Spanish start Tax DiscountCreator of an online platform to facilitate preparation of income statements It is signing off on a new round of funding, which already has over one million users and is the fourth in four years to bolster its growth plans.
Platform fintech managed to raise new financing of 5.8 million euros, With an operation signed at the end of January, in which all existing shareholders participate, and which will serve to enter media groups as new partners. Mediaset (owner of Telecinco and Cuatro) and Atresmedia (Antena 3 and LaSexta)According to Álvaro Falcones, co-founder and CEO of the platform, to EL PERIÓDICO DE ESPAÑA from the Prensa Ibérica group.
The television groups entered the funding round with convertibles that are expected to turn into stockholders next year. This public company National Innovation Company (Enisa) It has also secured a €300,000 contributor loan, and the venture is negotiating another loan with the state firm to support its expansion.
They joined the operation to reinforce their commitment to TaxDown with new contributions. JME Ventures fund and Silicon Valley Base10 fund created by Acciona president José Manuel Entrecanales It specializes in unicorns from the USA and Latin America. Baldomero Falcones (former chairman of FCC and Mastercard); Juan Urdiales and Felipe Navio, founders of the Jobandtalent initiative; FJ Labs and Abac Nest funds; and investor James Argalas.
This is the fourth round of funding since the company was founded four years ago by three thirty-year-olds with consulting experience after working at Silicon Valley companies: Álvaro Falcones, co-CEO and product manager; Enrique García, co-CEO; and Joaquín Fernández (director of technology). In four rounds, the company raised 14 million euros, the last two have the highest volume (5.5 million in 2022 and 5.8 million this year). The three founders own a 50% stake in the capital, and some of the group’s staff control the other 10%.
Goal: 2 million emotes
TaxDown launched in 2019 digital platform that facilitates income statement and Optimize your final result by searching with own algorithm all state and territory deductions and allowances which is not included by default in the Tax Office draft prepared by the PADRE program, which is available to every taxpayer. the company boasts Save an average of 450 Euros to your users at the end of your statement.
TaxDown made nearly 200,000 returns online in 2021, just over a million last year, and The target of the Income campaign, which will start next month, is to reach two million returns. The group assures users it has saved 50 million Euros since its inception and expects to save another 25 million Euros this year. “It’s not about doing tax engineering, it’s about helping families who need that money automatically get deductions that the Tax Office didn’t apply in their draft. It is money that belongs to the people,” explains Álvaro Falcones.
The group’s growth plans include strengthening its expansion in Spain and promoting its internationalization. The group plans to take advantage of alliances with banks in the Spanish market that offer their products to their customers, and large companies that offer income tax services to benefit their employees, and will also favor the prize. tax advisory contracts that initiate insurance groups for their clients. Last year, TaxDown took its first step towards internationalization. The company opened in Mexico and the target is to land in Brazil at the end of this year or at the beginning of next year.
“We are not seeking rapid expansion and penetration into many countries. “We will grow, but calmly,” says the co-CEO, who believes the financial distress caused by the fall of Silicon Valley Bank and Credit Suisse will reinforce “a paradigm shift for startups.” know that only growth dominates, but efficiency”. “They’re going to ask us if every step is well-measured,” Falcones says.
Tax advice all year round
TaxDown has changed its business model. Its main product remains the preparation of the income statement, but it is no longer the only product. Now ‘fintech’ also offers products and services for tax advice and execution of procedures throughout the year. Registered users pay an annual fee of between 35 and 199 Euros, depending on their financial profile and the complexity of their transactions and assets.
Last year, the group launched an ad campaign starring sports journalist Josep Pedrerol, and the company talks about: ‘Pedrol effect’ to explain some of its growth). This year, the TV host will repeat the company’s image in a new ad campaign alongside tiktoker Daniel Fez.
This year, TaxDown plans to get ahead of the Tax Office and will give users the opportunity to file a return 20 days before the official start of the Income campaign on April 11.