FlyFin Raises $8 Million in Funding to Scale First AI Tax Engine for Freelancers and Self-Employed
FlyFin, a fintech provider, announced that it raised $8 million total in a seed and pre-Series A round. Its namesake offering, FlyFin is the first AI-powered tax engine that combines the human expertise of CPAs to deliver a cutting-edge, mobile-first solution for individual and self employed tax preparation and filings. Accel Partners led the round, with Falcon Edge participating. The company will use the funds to accelerate its growth and enhance product development.
FlyFin aims to disrupt the $23 billion individual tax preparation market in the U.S. The pandemic has permanently altered businesses adapting to remote work, accelerating their plans to hire more freelancers. With 70 million freelancers, the U.S. market is projected to grow to 86.5 million self-employed over the next five years. By 2027, freelancing will comprise approximately 51% of the total US workforce.
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“We invested in FlyFin because of the strength of their product and high caliber of the team. Moreover, we believe that A.I. will revolutionize the individual tax preparation industry through automation, and FlyFin is best positioned to lead this disruption,” said Subrata Mitra, Partner at Accel.
“This funding helps us scale the company to reach millions of freelancers. FlyFin’s app is a perfect match for mobile-first Gen Z and millennials, who are freelancers, self-employed, or have successful side-hustles. FlyFin’s ‘Man + Machine’ approach leverages the power of A.I. to eliminate 95% of the work that is then fortified with world-class CPA expertise. Our solution takes the confusion and anxiety out of tax preparation, replacing it with an easy-to-use, hassle-free, super affordable solution that works 24/7,” said Jaideep Singh, CEO and Founder of FlyFin.
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FlyFin squarely addresses self-employed and freelancers’ pain points around tax preparation, including accounting and tax filing uncertainties, knowing what deductions qualify, and meeting established deadlines to avoid tax penalties. FlyFin’s SaaS platform uses A.I. to scan expense accounts and find all possible tax deductions. Users have access to the domain expertise 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, who ensure 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, successful entrepreneurs in the fields of AI and search. Jaideep’s proven track record has created more than $3 billion in value for companies. In 2007, he co-founded Spock, the market’s first people search engine and early adopter of A.I., which indexed over 250 million people,” said David Stern, Advisor to FlyFin and a Partner at Clearstone Venture Partner. “The total addressable market for individual tax preparation is worth $100 billion globally, and FlyFin brings a better mouse-trap to disrupt old-school incumbents.”
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