April, a personal income tax platform embedded in digital finance apps, successfully raised $30 million in a Series A funding round backed by Treasury, a fintech infrastructure-focused fund, and QED, Nyca Partners, Team8, Euclidean Capital, and Atento Capital. The US company, co-founded by Ben Borodach and Daniel Marcous, has raised $40 million since its inception in January 2022.
The April tax engine, launched in the U.S. in early 2022, allows fintechs to perform tax calculations throughout the year as data becomes available. By embedding it directly into a user’s banking app or website, April can proactively populate most of the information required for tax filing, saving users time and money.
The company was co-founded by Ben Borodach, a former Deloitte fintech strategist who led corporate strategy for venture group Team8, and Daniel Marcous, the former CTO of navigation startup Waze, which was sold to Google for $1 billion in 2013 and later served as Google’s chief data scientist in Israel.
“By embedding taxes into the banking and finance apps people already use, we can dramatically reduce the tension of filing taxes and help American taxpayers avoid overpayments and gain a better understanding of their entire financial picture, with the full power of the tax code at their fingertips.”–Ben Borodach
He says the company will use the new funding to expand its R & D capabilities and increase operational capacity in preparation for the next tax season.
Jeff Cruttenden, who led the round from Treasury and previously co-founded Acorns and Say Technologies, comments, “Tax is a logical extension of the modern consumer finance experience, and April is well-positioned to help fintechs bring that capability to market. “