Taxfyle Closes Over Subscribed $20M Series B Round With Fuel Venture Capital and IDC Ventures
New financing will further public API development, B2B sales team expansion and on-demand tax pro network recruiting and environment support
MIAMI–(BUSINESS WIRE)–Taxfyle, the internet’s accounting workforce, has oversubscribed its $20M Series B financing round led by Fuel Venture Capital and IDC Ventures. As the company seeks to expand upon firm outsourcing opportunities across the U.S. markets, the funding will support Taxfyle’s exponential growth by adding key personnel to further develop the Taxfyle Platform, and its recruiting efforts to double the number of tax professionals.
Taxfyle has now raised more than $35M since it first launched in Miami in 2015 and has consistently grown more than 200% year over year, twice landing on the Inc. 5000 list for the fastest growing companies in America. The pandemic drew thousands of new customers to the Taxfyle platform for its virtual, affordable and convenient tax prep services, while hundreds of CPA firms came to rely significantly on Taxfyle’s workforce to address staffing shortages. One of the key factors to this growth was Taxfyle’s ability to remove the need for face to face interactions, all while maintaining the utmost quality in tax preparation, with its 3,700+ licensed accounting professionals.
New APIs will allow partners to easily add tax prep to their current suite of services without significant overhead. Current and potential partners include banks, online payment processors, HR providers, and wealth management companies. By adding tax prep to their current services, these partners have been able to easily create new revenue streams, reduce client churn, and increase connectivity with clients throughout the year.
“Since our last funding round in 2018, we’ve seen rapid growth in customer acquisition and interest from CPA firms and fintech companies, especially during the pandemic. We are thrilled to have the support of Fuel Venture Capital and IDC Ventures as we move into the next phase of development— making our workforce of independently contracted professionals more accessible,” stated co-founder and CEO of Taxfyle Ricky Laviña.
“The team at Taxfyle has been working diligently in capitalizing on the momentum gained after the prior round of funding. The application has changed the way CPAs gain new customers and there is no going back. We are looking forward to seeing its expansion across the US and with its strategic partners,” said Jeff Ransdell, Managing Director and Founding Partner of Fuel Venture Capital.
“Our decision to participate in this raise stemmed from the leadership’s vision and the growth of the company in the past six years. The product and services they have built are fitting in the market, even more so since the pandemic. Taxfyle is disrupting the accounting industry from both the consumer and professional standpoint and that’s what we like to see at IDC Ventures,” said Bobby Atkienhead, Managing Partner and Co-Founder of IDC Ventures.
About Taxfyle
Taxfyle is shaping the future of work by retooling the world’s multibillion-dollar professional financial services industry, changing how services are delivered and who they are performed by. Founded in 2015, Taxfyle transformed professional tax prep with an easy-to-use mobile platform heralded as “Uber for taxes.” Today, Taxfyle is leveraging the same industry expertise and technical ingenuity behind our consumer offering to alleviate the issues of an outdated sector. Through three verticals that serve individuals, small businesses and enterprise-level clientele, Taxfyle is committed to rebooting accounting and professional services for a modern era. Taxfyle has been listed as one of Inc. 5000’s the fastest growing private companies in the US for two consecutive years with more than 200% growth year over year. For more information, visit taxfyle.com.
About Fuel Venture Capital
Fuel Venture Capital is committed to propelling groundbreaking ideas into world-changing companies and democratizing access to the creative economy to shape the future of society. The firm’s “founder focused, investor driven” approach is led by a core team with more than 60 years of combined experience in investment banking, wealth management, executive leadership and entrepreneurship. The fund boasts a portfolio of 31 companies based around the globe across numerous sectors, bringing positive impact to virtually all corners of our modern economy. To learn more about Fuel VC, visit fuelventurecapital.com. Follow Fuel VC on social media via Twitter, Instagram and LinkedIn.
About IDC Ventures
By entrepreneurs, for entrepreneurs, IDC Ventures seeks to identify, invest in, support, and propel disruptive companies at the forefront of digital innovation. Companies led by visionary entrepreneurs, with agile organizations, committed to execution, and an unwavering commitment to their teams, their investors, and most of all, the realization of their vision. IDCV backs industry-defining founders from Series A to growth stages in Europe, the US, and Latin America, and primarily in the verticals of fintech, marketplaces, and platforms. IDC Ventures is the venture capital arm of Grupo IDC, a Latin American investment bank and asset management firm founded in 1995.
Contacts
Nicole Martinez, Director of Public Relations, [email protected]
