Taxfyle Receives $2 Million in Financing

Taxfyle has closed a $2 million seed financing round from new investors, Jeff Ransdell Group and Jonas Tempel of Beatport, along with support from existing investors. The new funding will help Taxfyle, a secure on-demand tax and accounting marketplace, continue to scale its marketplace to address growing demand for fast, easy and affordable accounting services, including the millions of consumers and businesses who have complex returns.

Founded in August 2015, today Taxfyle is the top featured tax app in the App Store that is turning the current accounting and tax industry on its head by connecting consumers and SMBs directly with Certified Public Accountants (CPAs) and Enrolled Agents (EAs) over a mobile and web-based platform. Taxfyle eliminates the inefficiencies of brick and mortar shops and leverages the economies of its 700+ licensed tax professional freelancers network. What you’re left with is a premium, efficient service for small businesses and individuals without a premium price tag.

“Taxfyle is solving a problem that directly impacts every person and small business here in the U.S. as well as expatriates abroad,” said Jeff Ransdell, investor and Managing Director of Rokk3r Fuel a Miami based venture capital firm. “This creates an immense market opportunity for a company like Taxfyle that can turn tax filing into something as simple as booking an Airbnb. With a team led by smart executives from the world’s top financial institutions, the company’s model has already made a massive impact on how tax returns are being filed and will continue to impact the future of accounting.”

For tax professionals, Taxfyle offers the chance to not only set their own hours and expand their client base, but also gives them the potential to earn a higher effective hourly rate than they do working for a traditional firm. Accountants, although considered to be well compensated as a profession, work long hours, often between 80-100 hours per week during tax season. Taxfyle gives CPAs and EAs the opportunity to participate in the gig economy: to build their own business or earn extra money by taking on accounting gigs on their own time.

“We started Taxfyle because we saw an entire segment of the population that needed expert tax services, but didn’t have the resources or time to hire a top-notch CPA or accounting firm, ” said Richard Lavina, CEO and founder of Taxfyle. “For years, consumers and small businesses have been struggling with retail accounting services with limited expertise or have tried to do it themselves, while likely leaving hundreds or thousands of dollars on the table. Taxfyle’s certified tax professionals have on average 14 years of experience and in about 24 hours can complete your return, at 40 percent less than typical brick and mortars.”

Taxfyle simplifies taxes by providing online and mobile access, instantaneous quotes, in-app messaging and the unparalleled flexibility other methods lack. This new round of funding will help Taxfyle expand their platform, and provide more people with the tax expertise that they sorely need.

The round of financing continues an amazing 18 months of adoption, growth and momentum for Taxfyle.

In January, Taxfyle partnered with TaxAct, leading provider of technology-enabled financial solutions to consumers, small businesses and tax professionals. Through the partnership, Taxfyle is able to service more complex filers through direct access to CPAs and EAs with high quality, affordable tax solutions.
In early 2017, Taxfyle launched 2.0 of its app to provide a full-service web platform and extensive mobile capabilities including Apple Pay, Touch ID and direct integrations with top financial institutions, including Fidelity, Bank of America, E*Trade, TD Bank, Capital One Investing, Scottrade, Charles Schwab, Chase, Merrill Lynch and American Express.
Despite launching its first mobile app in the App Store late in the 2015 tax filing season, Taxfyle has already tens of thousands of users for personal taxes and SMB tax work, making it the top-ranked app in the Tax Category in the App Store.
Taxfyle has grown to more than 700 certified tax professionals who love the additional income and work-life flexibility they can earn through an on-demand marketplace.
The company has signed marketing agreements with TaxAct, Postmates and Albert, to name a few, in its efforts to bring simple, on-demand expert accounting services to people who provide sharing economy services like hosting, car sharing, home/office delivery and other freelance services.

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