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Prosperr.io snaps $1.55M to launch AI-driven tax app in the US

Prosperr.io team
Picture credits: Prosperr.io

Prosperr.io a fintech platform solving tax for individuals, has secured a $1.55 million pre-seed funding round. It was led by Gokul Rajaram, a Board member at Pinterest and Coinbase, and prominent investor, known for backing exceptional companies like Faire, Figma, and Airtable. 

The round also saw participation from notable angel investors including Vinodh Bhat (Co-founder JioSaavn), Ramakant Sharma (Founder Livspace), Kunal Shah (QED Ventures), Saurabh Jain (CEO, Livspace), among several others.

US expansion plans 

Focusing on international expansion, Prosperr.io is planning a launch into the US market with fresh capital. It focuses on the US as income tax compliance is different in the country. The company is also developing a smart AI Engine to work on tax codes and jurisdictions that support its vision to go global in the future.

On the funding, Gokul Rajaram, Investor, Board Member – Coinbase, Pinterest, and The Trade Desk stated, “I’m excited to support the Prosperr.io team on their mission to build the best tax optimisation platform for consumers not just for India but for the world. The world of taxes is complicated and confusing, and Prosperr.io’s AI platform helps individuals and employees stay compliant while maximising tax savings.”

What challenge does it tackle?

As the culture of composite Income is increasing among Individual taxpayers, compliance and quarter reporting are becoming more and more important. The new generation of taxpayers needs real-time tax calculation and multiple nudges to get their attention which is not possible by traditional solutions like hiring CPAs as these people are expensive and deal with multiple clients simultaneously which leads to errors associated with human operations.

Prosperr.io addresses this challenge by working on a Digital Tax Accountant powered by in-house AI engines. The company trains RAGS (Retrieval-augmented generation), which is based on each user persona and applicable tax law. These AI engines calculate real-time tax liability, predict year-end tax liability, and generate tax-saving strategies which are personalised for individuals. 

What does the company do?

Founded in 2022 by Manas Gond and Dev Kumar in India, Prosperr.io offers a subscription-based product designed to manage income tax comprehensively for individuals, ensuring maximum eligible tax savings and compliance. By using deep-tech products powered by AI, the company aims to create a digitally intelligent solution, benefiting millions worldwide.

The company has launched two different products namely Super Saver and Flexi Benefits. Super Saver is a B2C annual subscription for salaried employees with composite income streams. This product starts tracking the individual’s journey from day 1 of the finance year, tracks all the compliance and gives Income tax liability in real time. This helps individuals from penalty and late fines. This product sends AI power nudges to its user to keep them compliance and also saving money. It is similar to creditKarma and turbotax.

Prosperr.io Flexi Benefits is a B2B offering to businesses so that they can offer different kinds of tax free perquisites to their employees which help employees by increasing their in-hand monthly salary by 8% to 10%. The employees just need to make an expense via an app which then is classified as tax free allowances by employers and the proof is compiled and forwarded to Payroll company for processing. It is similar to Forma. 

“With the growing population of high tax-payers and the ever-changing complexity of income tax regulations, there’s a need for user-friendly, technology-driven solutions. Our mission is to address this challenge by developing AI-powered solutions that redefine tax management and help our customers save money while achieving their financial goals. We’ve already seen significant traction in India market with employees of 1,500 companies using Prosperr.io,” said Manas Gond, CEO & Co-founder, of Prosperr.io.

Dev Kumar, CPTO & Co-Founder of Prosperr.io added, “We are building a constitutional AI agent to solve tax globally. Our product philosophy has always been to build products personalised for the users.  We understand user’s financial data in depth to generate capability to develop AI-solutions to simplify personal-finance in future for the users across the globe. Our next step is launching in the US market to amplify.”

What do we think about Prosperr.io?

With $1.55 million in funding, this fintech platform revolutionising tax management with AI-powered solutions addresses the complex tax compliance needs of modern taxpayers. Its digital tax accountant ensures real-time calculations and personalised tax-saving strategies, offering significant value to individuals and businesses. Expansion into the US market highlights its global ambition and potential.

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