SAN JOSE, California, December 9, 2021 / PRNewswire / – FlyEnd, a financial technology provider, announced that it had raised $ 8 million total in a seed and pre-A series round. Its namesake offering, FlyFin, is the first AI-based tax engine that combines the human expertise of CPAs to deliver a cutting-edge, primarily mobile solution, for the preparation and declaration of income tax returns for individuals and the self-employed. Accel Partners led the round, with participation from Falcon Edge. The company will use the funds to accelerate its growth and enhance product development.
FlyFin aims to disrupt the $ 23 billion U.S. tax preparation market The pandemic has continuously modified companies adapting to remote work, accelerating their plans to hire more freelancers. With 70 million freelancers, the American market is expected to reach 86.5 million self-employed over the next five years. By 2027, the self-employed will represent about 51% of the total U.S. workforce.
“We invested in FlyFin because of the strength of their product and the high caliber of the team. Additionally, we believe AI will revolutionize the tax preparation industry through automation, and FlyFin is uniquely positioned to lead this disruption, ”said Subrata Mitra, Partner at Accel.
“This funding helps us scale the business to reach millions of freelancers. FlyFin’s app is ideally suited for Gen Z and Millennials, who are self-employed, self-employed, or in business. successful parallels. FlyFin’s ‘Man + Machine’ approach harnesses the power of AI to eliminate 95% of the work which is then empowered by world-class CPA expertise. Our solution eliminates the confusion and anxiety associated with tax preparation, replacing it with a super affordable solution that works 24/7, ”said Jaideep Singh, CEO and founder of FlyFin.
FlyFin squarely tackles the issues that self-employed and freelancers have with tax return preparation, including uncertainties in accounting and tax reporting, knowing which deductions are allowable, and meeting deadlines to avoid tax deductions. tax penalties. FlyFin’s SaaS platform uses AI to analyze expense accounts and find all possible tax deductions. Users have access to the expertise of the field of CPAs, who review each individual’s tax information and provide expert help to maximize savings. Users can file their taxes with FlyFin’s CPAs, which provide 100% accurate tax review and preparation, or they can export their data in an IRS-ready format.
“FlyFin is led by a strong team of experienced and successful entrepreneurs in the fields of AI and research. Jaideep’s proven track record has created more than $ 3 billion in value for companies. In 2007, he co-founded Spock, the industry’s leading people search engine and one of the early adopters of AI, which has listed over 250 million people, ”said David stern, FlyFin advisor and Clearstone Venture Partner. “The total addressable market for the preparation of personal income tax returns is worth $ 100 billion globally, and FlyFin brings a better mousetrap to confuse old school incumbents. ”
FlyEnd is an AI-powered SaaS platform that provides freelancers, freelancers, free agents in the creator economy or the passion economy with a practical, easy-to-use and affordable answer to maximize their spend deductible and manage their tax returns. FlyFin’s “Man + Machine” approach harnesses the power of AI to eliminate 95% of the work associated with CPA expertise. Situated at San jose, california, FlyFin is a private company funded by venture capital.