Tax app provider Taxfix has raised $220 million in series D funding to drive growth and product portfolio expansion.
The fintech, based in Berlin, Germany, has achieved unicorn status with a total valuation of more than $1 billion.
The funding comes after Taxfix achieved “strong revenue figures” and reached the milestone of more than €1 billion in tax refunds returned to users of its smartphone- and web-based tax management app in October last year.
Taxfix has also hired more than 100 new employees in Q1 2022 to bring its total team size to 500+ people.
The fintech has kicked off its product portfolio expansion with the launch of a dedicated version of its service to support pensioners, as well as a free service, called Instant Refund, that enables users to receive half of their tax refund within one business day of filing their tax return.
Teachers’ Venture Growth (TVG), part of the Ontario Teachers’ Pension Plan Board, led the series D funding round, with participation from existing investors Index Ventures, Valar Ventures, Creandum and Redalpine.
Taxfix chief executive officer Martin Ott commented: “With this funding, we will continue to drive rapid international growth and the expansion of our product offering to develop additional financial services.”
“In addition to doubling revenue in the first quarter of this year, we expanded into Spain, another important European market. I am particularly pleased that our team continues to grow—because this momentous landmark would not have been possible without the dedication and motivation of our very talented employees.”
Avid Larizadeh Duggan, managing director for Europe, the Middle East and Africa at TVG, will join the Taxfix board.
Duggan said: “We were quickly won over by Taxfix, the team and the vision behind the company and its products. Similar to Taxfix, Ontario Teachers’ is mission-driven and here to provide people with a secure and stable future.”
“It is exciting and inspiring to meet a team with bold ambitions and shared values, building a product that can be used by millions of people to improve their financial wellbeing. We are very much looking forward to working with Martin and Taxfix on fulfilling their vision and making it easy, affordable and anxiety free for anyone to file their taxes and manage their finances.”