TaxDown Raises Over 2.4 Million In Seed Funding, Plans To Enter New Markets

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Here is our recent interview with Enrique García, CEO & Co-Founder of TaxDown:

Q: Could you provide our readers with a brief introduction to TaxDown?

A: TaxDown is the first Spanish online tool that allows taxpayers to file their income tax return in a simple, fast and reliable way, ensuring that all the tax deductions to which the taxpayer is entitled will be applied and thus ensuring maximum savings in the income tax return. TaxDown arises in response to a need: making sure that all tax returns are filed correctly, achieving the maximum savings for the taxpayers.

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Q: What are the biggest benefits of your platform for taxpayers?

A: Our biggest benefit is that we help our ‘taxers’ with the tedious process of tax filing. To date, our company has achieved the national record for a private company on number of tax returns filed. Last year, we managed over €29m in taxes for their ‘taxers’, saving them over €4 million.

We have developed an algorithm that imports the user’s data directly into the Tax Agency’s website (as social collaborators of the AEAT) and, after an average of 9 personalized questions, automatically applies all the deductions to which the taxpayer is entitled, automatically optimizing the return and maximizing savings, while ensuring 100% of avoiding possible errors in the return. Any taxpayer can simulate their tax return for free and check if our platform improves the result offered by the Spanish Treasury tool.

Q: Who are mostly your users?

A: All taxpayers who want to file their income tax return in a safe, simple and agile way and with the certainty that all the reductions that apply to them are applied.

Our tool is especially useful for those taxpayers filling their reports for the first time, foreign people living in Spain, or people whose fiscal situation has changed over the last year (new parent, people who just bought a home, etc).

Q: You’ve recently raised €2.4 Million in Seed funding; can you tell us something more?

A: FJ Labs, with a portfolio of companies including Uber, Alibaba and Dropbox, has joined our investment board. Also, our results have encouraged all previous investors to increase their stake in the company. The list of investors include: US’ James Argalas (Presidio Union), Abac Nest, Abac’s venture capital business, Baldomero Falcones, the former Chairman at Mastercard, and the founders of the Spanish tech Company Jobandtalent, Juan Urdiales and Felipe Navío.

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Q: What is your next step? Do you have some plans?

A: Our current goal is to consolidate our position as the leading solution in Spain for filing tax returns, reaching 500,000 users, and to continue developing technological solutions to improve our service. Furthermore, we are preparing to enter new markets during the third quarter of the year to expand our services.

Last Updated on May 22, 2021