, resulting in significantly lower costs and increased control and visibility to businesses.
Aibidia’s platform currently facilitates collaboration for all stakeholders including the in-house finance and tax teams and external advisors. In the future, this will also include tax authorities. Unlike other transfer pricing technologies, Aibidia said it uniquely allows these stakeholders to collaborate on transfer pricing workflows together, and define, allocate and report tax issues at the click of a button.
The funding will be used to further expand Aibidia’s team and global presence in London and Helsinki and continue innovating the platform.
Aibidia CEO and founder Hannu-Tapani Leppänen said, “At Aibidia we’re helping solve one of the biggest problems for multinational companies. We’ve built the first data-driven, end-to-end platform where all TP stakeholders can conduct their activities without the time and cost restraints that have plagued the sector for decades.
“We have big plans for the coming months and years and it’s fantastic to have FPV Ventures, DN Capital, Icebreaker.vc and GFC with us for the journey.”
Payments company Hands In has scored $550,000 in a funding round to speed up the commercialisation of its group payment services.
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