Taxfyle, an on-demand platform that matches individuals and businesses with licensed CPAs, is hiring more than 100 new employees at its Coconut Grove headquarters after raising $20 million from investors.
Miami's Fuel Venture Capital and Madrid-based IDC Ventures were the lead investors in the company's series B financing round. The capital will enable Taxfyle to double the platform's number of tax professionals and expand its 14,000-square-foot Miami office to accommodate new hires, co-founder and COO Michael Mouriz said.
The Covid-19 pandemic prompted individuals and accountants alike to seek out digital alternatives to face-to-face meetings, he said. That led to enormous growth for Taxfyle, which he said tripled its customers base in 2021.
"A lot of people predicted the industry would [go digital], but Covid sped up that transition," Mouriz said.
After completing a short onboarding, Taxfyle users are matched with a licensed accountant with the skill set needed to complete their tax returns. The platform provides a quote for that service before the user agrees, ensuring there will be no surprise costs at the end of the process, Mouriz said. Accounting firms can also use Taxfyle to outsource tax returns to other professionals during busy periods.
Taxfyle stands out from competitors like TurboTax – software that enables people to file their own returns – because it connects customers with experienced accountants. Businesses and people with complicated tax returns, such as independent contractors with multiple gigs, could be better served by trained tax professionals to ensure they submit error-free documents, Mouriz said.
Taxfyle, which currently partners with about 4,000 part-time and full-time tax professionals across the U.S., plans to increase that number to 8,000 after its series B raise.
"We're hiring everyone from accountants who are looking to work for a few hours on the weekends to earn some extra money to others who want to replace other forms of income by working for us full time," Mouriz said.
Taxfyle reports it has consistently grown 200% year-over-year since its founding in 2015. The venture has now raised $35 million in investor capital.
“The team at Taxfyle has been working diligently in capitalizing on the momentum gained after the prior round of funding," said Jeff Ransdell, managing director and founding partner of Fuel Venture Capital. "The application has changed the way CPAs gain new customers, and there is no going back."
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