- The pandemic has led more and more Americans to start their own businesses.
- Jaideep Singh founded a software company called FlyFin which helps freelancers prepare their taxes.
- FlyFin has received $ 8 million in seed and pre-Series A funding from investors Accel and Falcon Edge.
Some people, especially those with families or independent businesses, spend days looking for receipts for tax season, making tax preparation a long and sometimes taxing experience.
That’s why, in 2020, Jaideep Singh founded FlyFin, an artificial intelligence-based tax preparation program for freelancers that helps people, as he puts it, “get over their finances.”
FlyFin is configured to connect to a person’s bank accounts, which allows the AI program to help users monitor certain expenses that can be deducted from their taxes, such as business expenses, mortgage interest, property taxes or whatever that might apply.
“For most individuals, the expenses are spread across multiple financial institutions. So we built an AI platform that can look at expenses, understand the individual, understand your profession, understand the independent population. as a whole and start categorization, ”Singh told Insider.
On Thursday, FlyFin announced $ 8 million in seed and pre-series A funding led by Accel Partners with participation from global asset management firm Falcon Edge.
Using FlyFin is a lot like a modern dating app, Singh explained, in that the user swipes right on expenses claimed as business expense or left on items for personal use.
“AI has its limits. If you go to a Starbucks and spend $ 12 for a cup of coffee, there’s no way for the AI to know whether or not it’s a business expense, ”Singh said.
The user may also not know how an expense should be classified. FlyFin has therefore provided its company with a Chartered Accountant Unit to assist it, which users can access through a subscription service.
Singh claims that FlyFin can do 95% of the tax preparation work for clients.
FlyFin, which was recently officially launched, is entering the market at a time when freelancers are on the rise. The pandemic has led more Americans to start their own businesses, with 4.3 million new business apps in the United States in 2020 and 3.8 million in October this year, according to US Census Bureau data.
“This is capital that has helped us launch the product we launched a week ago. We are looking to expand our service, improve our service,” he said, adding that the support will also help. the company to focus on Millennials and Gen Zers who are independent.