Taxfix, the automated tax accountant, raises $65 million

https://www.indexventures.com/perspectives/taxfix-automated-tax-accountant-raises-65-million/

Mathis Büchi says: ‘What drove us to start Taxfix was seeing how much money people are losing because they can’t face doing their tax returns. We wanted to have the biggest impact we could, and that meant going after a boring problem like taxes. We are not particularly passionate about taxes per se, but we care about helping people with things they really struggle with. Right now, with the financial pressure people are facing with Covid-19, it’s particularly important that people can easily claim back their tax refunds.’

Taxfix offers a well-designed mobile app that simulates a conversation with a friendly tax accountant. By making use of automation and dramatically reducing the complexity of the process, Taxfix cuts the average filing time from many hours to 22 minutes.

Taxfix’s algorithm asks around 70 simple, personalized questions from a pool of 3,000 questions, each tailored to the user’s circumstances. For example, if someone indicates that they don’t have children, all questions related to children will be excluded. At the end of the conversation, Taxfix tells you what refund you can expect and files the return directly with the government for a fee of €34.99 – which is waived if the expected return is less than €50.

Leave a Reply

Scroll to top