TaxZap, the viral Tinder-inspired tax app has raised £2.2 million in a seed funding round led by Affinity Ventures, whose partners were early investors in Europe’s fastest-growing unicorn fintech, Zilch. The fintech app, which has millions of views on TikTok, replaces the headache of tax returns by gamifying the process. Investors in the round include the likes of Aidan Corbett, CEO of Wayflyer, Nick Mullen from Happy Stack Ventures, and Henry De Zoete, former AI advisor to the UK Prime Minister.
More than 11.5 million taxpayers filed their tax returns for the 2023 to 2024 tax year by 31 January 2025, but it’s a timely and costly endeavour for many and an estimated 1.1 million missed the deadline. In the UK, 1.2 million CIS subcontractors could be owed an average refund of £2,200. This equates to £2.64 billion nationally, highlighting a massive, often untapped opportunity for financial relief.
TaxZap is on a mission to revolutionise the self-assessment process. This AI-driven platform simplifies the traditionally laborious task of tax filing by instantly analysing bank transactions through Open Banking. Its intuitive “swipe” interface – similar to a dating app – allows users to quickly confirm their allowable expenses, reducing the entire filing process to under 10 minutes. Recognised by HMRC as a software provider, TaxZap offers an affordable, rapid, and user-friendly alternative to conventional methods.
The AI-powered fintech has already attracted over 125,000 users in the UK and Ireland and has seen a 340% increase in sales since launching in November 2021, reaching over £1 million last year. This funding injection will fuel TaxZap’s expansion into the UK market, offering more people an affordable, fast and AI-driven alternative to traditional accountants.
Conor Duggan, Co-Founder and Co-CEO of TaxZap, commented: “Filing self-assessment has long been a major headache, draining both time and resources from millions of Britons. TaxZap transforms this experience by harnessing AI to deliver a seamless, swift, and precise tax filing process—much like swiping left or right on a dating app. With the backing of top-tier investors and as hundreds of thousands of UK taxpayers prepare to file their returns in early April, we are ready to help them reclaim valuable time and maximise their earnings.”
Co-founded by Aaron Hickey and Conor Duggan, TaxZap combines deep technical expertise with extensive industry experience. Aaron Hickey, a Cambridge PhD with a strong background in advanced data analytics and technology development, brings critical expertise to TaxZap’s AI-driven platform. Conor Duggan, a seasoned entrepreneur who previously scaled a wine subscription business from €5,000 to €1.5M in sales, leads the company’s commercial growth. The new funding will support a robust expansion across the UK, enabling TaxZap to reach even more taxpayers and further enhance its service offerings.
Read the orginal article: https://ffnews.com/newsarticle/funding/taxzap-the-viral-tinder-of-tax-fintech-raises-2-2-million-in-seed-funding-round-led-by-affinity-ventures/
