DivTax, a Germany-based FinTech startup that helps stock investors reclaim overpaid withholding tax on foreign dividends, has raised reportedly €1m in a pre-seed financing round to accelerate product development and institutional partnerships.
The round drew backing from Angel Invest, CapCircle, Superangels, ING COO Dr Ralph Müller, and lemon.markets founder Max Linden, according to a report from EU Startups.
DivTax operates a fully digital platform that automatically reviews a user’s dividends from the past five years, calculates how much overpaid withholding tax may be reclaimed, and submits the refund application on their behalf — without the need for any printed or manually completed forms.
The company says it is the first service to handle the entire refund process end-to-end, and offers a 100% money-back guarantee on its fee should a refund application be denied.
The platform is aimed at anyone receiving foreign dividends, who the company says will typically be paying more withholding tax than they are entitled to. DivTax positions itself as the solution to ensure investors recover what they are owed from foreign tax authorities.
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