Taxfix, digital tax app, has collected $65m in its Series C round, which will help it increase its team by 100 people.
The round was led by Index Ventures, with the deal also seeing the firm’s partner Neil Rimer joining the Taxfix board of directors. Other contributions came from existing backers Valar Ventures, Creandum and Redalpine.
Having secured this equity boost, the start hopes to hire an additional 100 people to its team of 200. It will also look to broaden its product suite and expand into new countries in Europe.
This investment is more than double the company’s previous funding round, which was a $30m Series B in April 2019.
The German FinTech company offers a mobile app which automates and lowers the complexity of filing tax returns. Users answer around 70 personalised questions which are tailored to a user’s circumstances and upon completion, the app will tell a user how much refund they can expect.
Since the company was founded in 2016, it claims to have collected €270m for its users, 65% of which have never filed a tax return before, it claims.
The startup is processing around €2m of refunds a day and revenues have more than tripled in the past 12 months, it said.
Taxfix founder Mathis Büchi said, “What drove us to start Taxfix was seeing how much money people are losing because they can’t face doing their tax returns. We wanted to have the biggest impact we could, and that meant going after a boring problem like taxes.
“We are not particularly passionate about taxes per se, but we care about helping people with things they really struggle with. Right now, with the financial pressure people are facing with COVID-19, it’s particularly important that people can easily claim back their tax refunds.”
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