April Tax Solutions Inc, an Israeli fintech startup offering a personal income tax platform that embeds into digital financial apps, raised $30 million in a Series A round of funding. The company is called April because it helps Americans with their taxes and in the U.S. tax day is April 15.
If you have ever lived in America around that time of year then you would have seen how the country is barraged by television commercials offering a variety of tax processing services. Websites, accountants, and just about anyone who can help with your tax returns advertises everywhere and anywhere in the month of April. And many of the services offered are specifically for people who procrastinated and now need to rush to get their taxes done on time.
April Tax Solutions was co-founded in 2021 by Ben Borodach, a former Deloitte fintech strategist who led corporate strategy for venture group Team8, and Daniel Marcous, the former CTO of the navigation startup Waze, which sold to Google for $1 billion in 2013, who later served as a lead data scientist at Google in Israel. Borodach and Marcous met through Team8 where they incubated the company.
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Launched at the beginning of 2022, April Tax Solutions served thousands of American taxpayers through partnerships with several financial institutions. Propel, a mission-driven fintech company, used April’s tax platform to help its members file quickly and access their tax refunds. It took April users an average of 15 minutes to file their tax information, with 90% filing on mobile devices.
April Tax Solutions boasts that its tax engine enables fintechs to perform tax calculations throughout the year, as data emerges. By embedding directly into a user’s banking app or website, April is able to proactively fill most information needed for tax filing, saving users time and money without adding on extra costs throughout the process.
“April’s main goal is to empower the taxpayer,” said Borodach. “By embedding tax into the banking and financial apps that folks are already using, we can drastically reduce the tension of tax filing, helping American taxpayers avoid overpayments and attain a better grasp on their overall financial picture, with the full power of the tax code at their disposal.”