US-based tech-powered tax platform April Tax Solutions has raised $10m from a seed funding round and has officially launched operations.
The round was led by Team8 and saw participation from NYCA Partners, Bolt by QUED, Treasury, iAngels and Euclidean Capital. Angel investors such as Jeff Cruttenden, Eli Broverman, Shai Wininger and Lowell Putnam also took part.
April is a tax platform that aims to simplify the filing process and integrates tax preparation into broader financial wellness. The company officially launched its operations recently in partnership with key financial institutions such as Propel.
April claims it has created a new standard for tax solutions by helping people take control of their taxes by using the latest in natural language processing and human-assisted AI. The company’s personalised engine offers taxpayers a quick, frictionless and cost-effective tax experience aimed at easing the tax process.
The company has said it is rolling out in the first half of this year to select customers of leading unnamed FinTech partners.
April added that it is ‘democratising the tax engine’ through modern APIs that enable developers to tap into and develop new solutions.
April co-founder Ben Borodach said, “The tax prep and filing process isn’t working for most Americans. Tax is a crucial asset or liability on the personal balance sheet of the American family that lacks visibility throughout the year. The reality for most Americans is that they will need to spend significant time and money just to understand their tax obligation. The time has come for a real-time, continuous, and integrated tax experience that helps taxpayers make more informed financial decisions while saving them time and money.
“The need to avoid overpayments is evident in the fact that roughly 60% of Americans can’t afford a $1,000 emergency expense. Giving Americans early access to their refund is one way April plans to help taxpayers have greater control of their finances and deal with surprises throughout the year.”
eToro co-founder Ronen Assia added, “The tax experience in America is broken: most people don’t understand the tax code or have any idea how to optimise their returns. April’s holistic, user-centric approach to taxes provides a fantastic opportunity for banks and FinTech companies to build equity with their members by simplifying tax prep and dramatically reducing tax-related stress.”
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Copyright © 2018 RegTech Analyst