TaxDown raises €5 million to transform the tax sector in Spain and Latin America

TaxDown helps taxpayers file their taxes in a simple and reliable process that ensures maximum savings.
TaxDown raises €5 million to transform the tax sector in Spain and Latin America

Madrid startup TaxDown, which is disrupting the tax sector in Spain and Latin America, has sealed a new €5 million round of investment.

Founded in 2019, TaxDown transforms the way taxes are planned and filed in Spain and Latin America by developing an intuitive and simple platform that cuts down on bureaucracy and optimises personal finances.

 TaxDown has managed more than €750 million in taxes for its 2 million users and has helped them save more than €100 million.

This year, the company rolled out Spain's first 'Instant Refund', a service providing an instant repayment of the amount due to be paid back in an income tax return. 

It also developed a government solution, facilitating processes such as opening bank accounts and taking out insurance more quickly and securely. Some large banks and insurance companies already use it to offer customers a more efficient solution for opening accounts.

According to Enrique García, CEO and co-founder of TaxDown: 

"Our goal this year is to reach 3 million users and continue strengthening our presence in Latin America. 

We will use this new round of financing to continue improving the product and continuing our growth in Spain and Mexico, helping all taxpayers file a correctly presented tax return."

Javier Pérez Tenessa, the founder of eDreams and a partner in 4Founders Capital, shared:

"By leveraging new technologies, particularly AI, TaxDown has developed an innovative and efficient product. 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."

In Mexico, TaxDown is growing 5 to 6 times faster than last year, aided by the Mexican tax agency's efforts to get Mexicans to file their tax returns.

Base10, JME Ventures, Abac Nest, 4Founders Capital, and ENISA contributed to the funding round. 

The funds will be spent on recruitment.

Lead image: TaxDown. Photo: uncredited.

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