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TaxBit Raises $130M Series B at $1.33B Valuation
It's the second major funding round for the tax software firm this year.
By Danny Nelson
Updated May 9, 2023, 3:22 a.m. Published Aug 12, 2021, 2:21 p.m.
Crypto tax software firm TaxBit restocked its war chest Thursday with a $130 million Series B that valued the startup at $1.33 billion.
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IVP and Insight Partners led the round just five months after TaxBit’s Utah-based team raised its first $100 million from Tiger Global, Paradigm and other VCs, most of whom joined in the Series B.
Since then, the startup, which provides reporting software to the Internal Revenue Service (IRS) and a bevy of institutional clients, has grown headcount to 120 and added a second homebase in Seattle. It also announced Thursday that Sam Bankman-Fried's FTX.US will team up with the service.
“Dozens of financial institutions are coming to TaxBit platform,” CEO Austin Woodward told CoinDesk. “So we’re staying busy.”
Read more: IRS Taps TaxBit to Audit Bulk Crypto Transactions
The fresh funding comes as the crypto industry faces a clouded regulatory future. Even so, one thing seems clear: More taxes, and with it more reporting requirements, are almost certainly on the way.
“We’ve been anticipating regulation on the information reporting front for years,” Woodward said. He said TaxBit has been building its tech platforms accordingly. “We’re at the forefront here, proactively getting ahead of this.”
TaxBit intends to continue investing in a global product line with a special focus on the U.K., EU and Canadian markets, Woodward said. The firm is also eyeing tax reporting opportunities beyond just crypto; Woodward said the platform now supports commodities and equities too.
“This is an opportunity that expands well beyond cryptocurrency,” he said.
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