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Embedded tax platform April raises $30 million from fintech veterans

Embedded tax platform April raises $30 million from fintech veterans

April, a personal income tax platform that embeds into digital financial apps, has raised $30 million in a Series A round of funding with backing from Treasury, a fintech infrastructure focused fund established by the founders of Betterment and Acorns.

In addition to Treasury, the round included participation from notable fintech investors such as QED, Nyca Partners, Team8, Euclidean Capital and Atento Capital. The company has raised $40M since its launch in January 2022.

Launched in the US at the beginning of 2022, April’s 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.

The Israeli company was co-founded 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 $1B in 2013, and who later served as a lead data scientist at Google in Israel.

Says 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.”

He says the firm will use the new funding to expand its R&D capabilities and increase operational capacity in preparation for next tax season.

Jeff Cruttenden, who led the round from Treasury and previously co-founded Acorns and Say Technologies, comments: “Tax is a logical extension of the modern consumer finance experience and April is well positioned to assist fintechs in bringing this capability to market/"

As part of the funding round, Lowell Putnam, a seasoned fintech infrastructure entrepreneur, will join April’s Board of Directors. Putnam was the founder of Quovo which later sold to Plaid.

“Lowell’s experience pioneering modern fintech infrastructure will be invaluable to guiding April into our next phase of growth”, says Borodach.

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