FinTech: Berlin-Based Taxfix Raises $220M, Enters Unicorn Club
Taxfix users can file their taxes through mobile.
Taxfix, a Berlin-based startup that aims to take the pain out of tax filing, has raised a $220 million Series D round that valued it at over $1 billion. Teachers’ Venture Growth (TVG), part of the $242B Ontario Teachers’ Pension Plan Board (Ontario Teachers’), led the round. Existing investors Index Ventures, Valar Ventures, Creandum, and Redalpine also participated. (SiliconCanals)
The Taxfix app enables simplified, easily accessible tax filing through the mobile route. In October 2021, the company also reached the milestone of over €1B in tax refunds returned to Taxfix users. During the first quarter this year, hired more than 100 new employees in the first quarter of 2022 to bring the total team size to over 500 people.
Taxfix was founded by Lino Teuteberg and Mathis Buchi in 2016. Their app has already been downloaded by millions of users in Germany, Italy and Spain.
“In addition to doubling revenue in the first quarter of this year, we expanded into Spain, another important European market,” said Taxfix CEO Martin Ott. “I am particularly pleased that our team continues to grow – because this momentous landmark would not have been possible without the dedication and motivation of our very talented employees.”
“We are incredibly proud to take the next step in our mission to help people overcome their fear of complex tax and financial issues together with TVG, a long-term partner that shares our vision,” added Ott.
The startup intends to use the money for international growth and the expansion of its product offering to develop additional financial services.
It has also launched an innovative free service dubbed “Instant Refund,” through which Taxfix users can now receive half of their tax refund within one business day of filing their tax return.
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