Canada-based Requiti, which helps companies understand tax incentives, has purchased financial technology firm Pinmo for $10.3m.
While initially, Pinmo began as a tech startup specialising in social media monetisation and advertising technologies, it began offering tax credit solutions for the last four years.
However, with the new acquisition, Requiti will now focus on offering a full suite of financing and business investment solutions to help startups thrive in a competitive market.
Since its inception in 2014, Requiti has been assisting Canadian companies to navigate through the complex sphere of business tax incentives such as the Scientific Research and Experimental Development Program. The initiative offers more than $3bn in tax incentives on an annual basis, making it “the single largest federal program that supports business R&D in Canada,” the firm said.
Requiti enables Canadian small businesses to get information about the initiative. Boasting of servicing 400 companies in various industries, the firm has helped secure more than $50m in tax incentives so far.
The firm has also planned to launch startup financing sometime this year through their capital division to help the businesses.
Commenting on the acquisition, Requiti’s managing partner Hafeez Noorani said, “We are successful because of our approach that involves both scrutinizing the financial application and the technical process, while other SR&ED consultants only help with the financial claim.”
Copyright © 2021 FinTech Global
