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Millions of taxpayers find it tough to handle the paperwork and incomprehensive tax return process. Eventually, they shy away from the effort and miss the tax refund that they are eligible to receive. The complicated process has left many people unable to file a tax return. And, have been forgoing the average tax refund of €974 that they are entitled to get.
To resolve this issue and make tax issues understandable, Berlin-based Taxfix has come up with a mobile app. The fintech startup supports you throughout the tax declaration process ensuring that they get the maximum reimbursement. Instead of having to fill out forms, you can answer around 70 questions and upload the necessary documents to provide the startup with data.
Raised €27 million funding
Founded in 2017 in Berlin by Lino Teuteberg and Mathis Büchi, the tax declaration mobile app has raised €27 million funding in a Series B round. This funding round was led by Valar Ventures along with participation from Creandum and Redalpine. This funding comes after the Series A funding round of €11.6 million in 2018.
The company has announced that this funding will be used for further product development. It will also be used to drive its global growth strategy.
“We are very proud of what we have achieved thus far,” added Büchi. “We’re grateful that our existing investors continue to invest in our mission and recognise its global potential. Together with Valar Ventures, Creandum and Redalpine, we can now make further investments to fundamentally change the tax market, not only in Germany but on an international scale.”
Taxfix works with a companion app
The Taxfix app is similar to a chatbot and uses the company’s tax-engine technology. It makes filing taxes as similar as hiring a tax accountant. You just have to photograph the annual payslip and answer a questionnaire to optimise your refund. The app will handle the task of calculating the tax rebate and submit your filing automatically.
It has undoubtedly brought in a revolution in the tax market by simplifying the process of tax filing. It has helped millions of taxpayers get and optimise their funds. And, it reduces the tax filing process to a mere 22 minutes.
It’s charges are low
It is free to submit your tax return using Taxfix. And, you need not to pay anything to get a tax refund of up to €50. If you receive more tax refund, then you will have to pay €34.99 to the company.
Competitors in the field
There are many such startup and software companies that help in filing the tax return. In Germany, there is WISO, and in the US, there is TurboTax. Also, there is TaxScouts in the UK offering similar services. Even the government’s online tax filing gateway is also a direct competitor.
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