Only eight months ago Taxfix had collected eleven million euros, now investors invest another 27 million euros. As announced by the Berlin Fintech founded by Lino Teuteberg and Mathis Büchi today, the money comes from the existing investors. Among them is Valar Ventures, the investment company of Paypal co-founder Peter Thiel, and the Swedish investor Creandum and Redalpine from Zurich.
The capital wants to spend the startup especially for internationalization. In the course, the currently 70 strong team will grow. “We look at many countries, examine the market, the tax system and the possibilities available to taxpayers,” said Taxfix CEO Büchi on request from WirtschaftsWoche founder. Do not limit yourself to the EU alone. Already online is an Italian website where customers can leave their e-mail address. When exactly Taxfix will start in Italy, Büchi left open.
The startup claims to be able to take as much work as possible from customers abroad when making their tax returns. “Markets are different, of course, but we’ll always use the same technology, Rule-Based Artificial Intelligence, not tax forms,” says Büchi. The principle is, the app available as a web version as well as for smartphones asks users questions about the living and tax situation. Important data is taken from the annual employment tax statement, which is photographed. Taxfix advertises that the tax declaration is completed on average in 22 minutes.
Improvements in the scan function
In a practical test last year, the WirtschaftsWoche criticized above all that the scan function was unreliable. Büchi points out that the app is constantly being improved. “A scan of the data of the employment tax statement is also part of it,” says the founder. Also added are functions such as the collective investment for spouses. Taxfix indicates that its users collect tax returns in excess of five million euros per week. For the electronic transmission of the tax return, the startup receives 35 euros provided that at least 50 euros are reimbursed.
Taxfix competes in Germany with established providers of control software such as Buhl and Lexware. There are also several start-ups on the market, including Wundertax. Competitor Pareton with Taxbutler, however, had to file for bankruptcy last year.
Also published on Medium.