Fiscozen, a Milan-based startup, is on a mission to reduce tax red tape in Italy to become the go-to option for SMEs. The fintech startup has received €8 million Series A fundraising round.
Keen Venture Partners led the €8 million Series A fundraising round, with support from previous investor United Ventures. In 2020, Fiscozen secures €3 million in a seed round.
The startup’s tested product is scheduled to go on sale in 2023.
Taking on bureaucracy and challenging tax laws is a significant challenge. It involves negotiating a challenging world of compliance, red tape, and regulation, and it gives SMEs quite a headache every single year.
Small business owners in Italy are currently subject to up to 200 various kinds of requirements and deadlines in the areas of privacy, security, reporting, and taxes in a given year. It’s something that just doesn’t work for business and consumes time and money that could be better spent.
Fiscozen is on a mission to reduce tax red tape in Italy and become the go-to supplier of tax advising software for 3 million Italian SMEs to address this issue. The business is now prepared to get started after securing a new investment.
The lives of humans must be improved through technology, according to Enrico Mattiazzi and Vito Lomele. To assist entrepreneurs in completing their projects successfully, we strive to reduce red tape. By doing this, we help Italy become a productive and prosperous country that honors individual talent and initiative.
Fiscozen seeks to improve the lives of SMEs. This set of business owners is currently subject to tax laws that are equally as complicated and time-consuming as those that apply to larger organizations, notwithstanding resource-related challenges. This scenario isn’t beneficial to anyone.
By giving SMEs the ability to complete tax reports and electronic invoicing with only a few clicks, the Milan-based startup hopes to solve the issue. Additionally, the platform offers access to consultants who can offer an immediate explanation as needed, as well as a dashboard that provides visibility into upcoming tax responsibilities and deadlines.
Fiscozen will introduce an upscale product in January that will enable them to serve three out of the five million Italian firms – from lawyers to craftspeople to small business owners – in the ordinary tax system. The solution was initially tested on a market of 100,000 digital freelancers.
“We’re very excited by what the team has accomplished to date and are equally happy to support the company’s future course,” says Paolo Gesess, partner at United Ventures.
With this additional finance, Fiscozen intends to grow its workforce even more and introduce more high-end items. Fiscozen is already making headway on its aim, having increased its staff and attracting thousands of clients thus far. As the year goes on, we’ll be monitoring to see how things develop.
We’re thrilled to support Enrico, Vito, and the Fiscozen team on their objective, said Briehan Burke, a partner at Keen. We think this amazing team has what it takes to become a market leader and revolutionize how taxes are handled in Italy since they have a great go-to-market strategy and a clear objective to reduce red tape for Italian SMEs.
Image Credit: Fiscozen
