- Taxfyle recently announced it raised $20 million in Series B funding. These are the details.
Taxfyle recently announced an oversubscribed $20 million Series B funding round led by Fuel Venture Capital and IDC Ventures. And 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 over $35 million since it first launched in Miami in 2015 and has consistently grown more than 200% year over year. 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. And 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.
The new APIs will enable partners to easily add tax prep to their current suite of services without significant overhead. And 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.
KEY QUOTES:
“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.”
– 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.”
– 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.”
– Bobby Atkienhead, Managing Partner and Co-Founder of IDC Ventures
