Column Tax Raises $ 5.1 Million to Accelerate Product Development
SAN FRANCISCO (PRWEB)
23 November 2021
Tax column, the income tax software company, announced $ 5.1 million seed funding led by Bain Capital Ventures with participation from South Park Commons, Core Innovation Capital and Operator Partners. Column Tax will use the funds to expand adoption of its Tax Refund Unlock and Tax Filing products.
Give Americans year-round access to tax refunds
Column Tax provides an API that enables mobile banking and fintech companies to deliver powerful tax products to their account holders. By unlocking year-round access to tax refunds and advice, Column Tax and its partners, including Atomic, allow consumers to optimize their tax returns in a fundamentally new way.
Column Tax is also announcing its first commercial product, Tax Refund Unlock, allowing all Americans to access their tax refunds in the form of monthly payments in advance, as well as to file their taxes with a few clicks.
“Taxes are a stressful but critical part of the year for the 122 million Americans who receive reimbursement,” said Gavin Nachbar, co-founder and CEO of Column Tax. “By helping every American access year-round repayments, people can save, invest, pay off debts, and meet outstanding obligations throughout the year, all with greater peace of mind. “
In partnership with Klover, the free financial services platform, users can choose to immediately unlock access to their future refunds through the Klover app. By optimizing tax withholding, Klover users will receive a greater portion of their income on each paycheck, reducing the need for loans or credit cards and stop paying too much tax.
“Americans should be able to access their money when they need it. Raising your salary by a few hundred dollars can change the lives of millions of people, ”said Brian Mandelbaum, CEO of Klover. “At Klover, we want to level the playing field by helping consumers access fair financial services. We already offer free access to your paycheck, real-time price comparisons, money management and savings tools, and much more. This is the next logical step in doing the right thing for our consumers.
“Each year, taxpayers receive over $ 350 billion of their own money in the form of tax refunds. It would be the thirteenth bank in terms of consolidated assets, spared by taxpayers who might need the money at a pinch, ”said Lindsay Davis, head of markets at Atomic. “This unique solution is another way our payroll connectivity unlocks the power of the paycheck. “
A new approach to tax reporting
Over the coming tax season, Column Tax is rolling out a modern tax return product to complement its platform year-round. With Tax Filing, Column Tax enables partners to seamlessly deliver an integrated income tax return product to end users, a big step forward for the reporting experience. By connecting directly to financial accounts, Column Tax can dramatically increase accuracy and reduce the amount of money and time (about seven billion hours per year) spent preparing tax returns.
“Determining and meeting tax obligations is an experience that 140 million Americans face each year,” said Kevin Zhang, partner at Bain Capital Ventures. “With Column Tax, developers can create new experiences based on reliable personal tax calculations. By integrating the financial services we interact with throughout the year, Column Tax has the most compelling vision we’ve seen to help millions of Americans avoid excessive deductions and year-end surprises, and continually stay up to date throughout tax. year.”
About column tax
Tax column (https://www.columntax.com) is a personal income tax software company. The company’s APIs enable mobile banks and fintech companies to deliver powerful tax products to their account holders and end users. Column Tax is backed by investors such as Bain Capital Ventures, South Park Commons, Core Innovation Capital and Operator Partners.
Klover’s mission is to provide consumers with access to modern financial services by leveraging their most valuable asset – their data. Using Klover’s platform, millions of consumers can access their earned paychecks in seconds with no interest, no credit checks, and no hidden fees. Unlike many financial institutions that rely heavily on consumer fees, Klover’s business model revolves around leveraging data and information authorized by consumers in concert with trusted partners. Klover was founded in 2019 and is based in Chicago. For more information visit http://www.joinklover.com.
Atomic is the leading payroll API provider in the marketplace trusted by 12 of the largest fintech companies, including digital neobanks, alternative lenders, and digital brokerage firms. Atomic’s payroll integrations provide the infrastructure to connect consumers to their financial data, automate the setup and update of direct deposits and withholding taxes.
Atomic simplifies complicated payroll integrations with a single API that covers over 450 unique payroll connections, including existing payroll providers, bespoke business solutions, modern HR technology providers, cost saving platforms From gig and government systems, Atomic’s payroll APIs cover 75% of the US workforce with a combined reach of 120 million workers. Atomic rose $ 38.6 million from investors, including Core Innovation Capital, Portag3 and Greylock.
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About Bain Capital Ventures
Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. BCV invests from seed to growth in startups that drive transformation across sectors, from SaaS, infrastructure software and security to fintech and healthcare to commerce and consumer technology. The company has helped launch and market more than 365 companies, including Attentive, Digital Currency Group, DocuSign, Flywire, Jet.com, LinkedIn, Redis Labs, Rent the Runway, SendGrid, and SurveyMonkey. BCV manages $ 9.2 billion in assets with offices in San Francisco, New York, Boston and Palo Alto. Follow the firm via LinkedIn and Twitter.