Financier Vereinigte Volksbank grants EUR 60 million loan to tax app Zasta 

Monday 23 January 2023 08:44 CET | News

Germany-based tax app Zasta has announced receiving a EUR 60 million credit line from the financier Vereinigte Volksbank to finance a new offer. 

The Vereinigte Volksbank, which already finances startups such as Billie, Ratepay, and Mondu, has now selected Zasta as its new partner. With the financing, Zasta plans to enable an immediate tax payout of 75% of its users' estimated tax refund.

Zasta’s offer

For its offer, Zasta works with tax consultants and on average, the consultation cost per customer is EUR 124, which is deducted from the tax refund. In principle, if a customer receives the standard amount of EUR 1051 calculated by Zasta, the fintech will pay them 75% of this (EUR 788) directly, yet the costs for the consultant will be deducted from this. If the tax office also comes up with the EUR 1051, the customer will receive the remaining EUR 263.

Germany-based tax app Zasta has announced receiving a EUR 60 million credit line from the financier Vereinigte Volksbank to finance a new offer.

Users in Germany do not have to enter any data seeing as Zasta automatically retrieves data from the tax office. With Zasta, customers can also have taxes reclaimed for previous years, specifically, they can get up to 4 years of retrospective tax money back. Based on the data, customers are sent an individual reimbursement calculation within a few working days. At the same time, customers will receive an offer from the Zasta tax consultant regarding which fee would be charged for the complete preparation, improvement, and submission of the tax return.

Identification at Zasta

Zasta works in collaboration with Deutsche Post to identify users. This offers various methods for quick identification, meaning that customers can identify themselves either online via video chat or directly at the counter of a post office. Additionally, identity cards, passports, and electronic residence permits are permitted for identification purposes.

Future financing plans

The startup was able to achieve sales of EUR 5 million in 2022, which appeared on the TV show "The Lion's Den". So far, the fintech has raised around EUR 4.3 million euros, yet Zasta is now planning a new round of financing. The investor Anyon (VC) and the medium-sized investment company MV are involved, amongst others.

The Vereinigte Volksbank 

The Vereinigte Volksbank is a community of the regional Volksbanks in the German cities of Böblingen, Calw, Reutlingen, Schönbuch, Sindelfingen & Weil der Stadt. The banks offer users banking, financing, and payment transactions for private and corporate customers.

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Keywords: financial services, investment, expansion, fintech, financial data
Categories: Banking & Fintech
Companies: Zasta
Countries: Germany
This article is part of category

Banking & Fintech


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