More than 80% of global trade involves transfer pricing, and meeting the regulatory burden associated with it can cost companies and communities billions of dollars each year.
Aibidia, a startup that claims to help multinational enterprises and their advisors manage global cross-border business and related transfer pricing obligations, raised €13M in a Series A round of funding.
DN Capital and FPV Ventures co-led the company’s Series A funding. Icebreaker.vc and Global Founders Capital, both existing investors, also participated in the round.
Eyeing global presence
The funds will be utilised to grow Aibidia’s world-class workforce and global presence in London and Helsinki, as well as to innovate the platform.
Aibidia, founded by Hannu-Tapani Leppänen, is a platform that supports multinational firms and their consultants in managing global cross-border trade and associated transfer pricing responsibilities.
Despite the widespread use of databases and spreadsheets, maintaining transfer prices has been a time-consuming and expensive process that is still entirely manual, according to Aibidia.
This procedure is modernised and accelerated by Aibidia’s technology, cutting expenses and offering organisations more control and insight.
Its platform enables all parties, including in-house specialists, advisors, and tax authorities, to communicate and revolutionise the transfer pricing process, while allowing tax professionals to make data-driven decisions.
Aibidia’s technology enables multinational companies like Volvo, Bridgestone, and Recipharm to establish reasonable global transfer pricing and automate related reporting.
The Aibidia team manages 5000+ businesses across 150+ jurisdictions from offices in Helsinki and London after translating reams of complex transfer pricing legislation from 150+ nations into code to create its Digital Transfer Pricing Taxonomy and API.