Berlin-based start-up Taxfix has actually raised a $65 million Series C funding round. Index Ventures is leading the round with Neil Rimer joining the board. The company started its fundraising process prior to the coronavirus process and handled to sign all contracts a couple of days ago.
As the name suggests, Taxfix thinks filing taxes stays broken in many countries. The company has developed a mobile app that assists you through the procedure. There’s also a web variation if you prefer.
The app asks you simple questions to optimize your tax refunds. As you begin addressing questions, Taxfix selects the next pertinent questions and hides concerns that don’t use to your existing scenario. Taxfix accepts pictures of your payslip so that you don’t need to file kinds. It then sends your filing to the tax workplace.
When the app determines at least EUR50 in tax returns, taxfix costs EUR34.99. It’s a quite low threshold, so most users most likely pay EUR35 at the end of the process. Taxfix is currently live in Germany, France and Italy.
Overall, the start-up has actually helped gather EUR270 million for hundreds of countless users. The company isn’t taking on people who have actually currently been filing income tax return every year. Many individuals are just too lazy to file tax returns altogether– they represent the core audience of Taxfix.
Lots of software application business have actually constructed tax return apps for U.S. taxpayers. But Europe is a fragmented market when it pertains to taxes. That’s why there are less income tax return apps in Europe than in the U.S. Taxfix now plans to broaden to more European countries, adapting its item to regional policy in different markets.
The company prepares to expand its team by including 100 staff members on top of its team of 200 staff members. Existing investors Valar Ventures, Creandum and Redalpine are also participating in today’s financing round.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.