Fonoa raises $60m amid soaring demand for tax automation

By Daniel Lanyon on Monday 25 July 2022

Alternative LendingDigital BankingSavings and Investment

Despite a slow down in venture funding to larger scale fintech startups, Dublin based Fonoa has landed its second round of funding in six months.

Fonoa raises $60m amid soaring demand for tax automation
Image source: Pexels/Nataliya Vaitkevich

Fonoa, a tax automation platform, has raised $60m in its Series B funding round. 

Investors in the round, which Coatue led, include prominent fintech investors such as Dawn Capital, Index Ventures, OMERS Ventures, FJ Labs and Moving Capital.

In comes just six months after the company, which counts Uber, Zoom and as customers raised a $20m Series A round,

Fonoa says its revenue increased seven times in 2021 with a further doubling in size by the end of 2022 expected as it expands its international reach.

Riding a wave of booming ecommerce since the onset of the pandemic, Fonoa offers companies an automated solution via single API integration helping businesses simplify and lower the cost of paying taxes. 

Fonoa was founded by three Uber alumni - Davor Tremac, Filip Sturman, Ivan Ivankovic - who experienced first-hand how difficult it is to correctly calculate and report taxes to authorities throughout the world. 

The company has increased its headcount by five times in the past 12 months and now counts 110 employees across 20 countries. It expects this figure to double again in 2022 with a focus on engineering and sales roles.

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