VAT Recovery Company, VATBox Scores $24M in Financing

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 Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term 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.

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."