Image source: Taxfix
The startup will use the money both to build more products to extend its touch points with customers beyond annual use around tax time; and to expand to new markets beyond its current footprint of Germany, Spain, and Italy.
The funding is being led by Teachers’ Venture Growth, the rebranded venture fund the Ontario Teachers’ Pension Plan Board, with previous backers Index Ventures, Valar Ventures, Creandum, and Redalpine also participating. Index led its Series C in 2020 and Valar led a round in 2018. Taxfix has raised around USD 330 million since being founded in 2016.
Using the Taxfix app to check out the tax situation is free, and to do so customers take a snapshot of a payslip and fill out other details and Taxfix does the rest of the work. To then file taxes through that as an individual costs EUR 39.99 or EUR 59.99 as a couple. The startup has had ‘millions’ of downloads of its app across its three current markets of Germany, Spain, and Italy up to now, working out to over USD 1 billion in taxes refunded for those who fill out their forms using its mobile assistant.
Taxfix doesn’t disclose how many customers it has currently, one of the reasons being that it is an app that is realistically used during the tax season, as opposed to other consumer-focused mobile apps that have daily or monthly active users. That’s also one reason for raising this funding: to develop more products to extend that lifecycle.
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