Lyon-based Indy, a startup that automates accounting and tax returns for self-employed professionals and entrepreneurs, announced on Monday, November 20, that it has raised €40M from BlackFin Capital Partners, as well as La Maison and iXO.
The latest round brings the total funding raised to €86M.
The company will use the funds to enhance its offering and provide an all-in-one application for independents on the market.
The company plans to support 1M self-employed people by 2027. Indy is hiring 200 new employees between now and the end of 2024 to support its development.
“After 7 years of existence, we have witnessed the evolution of the self-employed market. With the changes taking place in the world of work, we expect strong growth in the coming years. Indy has now become a daily essential for over 70,000 freelancers. We’re doing our utmost to ensure that the application is as complete as possible and above all, that it’s accessible to all, with the best possible user experience. The integration of a pro account by January 2024 will be a major step in our development,” declares Côme Fouques, Indy’s co-founder and CEO.
The number of self-employed people in France continues to grow. Still, they are often alone or poorly supported when faced with the administrative and accounting complexities associated with their status.
Here’s where Indy comes into play!
Indy: AI-powered DIY accounting software
Founded in Come Fouques in 2016, Indy aims to simplify the lives of self-employed with its all-in-one application, enabling them to create their business, automate their accounting, open a pro account, and complete their declarations.
The platform also enables the users to do various tasks, including automated accounting, estimates, invoices, bank synchronization, document centralisation, expense reports, pay slips, and filing social security and tax returns.
In addition to its application, Indy offers human support with a team of advisors available to answer users’ questions in just a few minutes.
To support as many self-employed people as possible, the startup has opted for a freemium model: access to Indy is free of charge, while subscriptions starting at 20 euros a month enable users to file their mandatory tax and social security returns.
From January 2024, it will also offer its users a pro account, 100 per cent free.
BlackFin Capital Partners is an independent private equity and venture capital firm investing in European companies across financial services and technology, with more than $3B in assets under management as of June 2023.
The VC manages more than $600M in its venture strategy and has invested in about 20 fast-growing fintechs and insurtechs to date.
“Today, Indy is the most advanced solution for supporting self-employed people in their business’s administrative, accounting, and financial management. The growth in the number of self-employed is a fundamental trend, and Indy is perfectly positioned to respond to it. We’re delighted to be supporting them in this new phase. Many of the self-employed who are starting out will thank Indy for existing because it’s going to change their lives,” says Julien Creuzé, Partner at BlackFin.