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Fonoa, a tax automation service focused on the Internet economy, raises $ 25 million – Tech.eu

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Dublin-based API’s first global tax automation service, Fonoa, has raised $ 25 million to support its ambition to add more than 40 countries to its compliance list within the next 43 days. In addition, this capital promotes international expansion goals and job creation across all areas of business.

If the pandemic showed us nothing else (is it showing?), Global commerce stays here. It may be great for digital-first businesses, but it’s not very good for accounting because you need to understand, manage, and comply with your global tax obligations. What applies to sales in one country may not be the same in another. Move it to another continent. That way, you’re probably dealing with a completely different set of rules. There are few existing automation options and a lot of manual work is spent on the process.

And you know that the government isn’t going to shift their tax explanations to fit the economy right away. To serve people, right?

It has helped Fonoa intervene to help marketplaces, digital service providers, micromobility operators, gig economy platforms, and subscription-based companies manage compliance, automating cost and labor-intensive processes. A place to transform into a seamless process.

In the digital world, businesses and customers trade on a global scale. Borders are no longer a limiting factor, and technology is driving world trade at an ever-accelerating rate, explains CEO and co-founder Davor Tremac (formerly uber). Addressing tax issues in a more automated and reliable way, coupled with increased regulatory oversight, has become an even more pressing issue. We have built a one-stop solution to handle tax complexity globally, allowing digital businesses to focus on the growth of their core business.

The Fonoas service has built-in tax compliance in more than 100 countries, and the client list includes big names like Lime, GoStudent, Teachable, Uber, Zoom, and relatively plugs into existing workflows. I’m using a simple API solution. In the background, Fonoa checks the tax status of buyers and sellers, calculates the correct tax to charge, and outputs a locally compliant invoice after sale. Currently, the company sees more than 300 million tax transactions passing through the door annually.

Funding for Fonoas was provided by Index Ventures, OMERS Ventures, FJ Labs and Moving Capital. Angel investors include Gautam Gupta (former COO and CFO of Opendoor and Uber), Kevin Hartz (founder of Eventbrite), Prabir Adarkar (CFO of Doordash), Carlos Gonzalez-Cadenas (former COO of GoCardless), and Allison Barr. Includes Allen (Fast COO). ), others.

Index Ventures Hannah Seal commented on the investment, and the Fonoa team identified and resolved the company’s true problems with products that allow companies to seamlessly manage their tax obligations through a single API. bottom. While modern payment solutions come in all categories, the innovation and capabilities of software solutions in tax affairs are far from the same standard. Fonoa plans to change it all.

Sources

1/ https://Google.com/

2/ https://tech.eu/brief/internet-economy-focused-tax-automation-service-fonoa-raises-25-million/

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