Embedded AI tax platform april announced it has raised $38 million in Series B funding led by QED Investors, with participation from Nyca Partners and Team8, totaling $78 million.
Some of the key milestones include becoming the first in 15 years to achieve national e-file coverage in early 2024 via over 50 partners handling hundreds of thousands of returns, and tripling in size due to demand for embedded tax within financial institutions.
This season, april introduced pro-assisted and pro-led filing options, supporting a wider range of tax needs within partners’ platforms. Its AI infrastructure integrates federal and state filings, pre-fills forms with partner data, and reduces the median filing time to 22 minutes, compared to the IRS average of 13 hours. Refund deposit rates exceed 98%, highlighting the impact.
With infrastructure in place, april aims to offer connected tax software to help Americans forecast, optimize, and file taxes within major financial apps. It launched tools for paycheck withholding, quarterly payments, and is developing solutions for capital gains, retirement, and small business taxes.
These features address complex, high-impact tax scenarios that many platforms cannot handle. And april’s adaptable infrastructure benefits platforms and users. Partners like Carry use it for tax planning, and Gusto helps workers with variable income optimize withholdings, increasing take-home pay by over $1,200 annually. Embedding tax planning into financial apps creates new economic opportunities.
KEY QUOTES:
“Leveraging an AI assisted development process, we built a compliant, national e-file platform from the ground up and made it available inside the apps Americans already use to manage their money. Now we’re extending that foundation to address a much broader range of tax needs beyond filing.”
Ben Borodach, co-founder and CEO of april
“For too long, tax has been disconnected from clients’ primary financial relationships. april’s technology enables our partners to incorporate tax planning and filing as part of their broader offering to deliver truly holistic solutions. It puts them front and center in one of the most important, complex dynamics of Americans’ financial lives, and allows them to proactively surface opportunities and insights to help clients make the best possible decisions for their futures.”
Raj Doshi, april’s President and COO
“april has demonstrated strong execution in a historically complex space. It’s rare to see a company with the potential to reshape how millions of Americans interact with the tax system, while also powering the next generation of fintech and financial services innovation. As april succeeds in helping more people achieve net-neutral tax outcomes, the downstream effect is profound—not just for individuals, but for the broader economy.”
Adams Conrad, who led the round from QED Investors
