FlyFin, a fintech startup based in India, has raised $8 million in seed and pre-series A funding to create an AI-powered tax engine for the self-employed and freelancers.
The funding round, which will allow FlyFin to accelerate its growth and boost product development, was led by Accel Partners with participation from Falcon Edge. Subrata Mitra, Partner at Accel, referred to the firm’s participation in the round by stating:
“We invested in FlyFin because of the strength of their product and high caliber of the team. Moreover, we believe that A.I. will revolutionize the individual tax preparation industry through automation, and FlyFin is best positioned to lead this disruption.”
FlyFin officially launched its platform earlier this year with the mission to automate the financial lives of millions of people in the United States. The startup does this by offering an AI tax engine able to identify tax deductions, generate tax reports, connect users with certified public accountants (CPA), and even provide tax auditing insurance. Jaideep Singh, CEO and Founder of FlyFin, said about how the funding will help the startup achieve its goal:
“This funding helps us scale the company to reach millions of freelancers. FlyFin’s app is a perfect match for mobile-first Gen Z and millennials, who are freelancers, self-employed, or have successful side-hustles. FlyFin’s ‘Man + Machine’ approach leverages the power of A.I. to eliminate 95% of the work that is then fortified with world-class CPA expertise. Our solution takes the confusion and anxiety out of tax preparation, replacing it with an easy-to-use, hassle-free, super affordable solution that works 24/7,”
According to Forbes, over 59 million Americans did freelance work over the past 12 months, a trend that is likely to continue over the next few years as remote working continues to grow in popularity. With the US 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 expenses related to tax filing, boosting the transition toward self-employment.