Mobile tax app Taxfix lands unicorn status with $220m Series D funding
Berlin-based mobile tax app Taxfix has secured $220 million in a Series D funding round, valuing the company at more than $1 billion.
The round was led by Teachers’ Venture Growth (TVG), part of the Ontario Teachers’ Pension Plan Board, and saw participation from existing investors Index Ventures, Valar Ventures, Creandum and Redalpine. TVG managing director, EMEA, Avid Larizadeh Duggan will also join the Taxfix board.
Taxfix CEO Martin Ott says: “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 its revenue in the first quarter of this year, Taxfix expanded into Spain alongside existing markets Germany and Italy.
The company, which claims millions of downloads, also reached the milestone of returning more than €1 billion worth of tax refunds to Taxfix users in October last year.
To support its growth, Taxfix hired more than 100 new employees in the first quarter of 2022, bringing its total headcount to more than 500 staff.
The mobile tax filing app is designed to make filing taxes easier, simplifying what it says is sometimes a stressful and arduous process and boosting financial wellbeing.
Mathis Büchi and Lino Teuteberg founded Taxfix in 2016 when they realised millions of people were not submitting their tax returns because of anxiety or insecurity. Taxfix guides users through the process of filing their taxes by asking them simple questions – as a tax advisor would.
The fintech has also launched a new product, Instant Refund, which allows Taxfix users to receive half of their tax refund within one business day of filing their tax return.