Founded in 2013, VATBox has been gaining traction with its automated technology solution for firms to recovery value added tax (TAX) on their international transfers. Gaining more fuel for its growth and providing investor interest in its business, VATBox has announced the closing of a $24 million financing round led by Israel-based Viola Private Equity. According to VATBox, the funds will be used to “further fuel VATBox’s aggressive growth plans, accelerating its expansion in the massive, growing market of VAT recovery and governance.”
Graduating from the Citibank’s Fintech Accelerator program in Israel in 2014, VATBox has been able to succeed in a short time in an area that many fintech startups struggle with in their early days; courting large corporations to become customers of its products. Among its current clients include multi-national firms Broadcom and 3M.
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The product works with firms connecting VATBox’s software to their invoice and payment reports. The solution then analyzes the data to perform automated reports of VAT expenses and refunds to calculate recovery rates. According to VATBox, the firm’s solution currently provides coverage of analyzing transactions for 40 countries around the world. As part of the new funding, VATBox expects to increase its coverage to existing countries.
Commenting about its investment, Sami Totah, partner at Israeli-based Viola Private Equity, commented, “VATBox’s fully automated solution offers more money back and the required governance to clients, solving a long-term pain around the complexity of dealing with VAT. The company’s track record with Fortune 500 clients provides significant market validation. We are excited to join forces with VATBox’s excellent team in building the category leader in the VAT recovery market.”