Taxbit 100m paradigm tiger

The tokenization of our global financial system is underway, and our current tax, accounting and ERP software infrastructure isn’t equipped to manage this shift. TaxBit has emerged as a leader in the industry and the platform helps everyone from consumers, exchanges and government to enterprises easily manage tax compliance and financial reporting on crypto transactions. We’re thrilled to be part of this next chapter of TaxBit’s rapid growth.”

Digital asset adoption continues to quickly go mainstream as institutional investors and global payment providers offer cryptocurrency alongside traditional assets. The digital economy’s need for tax and accounting software grows with the industry as regulators require more formal reporting practices.

“We are living in a time where everything is going digital, including traditional assets,” said Austin Woodward, TaxBit CEO.

Those products includeTax Center Suites, which was built for end users and automates back-office accounting functions for finance teams, andTaxBit Consumer, which aims to make filing taxes on digital asset investments “simple and painless, while equipping users with real-time directional insights to optimize their tax liability throughout the year.”

The startup also works with governmental agencies,including the IRS, to provide data analysis and tax calculation support for taxpayers with digital assets.

Dozens of financial institutions are integrating TaxBit’s Tax Center Suite technology, the latest being FTX US.

The company plans to use its new capital to scale its tax and accounting offerings across enterprise, consumer and government sectors. TaxBit also plans to double its headcount by year’s end and continue to open new offices in the U.S.

As the first and only company to build real-time ERP accounting software for commodities, equities, and other digital asset investments, TaxBit provides enterprise clients with seamless end-to-end solutions including core accounting suite, customer management suite, and form issuance. TaxBit Consumer makes filing taxes on digital asset investments simple and painless, while equipping them with real-time directional insights 24/7, 365. TaxBit connects all digital asset transactions across every exchange so that individuals and enterprises can accurately file their taxes, manage their portfolios, and make tax-optimized trades, all through TaxBit’s seamless & secure software.
TaxBit has HQ in Salt Lake City and Seattle.

Taxbit 100m paradigm tiger-

United States. IVP has invested in over 400 companies, 125 of which have gone public. IVP is one of the top-performing firms in the industry and has a 40-year IRR of 43.1%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments.


IVP investments include such notable companies as AppDynamics (CSCO), Attentive, Brex, Coinbase (COIN), Compass (COMP), CrowdStrike (CRWD), Datadog (DDOG), Discord, Dropbox (DBX), GitHub (MSFT), Glossier, Grammarly, HashiCorp, Hims & Hers (HIMS), Hopin, Klarna, LegalZoom (LZ), Looker (GOOGL), Marketo (MKTO), MasterClass, Mindbody (MB), MuleSoft (CRM), Netflix (NFLX), Niantic, Podium, Robinhood (HOOD), Rubrik, Slack (WORK), Snap (SNAP), Supercell (Tencent), Tanium, Twitter (TWTR), UiPath (PATH), Wise (WISE), ZipRecruiter (ZIP), and Zynga (ZNGA).

Taxbit 100m paradigm tiger-x

IVP investments include such notable companies as AppDynamics (CSCO), Attentive, Brex, Coinbase (COIN), Compass (COMP), CrowdStrike (CRWD), Datadog (DDOG), Discord, Dropbox (DBX), GitHub (MSFT), Glossier, Grammarly, HashiCorp, Hims & Hers (HIMS), Hopin, Klarna, LegalZoom (LZ), Looker (GOOGL), Marketo (MKTO), MasterClass, Mindbody (MB), MuleSoft (CRM), Netflix (NFLX), Niantic, Podium, Robinhood (HOOD), Rubrik, Slack (WORK), Snap (SNAP), Supercell (Tencent), Tanium, Twitter (TWTR), UiPath (PATH), Wise (WISE), ZipRecruiter (ZIP), and Zynga (ZNGA). For more information, visit www.ivp.com or follow IVP on Twitter: @ivp.

About Insight Partners Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries.

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The importance of TaxBit’s tailored tax and accounting software is readily apparent.

“At TaxBit, we believe that one of the greatest financial innovations and disruptions of the last century, cryptocurrency, should not be weighed down by the complexities of tax and accounting,” said Austin Woodward, TaxBit CEO. “The past 12-months at TaxBit have been monumental, as our products are removing some of the largest roadblocks of this emerging asset class. With the support of Paradigm, Tiger Global, and many other amazing investors, we are excited to continue to scale world-class tax and accounting products so that cryptocurrency can continue to thrive among enterprises, consumers, and governments.”

Launched in 2018, TaxBit’s platform automates all aspects of cryptocurrency tax compliance for enterprises, consumers, and governments.

TaxBit connects all digital asset transactions across every exchange so that individuals and enterprises can accurately file their taxes, manage their portfolios, and make tax-optimized trades, all through TaxBit’s seamless & secure software. TaxBit has HQ in Salt Lake City and Seattle. To learn more visit: www.TaxBit.com, Twitter, LinkedIn.

About IVP Founded in 1980, IVP is one of the premier later-stage venture capital and growth equity firms in the United States. IVP has invested in over 400 companies, 125 of which have gone public.
IVP is one of the top-performing firms in the industry and has a 40-year IRR of 43.1%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments.

TaxBit, a Salt Lake City, UT-based provider of cryptocurrency tax and accounting automation software, raised $100M in Series A funding.

The round was led by Paradigm and Tiger Global with participation from PayPal Ventures, Coinbase Ventures, Winklevoss Capital, Bill Ackman, Qualtrics co-founder and chairman Ryan Smith, Anthony Pompliano, former Venmo COO Michael Vaughan, Galaxy Digital, Valar Ventures, Collaborative, Global Founders Capital, Album Ventures, TTV Capital, Original Capital, and more.

Launched in 2018 and led by Austin Woodward, CEO, TaxBit provides a platform (TaxBit Enterprise and TaxBit Consumer) that automates all aspects of cryptocurrency tax compliance for enterprises, consumers, and governments. The platform has produced and helped customers file over one million sets of tax forms across the market verticals it serves.

TaxBit’s technology supports FTX’s commitment to compliance while focusing on the customer experience.”

TaxBit will use the funds to scale its multi-channel ecosystem of tax and accounting offerings across enterprise, consumer, and government sectors. The company plans to double headcount by the end of the year and continue to open new offices in the USA and UK to fuel international expansion.

“Tax reporting requirements make TaxBit a ‘must have’ for both crypto-native companies as well as traditional financial services companies as they increasingly embrace crypto,” said Tom Loverro, General Partner at IVP. “TaxBit has emerged as the clear market leader in its offering to enterprises and tax authorities.

Dozens of financial institutions are deploying TaxBit’s Tax Center Suite technology. Many of these platforms will be announced throughout the remainder of the year as 2021 tax season approaches, with FTX US revealed today.

FTX CEO Sam Bankman-Fried commented, “FTX US is excited to partner with TaxBit in bringing a world-class tax experience directly to our platform. FTX US users will have access to portfolio performance statements, tax optimization tools, and year-end tax forms that make it easy for users to report and file their taxes. TaxBit’s technology supports FTX’s commitment to compliance while focusing on the customer experience.”

TaxBit will use the funds to scale its multi-channel ecosystem of tax and accounting offerings across enterprise, consumer, and government sectors.

Just five months after raisinga $100 million Series A,TaxBitannounced today it has raised $130 million in a Series B round of funding.

The latest financing officially makes the Salt Lake City, Utah-based provider of crypto tax and accounting software a unicorn, with a valuation of $1.33 billion. It also brings the startup’s total raised to $230 million since brothers Austin and Justin Woodward founded the company with their cousin Brandon Woodward in 2017.

IVP and Insight Partners co-led the Series B, which also included participation from Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Venture Group andAnthony Pompliano.

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