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TaxScouts secures GBP 5 mln funding to expand to Europe

Wednesday 5 August 2020 13:50 CET | News

UK-based tax preparation startup TaxScouts has raised GBP 5 million in Series A funding for European expansion.

Leading the round is Octopus Ventures,  with previous investors SpeedInvest, Seedcamp, and Finch Capital following on. Also participating is Clocktower Technology Ventures, a US-based venture capital firm specialising in financial technology. Aiming to build a ‘pan-European’ tax filing service, first stop outside the UK is Spain, with TaxScouts having already appointed a Madrid-based country manager. Spain was chosen based on the size of the market and the complexity of the local tax system, and expansion will continue to further European markets in the near future.

Combining automation with a network of human accountants, TaxScouts’ service is designed to support you through your annual tax filing preparation and submission. The company charges a simple flat fee — currently GBP 119 in the UK — and promises a turnaround of 1-2 days. To achieve this, the web app walks you through your tax status, income, and expenses without assuming too much prior knowledge. This includes asking you to upload or take a photo of any required documents, such as invoices or dividend certificates. The idea is that all of the admin is captured digitally and packaged up ready for an assigned accountant to check.

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Keywords: TaxScouts, funding, Europe, Octopus Ventures, SpeedInvest, Seedcamp, Finch Capital, Clocktower Technology Ventures, tax filing, Spain, UK, tax system, web app, invoices
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Europe
This article is part of category

Banking & Fintech