FlyFin, an India-based fintech startup, has raised $ 8 million in seed and pre-series A funding to create an AI-powered tax engine for the self-employed and the self-employed.
The funding round, which will allow FlyFin to accelerate its growth and drive product development, was led by Accel Partners with participation from Falcon Edge. Subrata Mitra, partner at Accel, spoke of the firm’s participation in the tour, saying:
“We invested in FlyFin because of the strength of their product and the high caliber of the team. Additionally, we believe AI will revolutionize the tax preparation industry through automation, and FlyFin is uniquely positioned to lead this disruption. “
FlyFin officially launched its platform earlier this year with a mission to automate the financial lives of millions of people in the United States. The startup does this by offering an AI tax engine that can identify tax deductions, generate tax reports, connect users to Certified Public Accountants (CPAs), and even provide tax audit assurance. Jaideep Singh, CEO and Founder of FlyFin, explained how the funding will help the startup achieve its goal:
“This funding helps us scale the business to reach millions of freelancers. FlyFin’s app is ideally suited for Gen Z and Millennials, who are self-employed, self-employed or otherwise successful. FlyFin’s “Man + Machine” approach harnesses the power of AI to eliminate 95% of the work which is then bolstered by world-class CPA expertise. Our solution eliminates the confusion and anxiety associated with tax preparation, replacing it with an easy-to-use, hassle-free and highly affordable solution that works 24/7, ”
According to Forbes, more than 59 million Americans have worked freelance in the past 12 months, a trend that is expected to continue over the next few years as remote working continues to gain in popularity. With the U.S. tax system being one of the most complicated in the world, FlyFin believes it can help millions of freelancers improve their finances while reducing the hassle and expense of filing income tax, thereby helping the transition to income tax. self-employment.