Taxfyle, an on-demand licensed accounting platform, has raised $4.1m in an oversubscribed Series A funding round.
The round, which was led by Rokk3r Fuel ExO and featured participation from Ocean Azul Partners, brings Taxfyle’s total funding to date to $7.3m. As part of the round, Rokk3r Fuel founder and managing director Jeff Ransdell, Ocean Azul Partners managing director Bill Pruitt, and former PricewaterhouseCoopers partner Dick Deas will join the Taxfyle Board of Directors.
Founded in 2015, Taxfyle matches and connects customers to licensed certified public accountants and IRS enrolled agents who perform tax and accounting work for them
Headquartered in Coral Gables, Florida, the company has amassed a user base of more than 40,000 taxpayers and 1,300 licensed professionals, covering all 50 states and Puerto Rico.
Earlier this year, Taxfyle developed a B2B solution called Worklayer, an enterprise solution that allows large professional services companies to catalogue services and intelligently route those services to their workforce on demand.
Worklayer enables CPA firms can scale their workforces as needed and earn additional revenue without the time-intensive task of recruiting, training new staff, and drafting long-term contracts according to the company.
Ricky Laviña, CEO and co-founder of Taxfyle, said: “Our mission is not only to modernize consumer tax prep, but to bring the future of work to professional accounting firms around the world. For tax professionals, Taxfyle and Worklayer offers the chance to set flexible work hours and adjust workload as needed while earning wages comparable to those paid by the leading accounting firms.”
Early users of the Worklayer platform include a Big Four accounting firm and the leading tax representation company in the U.S. Also in the B2B arena, Taxfyle offers Taxfyle Outsourcing, which enables CPA firms to assign tax work to 1,300 licensed CPAs and enrolled agents via the Taxfyle platform within as little as 90 seconds. On average, firms see 50 to 60 percent margins on deliverables such as tax returns and quarterly tax planning.
The new round of funding will enable Taxfyle to expand its platform, ramp up distribution of Worklayer (beginning with the 45,000 CPA firms in the U.S), and recruit additional marketing and sales staff.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
