TaxBit raises $130 million in Series B round led by IVP and Insight Partners, valuation tops $1.3 billion.
Tax and accounting software provider, TaxBit, announced today via blog post a $130 Series B funding round. The company reports the funding has brought its total valuation to $1.33 billion. The round was led by IVP and Insight Partners also saw contributions from 9Yards Capital, Anthony Pompliano, Mardrona Venture Group, Sapphire Ventures, and Tiger Global. Additionally, General Partner at IVP, Tome Loverro, will join the TaxBit Board of Directors. PayPal and Coinbase are among past investors in TaxBit.
TaxBit says the injection of funds “scale its multi-channel ecosystem of tax and accounting offerings across enterprise, consumer, and government sectors.” The release adds that “the digital economy’s need for tax and accounting software grows with the industry as regulators require more formal reporting practices.”
The news comes on the heels of TaxBit’s record-breaking $100 million Series A funding round, earning them Unicorn status. Between then and now, TaxBit says its team has tripled in size and an office in Seattle has been opened. TaxBit says it plans to further grow its team and open multiple offices stateside and in Europe.
Vice President of Marketing at TaxBit, Michelle O’Connor, told BeInCrypto, “It’s been an incredible five months since our Series A, we’ve tripled our headcount, opened HQ2, and are in the process of launching internationally with the UK being on the horizon and other jurisdictions to follow shortly thereafter.” O’Connor went on to talk about TaxBit’s future, stating: “We plan to double headcount by end of the year and expand our US presence as well. We have dozens of financial institutions implementing our software and will be announcing those in the coming months.”
TaxBit partners with FTX US
On the business end, the company continues to work with the Internal Revenue Service (IRS) to explore tax and accounting solutions for the digital economy. TaxBit adds that it will be announcing dozens of new platforms that will be deploying TaxBit’s Tax Center Suite for the 2021 tax season.
In addition to the funding announcement, TaxBit also announced a partnership with cryptocurrency exchange FTX US to help users file taxes easier. CEO of FTX Sam Bankman-Fried said of the new collaboration, “FTX US is excited to partner with TaxBit in bringing a world-class tax experience directly to our platform. FTX US users will have access to portfolio performance statements, tax optimization tools, and year-end tax forms that make it easy for users to report and file their taxes. TaxBit’s technology supports FTX’s commitment to compliance while focusing on the customer experience.”
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