Taxfix, a Berlin, Germany-based provider of a mobile assistant for tax declarations, completed a $13M (€11.4M) Series A funding round.
The round was led by Valar Ventures with participation from existing investors Creandum and Redalpine.
The company intends to use the funds to expand into international markets and invest in machine learning to improve its tax engine technology.
Founded by Mathis Büchi and Lino Teuteberg, Taxfix privides a mobile assistant for tax declarations and a team of more than 30 employees with technical, tax, and financial background. These experts ensure that the app and website are constantly kept fully up-to-date and in line with tax law.
Since entering the market in 2017, the startup has submitted up to 800 tax returns per day to the financial authorities.
Through a dynamic questionnaire and machine learning technology, the user spends 20 minutes on average for his or her declaration with Taxfix. The user simply photographs his/her annual pay slip, works through a question series personally tailored to optimize the refund, before the Taxfix app automatically calculates the predicted tax rebate. Finally, the completed tax declaration can be submitted directly to the tax office via the smartphone for a price of 34,99 Euros for every tax return that generates a refund of over €50.