Gathering documents for the tax return – this is what the leisure activity of many working people looks like from March. Anyone who has a tax advisor can count themselves lucky. Because most law firms do not take on new customers because they are overworked – there is a lack of specialists, and at the same time the mountain of additional tasks is growing, for example due to the new property tax reform that many property owners now want to apply for.
What tax offices and auditors need above all are digital solutions that relieve them. The Austrian startup Finmatics wants to do just that: to automate time-consuming accounting processes with AI-supported software. Your tool can be integrated into existing accounting systems such as Datev and SAP and independently handles previously manual hard work, such as typing or scanning receipts.
For their expansion, the founders Christoph Prieler and Patrick Sagmeister have just collected six million euros from investors in their Series A financing. The round was led by Luxembourg venture capitalist Mangrove Capital Partners. In addition, the existing investor eQventure from Graz increased its stake in the startup.
Sales increased by 300 percent
The founders want to use the money to drive their growth in Germany, expand their team at the Vienna and Berlin locations and further develop their product. The Austrians currently employ around 100 people. The fintech plans to gain a foothold in other European countries next year. According to the company, more than 900 tax consulting firms and over 50,000 companies use the accounting software from Finmatics to date, including representatives of the world‘s largest auditing companies such as KPMG and Deloitte. The startup claims to have increased its total sales in 2022 by more than 300 percent compared to the previous year.
Read the pitch deck here, with which the Finmatics founders secured a round of six million. You will also find other exciting presentations on our pitch deck topic page.