Berlin-based mobile tax app Taxfix has raised $220 million in Series D funding to join the unicorn club with a total valuation of over $1 billion. The round was led by Teachers’ Venture Growth (TVG), with participation from existing investors, including Index Ventures, Valar Ventures, Creandum and Redalpine.
The startup also reached the milestone of over €1 billion in tax refunds returned to Taxfix users in October last year. Post the funding, it will invest in growth, hire more than 100 new employees in the first quarter of 2022 to bring the total team size to over 500 people.
The new funding will also drive its product portfolio expansion – starting with the launch of the free service ‘Instant Refund’.
Founded in 2016 by Mathis Büchi and Lino Teuteberg, Taxfix operates in Germany, Spain and Italy and allows users to submit tax returns quickly and easily via app or web. It offers an easy solution that guides users through the process of filing their taxes by asking them simple questions – as a tax advisor would.
Taxfix CEO Martin Ott said: “We are incredibly proud to take the next step in our mission to help people overcome their fear of complex tax and financial issues. 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."
Avid Larizadeh Duggan, managing director, EMEA, TVG, who is now joining the Taxfix board added: “We were quickly won over by Taxfix and the vision behind the company and its products.”
Focusing on the financial wellbeing of people, the firm has also rolled out a new product for refunds instantly. 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’. It has also launched a dedicated version of its service to support pensioners.