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Taxfix becomes a unicorn with $220 million in Series D

Taxfix, a mobile tax filing app from Berlin, raised $220 million in Series D funding in a round led by Teachers’ Venture Growth (TVG), propelling the company to unicorn status, its valuation surpassing now $1 billion.

In his announcement On Thursday (April 28), Taxfix said the funding would be used to continue its development, invest in its growth and hire more people. The company wants to hire more than 100 new employees in the first quarter of this year, looking to grow the team to more than 500 people.

Taxfix has reportedly rolled out a new addition to its product portfolio, allowing users to get half of their tax refund within one business day of filing their tax returns with the “Instant Refund” service. It has also deployed a dedicated version of its service to support retirees.

“We are incredibly proud to take the next step in our mission to help people overcome their fear of complex tax and financial issues with TVG, a long-term partner who shares our vision,” said Taxfix’s CEO. Martin Ott says in the ad.

Ott said the funding would help the company generate “rapid international growth” and expand the product offering to develop new financial services, adding that Taxfix had recently expanded into Spain.

“I am especially pleased that our team continues to grow, as this important milestone would not have been possible without the dedication and motivation of our very talented employees,” said Ott.

Last year, PYMNTS wrote that The Neat Company was considering day-to-day recordkeeping initiatives, seeking to streamline invoicing and facilitate digital payments with its NeatBooks and NeatInvoices solutions.

Read more: COVID-era SMB boom spurs company expansion into accounting and invoicing

“We serve both the emerging side hustle of COVID and businesses that have been around for many years,” CEO Garrett Baird told PYMNTS, adding that these things have a cloud-based, mobile-first capability that enables small business owners to organize records and gain information on the go with a mobile device.

“There’s been a COVID boom of new businesses being started with a new generation that’s mobile savvy,” Baird noted.

At the time, Baird said about 65% of sole traders and emerging small businesses used local spreadsheets to inform tax preparation, and the company found that most small business owners don’t see no benefit to bookkeeping beyond preparing figures for the tax return.

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NEW PYMNTS DATA: THE FUTURE OF BUSINESS SUPPLIER INNOVATION STUDY – APRIL 2022

Plastiq - The Future Of Business Payables Innovation: How New B2B Payment Options Can Transform The SMB Back Office - April 2022 - Find out how all-in-one payment solutions can help businesses streamline B2B transactions and eliminate transaction friction. AP and AR management

On: While more than half of SMBs believe an all-in-one payment platform can save them time and improve cash flow visibility, 56% believe the solution could be difficult to integrate with AP systems and existing ARs. The Future Of Business Payables innovation report, a collaboration between PYMNTS and Plastiq, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed customer expectations. SMEs and help sustain their activities.