Taxfix has joined Europe’s unicorn stable as VC capital continues to flow into fintech startups. The $220 million Series D values the company at over $1 billion and was led by Teachers’ Venture Growth, the VC and growth equity unit of the Ontario Teachers’ Pension Plan. Existing backers Index Ventures, Valar Ventures, Creandum and Redalpine also participated in the funding. European venture investments in fintech had a strong start to the year following a record 2021, with Q1 registering as one of the sector’s best quarters to date, according to PitchBook data. In the first three months of the year, startups in the space raised €7.9 (around $8.3 billion) across 286 deals.
Taxfix’s Series D adds to a slew of VC mega-deals—defined as rounds over $100 million—that have already been completed in the region this year. In January, London-based payments specialist Checkout.com raised $1 billion, more than doubling its valuation to $40 billion from its Series C a year before. Other notable deals include French challenger bank Qonto’s €486 million Series D and Italian buy now, pay later startup Scalapay’s $497 million round. Based in Berlin, Taxfix enables users to submit tax returns via app or web and is currently active in Germany, Italy and Spain. With the fresh capital, it plans to enter new markets, and added more than 100 new employees in Q1 alone. Taxfix is also launching a new product that allows users to receive half of their tax refund within one business day of filing their return.