Taxfix announces $220 million funding round
Taxfix, Europe’s leading mobile tax app, announced today that it raised $220 million in Series D funding. This news elevates the Berlin-based fintech to unicorn status with a total valuation of over $1 billion. The funding 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, Valar Ventures, Creandum and Redalpine. 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.
“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,” says Taxfix CEO Martin Ottabout 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,” says **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.”
With this new funding, Taxfix cements its development from a successful startup to a major industry player: In addition to strong revenue figures, the company also reached the milestone of over one billion euros in tax refunds returned to Taxfix users in October last year. Taxfix continues to invest in growth, hiring more than 100 new employees in the first quarter of 2022 to bring the total team size to more than 500 people.
Alongside the funding round, Taxfix is also announcing a new, innovative addition to its product portfolio: Taxfix users can now receive half of their tax refund within one business day of filing their tax return via the free service “Instant Refund”. Taxfix has also just launched a dedicated version of its service to support pensioners. With these steps, the company continues to remove further barriers for its customers and enable even more people to achieve financial wellbeing. The new investment round led by TVG marks yet another step on the Taxfix journey to realize this vision.
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