A Spanish FinTech startup, TaxDown, secured a sum of €2.4M in a seed round made public on March 12, 2021. Joining the closing seed round is US-based FJ Labs with contributions and support from its existing investors, Abac Nest, James Argalas (Presidio Union), Baldomero Falcones (previous chairman of MasterCard), and founders of Jobandtalent, Juan Urdiales, and Felipe Navio.
TaxDown specializes in the automation of income tax filings by solving regional settlements owed to users, so they do not need to navigate complicated tax policies themselves.
Purpose of the Investment
While TaxDown has been providing its services mainly to the Spanish population for the past three years, the startup is beginning to seek international expansion and recognition. The proceeds will also be used to grow its customer base in its primary market of Spain.
Trends and Founders’ Insights
The growth trajectory of TaxDown has been nothing short of impressive, having been officially established in just a few years. According to TaxDown, the startup managed over €29M worth of taxes and provided savings of more than €4M for its users. They currently have a goal to record 500,000 customers of its product this year and plan their international expansion to Latin American and other European markets in the second part of 2021.
In the words of Enrique Garcia (co-founder and CEO of TaxDown), “From the beginning, our ambition has been to help people fill in their taxes all over the world. That is why we developed our proprietary software/tax language that allows a tax expert with no coding capabilities to translate the tax law into calculation and logic that can be interpreted by our backend seamlessly. This tax language allowed us to launch in Spain in 4 months with only one tax consultant. We are confident that we can launch in a new country in only six months.”
Given the interpersonal relationship it is building with users, TaxDown sees potential to evolve its business model by expanding to offer additional fintech services, such as financial advice, in the future.
“Our vision goes far beyond income tax return preparation. We believe that tax data is becoming one of the most valuable data assets for people, and we want to assess our taxers based on the best and more qualitative information that we can get. Therefore, in the future, we want to be a trusted financial advisor not just for taxes but for personal finances too. We believe we are well-positioned to be an intermediary between our users and financial institutions.” adds Garcia
Company Profile
TaxDown has revolutionized tax advice by being one of the pioneers in digital service that lets users file income tax returns conveniently. It claims to guarantee the taxpayers the desired results. As they are the collaborator of the Tax Agency, taxpayers can present their income statements on their platform. Their digital and automatic solution maximizes savings. Founded on January 15, 2019, by Alvaro Falcones Muñoz, Enrique Garcia Moreno, and Joaquin Fernandez, TaxDown has its headquarters in Madrid, Spain, and has a current total funding amount of €3.3M in 3 rounds.
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[…] Spanish FinTech Startup, TaxDown, raises €2.4M to close its seed round […]
[…] Spanish FinTech Startup, TaxDown, raises €2.4M to close its seed round […]