TaxDown, which disrupts the tax sector in Spain and Latin America, has secured a new €5 million round of investment. Base10 (invested in Vocode and Nomba), 4Founders Capital, ENISA, and JME Ventures, and previous investors such as Abac Nest contributed to this round.
The capital injection will contribute towards the exponential growth of TaxDown, which has received positive results in 2024 in both Spain and Mexico.
Revolutionises tax planning
Founded in 2019 by Alvaro Falcones Muñoz, Enrique García Moreno, and Joaquin Fernandez, TaxDown revolutionises the way taxes are planned and filed in Spain and Latin America with the development of an intuitive and simple platform, cutting down on bureaucracy and optimising personal finances.
With the development of a platform that simplifies tax procedures, TaxDown has managed more than €750 million in taxes for its 2 million users and has helped them save more than €100 million in total.
New features of TaxDown
The company improves the tax experience and reinvents it with the introduction of the ‘Instant Refund’, a service providing an instant repayment of the amount due to be paid back in the income tax return. With this, it becomes the first company in Spain to offer its users such a service.
It has also created the new annual Expert Plan, providing a personalised service with exclusive treatment and a 100% dedicated expert. There is an enhanced Full Plan, for people who want to relieve all the pressure of filing their tax return, with automatic document processing and the use of artificial intelligence to read all the information.
Its GaaS (Government as a Service) solution acts as a bridge between corporations and public authorities, facilitating processes such as opening bank accounts and taking out insurance more quickly and securely. Some large banks and insurance companies are already using it to offer their customers a more efficient solution for opening accounts. Also, there is a commitment towards AI as well this year.
Growth in Mexico
Notably, the company is booming in Mexico, growing 5 to 6 times faster than last year and consolidating its position as a category leader in a fast-growing market with millions of new tax filers each year.
It aims to continue improving its product to help the more than 12 million Mexicans who have to file tax returns every year, a number that is growing year-on-year due to the efforts made by the Mexican tax agency to get Mexicans to file their tax returns.
Enrique García, CEO and co-founder of TaxDown said: “Our goal this year is to reach 3 million users and continue to strengthen our presence in Latin America. Consequently, we will use this new round of financing to continue improving the product and carry on our growth in both Spain and Mexico, helping all taxpayers to file a correctly presented tax return, thanks to the best mix of technology and a human team”.
Javier Pérez Tenessa, the founder of eDreams and a partner in 4Founders Capital said: “At 4Founders Capital we were impressed by TaxDown’s growth and added value. By leveraging new technologies, and particularly Artificial Intelligence, TaxDown’s management team has developed an innovative and efficient product, which clearly sets it apart from the rest in terms of customer service. In Spain they are the leading brand in digital tax returns and we are starting to see very pronounced trends of it being taken up in Mexico, where the startup landed just a few months ago”.
