Tax automation platform Neo.Tax has scored $10m for its Series A funding round, which was led by Infinity Ventures.
Capital also came from Google Ventures, Acrew Capital and Fin Venture Capital. Existing Neo.Tax investors Uncork Capital, Floodgate, Liquid 2 Ventures, and Lux Capital also joined the round.
With the capital, the FinTech company plans to hire more product, data and engineering staff.
Neo.Tax’s first product simplifies the process of applying for the IRS R&D Tax Credit, which it claims puts $250,000 back into each company’s pocket.
Alongside the funding round, Neo.Tax has announced a partnership with Mercury to help modernise tax credits and taxes for startups and accountants.
Mercury provides banking services to startups, including virtual and physical debit cards, API access and custom team management.
Neo.Tax was initially a customer of Mercury, but they soon realised there was more to achieve by working together.
As part of the deal, Mercury custoemrs will be able to complete their R&D Tax Credit claim within minutes.
Mercury co-founder and CEO Immad Akhund said, “NeoTax has built an amazing product that has made it quick and painless to access R&D tax credits and we are excited to partner so that our customers can easily access the service.
“We created Mercury Capital to help our customers find trusted and easy-to-access funding options for their business”
Neo.Tax previously raised $3m in seed funding back in 2020.
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