German Tax Filing App Taxfix Becomes a Unicorn With $220M in Series D

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

In its announcement Thursday (April 28), Taxfix said the funding would go towards furthering its development, investing in its growth and hiring more people. The firm wants to hire over 100 new employees in the first quarter this year, looking to grow the team to more than 500 people.

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

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

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

“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,” Ott said.

Last year, PYMNTS wrote that The Neat Company was looking into record-keeping initiatives for the current day, looking to streamline invoicing and facilitate digital payments with its NeatBooks and NeatInvoices solutions..

Read more: COVID-era SMB Boom Spurs Neat Company Expansion Into Bookkeeping and Invoicing

“We are serving both the COVID-emergent side hustles and businesses that have existed for many years,” CEO Garrett Baird told PYMNTS, adding that these things have cloud-based and mobile-first capability that allows small business owners to organize records and gain insights on the go with a mobile device.

“There has been a COVID boom of new business starts with a new generation who are mobile-savvy,” Baird noted.

At the time, Baird said around 65% of solopreneurs and emerging small businesses were using homegrown spreadsheets to inform tax preparation, and the company found that most small business owners don’t see a benefit to bookkeeping beyond preparing numbers for tax filing.