TaxScouts, the U.K. tax preparation startup established by TransferWise and MarketInvoice alumni, has actually raised ₤ 5 million in Series A financing for European expansion.
Leading the round is Octopus Ventures, with previous investors SpeedInvest, Seedcamp and Finch Capital following on. Likewise getting involved is Clocktower Innovation Ventures, the U.S. venture capital firm specialising in financial technology. Aiming to build a”pan-European”tax filing service,
first stop outside the U.K. is Spain, with TaxScouts having already appointed a Madrid-based nation manager. It says it has selected Spain based upon the size of the market and the complexity of the regional tax system, and will expand to additional European markets in the near future. Image Credits: TaxScouts Integrating “automation” with a network of human accountants, TaxScouts’ service is created to support you through your annual tax filing preparation and submission. The company charges a simple flat charge– currently ₤ 119 in the U.K.– and promises a fast turnaround, usually just 1-2 days.
To accomplish this, the web app walks you through your tax status, earnings and expenditures without presuming too much prior knowledge. This consists of asking you to take a photo or publish of any needed files, such as invoices or dividend certificates. The concept is that all of the admin is caught digitally and packaged up ready for an assigned accounting professional to inspect.
TaxScouts states the brand-new Series A financial investment will be used to establish the company’s Spanish service and make key hires throughout its engineering, item and marketing teams.
Mart Abramov, co-founder and CEO of TaxScouts, comments: “We see a big quantity of capacity in launching TaxScouts into Spain. Naturally, the red wine and the weather were thought about when picking the market, however having actually successfully constructed a service for among the trickiest tax systems in Europe, we are positive that we can provide another terrific item for Spain’s complicated tax structure. The market is double that of the U.K., and this is the primary step to us constructing a pan-European tax service.”
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.