April 15, 2024

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Startup Fonoa Raises $25M for Tax Automation

Dublin-based tax automation startup Fonoa has raised $25 million in a funding round, which the company plans to use to expand businesses’ tax compliance, according to a company blog post Monday (Nov. 22).

Fonoa’s services offer an application programming interface (API) that lets companies analyze whether customers and suppliers are taxable. It then works to determine and calculate what taxes apply to their transactions, and reports those to the relevant authorities.

The platform verifies buyers’ and sellers’ tax statuses and calculates the correct taxes, making a locally-compliant invoice after a transaction takes place, and it also allows for automatic reporting in real-time.

In the blog post, CEO Davor Tremac said that the new funding will go toward new hiring and international expansions.

“In the digital world, businesses and customers transact on a global scale,” Tremac said in a press release. “Country borders are no longer a limiting factor, and technology drives global trade at an ever-increasing speed.

“Combined with the increased scrutiny by regulators, dealing with tax matters in a more automated and trusted way has become an ever-more pressing issue. We built a one-stop solution that handles the complexities of tax globally, allowing digital businesses to focus on growing their core business.”

Among the participants in the round were Index Ventures, OMERS Ventures, FJ Labs, Moving Capital and numerous angel investors.

In other tax reporting news, PYMNTS writes that Invoiced has added a new feature for Advanced Reporting in its Invoiced A/R Cloud.

See also: Invoiced Adds AR Advanced Reporting Module 

Invoiced, which provides accounts receivable (AR) performance reports and tax and sales summaries, will use Advanced Reporting to let finance and accounting teams answer questions about AR.

The solution will then let customers build datasets, generate reports with various filter options and utilize custom queries.

The Invoiced AR intelligence capabilities allow for several pre-built reports, along with cash forecasting possibilities. Company co-founder Jared King said the idea behind the improvements was to keep up with businesses’ changing reporting needs as AR develops.

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NEW PYMNTS DATA: THE 2021 HOLIDAY SHOPPING OUTLOOK

About: It’s almost go time for the holiday shopping season, and nearly 90% of U.S. consumers plan to make at least some of their purchases online — 13% more than did in 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed more than 3,600 consumers to learn what is driving online sales this holiday season and the impact of product availability and personalized rewards on merchant preference.

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