Berlin-based Taxfix, a mobile tax filing app, has just secured $220 million in Series D funding. With this round, the fintech has achieved unicorn status by crossing a valuation of $1 billion. Other Berlin companies that joined the unicorn club in 2022 include Grover and Choco. This investment round was led by Teachers’ Venture Growth (TVG), part of the C$242 billion Ontario Teachers’ Pension Plan Board (Ontario Teachers’), with participation from existing investors Index Ventures that recently invested in Rooser, Linktree and more, Valar Ventures, Creandum and Redalpine.
With this new funding, Taxfix cements its development from a successful startup to a major industry player. The company continues to invest in growth with plans to hire more than 100 new employees in the first quarter of 2022 to bring the total team size to more than 500 people.
Besides the investment, Taxfix has launched a new, innovative addition to its product portfolio. The users of the service can now receive half of their tax refund within one business day of filing their tax return via the free service “Instant Refund”. Also, it has launched a dedicated version of its service to support pensioners.
“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,” said Taxfix CEO Martin Ott about this exciting milestone. “With this funding, we will continue to drive rapid international growth and the expansion of our product offering to develop additional financial services. In addition to doubling revenue in the first quarter of this year, we expanded into Spain, another important European market. 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.”
Avid Larizadeh Duggan, Managing Director, EMEA, of TVG, will join the Taxfix board. “We were quickly won over by Taxfix, the team and the vision behind the company and its products,” said Mrs Larizadeh Duggan. “Similar to Taxfix, Ontario Teachers’ is mission-driven and here to provide people with a secure and stable future. It is exciting and inspiring to meet a team with bold ambitions and shared values, building a product that can be used by millions of people to improve their financial wellbeing. We are very much looking forward to working with Martin and Taxfix on fulfilling their vision and making it easy, affordable and anxiety free for anyone to file their taxes and manage their finances.”
Simplifies tax filing!
Taxfix was founded by Mathis Büchi and Lino Teuteberg in 2016 and its app is available for downloads in Germany, Italy and Spain. It makes the complex tax systems accessible to everyone, and lets users submit tax returns quickly and easily via app or web. The company offers an easy solution that guides users through the process of filing their taxes by asking them simple questions, as a tax advisor would.
With the aim to help people deal with their finances in a better way, it continues to remove further barriers for its customers and enable even more people to achieve financial wellbeing. In the past five years Taxfix has created a new category of mobile tax filing by taking the pain out of the stressful process and making it accessible and simple for everyone to file their taxes through the Taxfix app. Recently, it surpassed the milestone of €1 billion in tax refunds returned to their customers.