MILAN-BASED STARTUP Fiscozen SCORES €8 MILLION TO ELIMINATE TAX BUREAUCRACY
As fintechs double down on their product reach based on their offerings irrespective of the market, Milan-based startup Fiscozen on a mission in the fintech space is innovatively working hard to emerge as the go-to solution for SMEs even as it’s poised to get rid of tax bureaucracy in Italy. It comes as the startup announced it has secured a new fund and is set to launch its tested product in 2023.
Taking on a bureaucracy that entails complicated tax procedures could prove really challenging, owing to the fact that it will require navigating a complicated world of red tape, compliance, and regulation, this also leaves SMEs with unnecessary mental pressure every single year.
Meanwhile, it’s worth noting that in the subject market, the current situation leaves small business owners facing up to 200 different types of deadlines and obligations in privacy, security, reporting, or tax deadlines over the course of a year. However, this is something that is unhealthy for business and takes up valuable time and resources.
This is practically what the subject startup is poised to address having embarked on a mission to get rid of tax bureaucracy in Italy and be the go-to tax advisory software provider for 3 million Italian SMEs, and with the newly secured fund, the team is ready to hit the ground running.
The €8 million Series A funding round was led by Keen Venture Partners and backed by existing investor, United Ventures. However, this is a follow-up on a €3 million seed round raised in 2020.
‘Enrico Mattiazzi’ and ‘Vito Lomele’ said: “We believe technology needs to have an impact on improving people’s lives. We work to eliminate bureaucracy to help entrepreneurs succeed in their projects. In doing so, we make Italy an efficient and competitive nation that values the talent and initiative of people”.
Founded in 2018 by the aforementioned duo ‘Enrico Mattiazzi’ and ‘Vito Lomele’, startup Fiscozen is designed to make the lives of SMEs easier. In the meantime, despite having resource-related challenges, this category of business owners is liable to tax laws that are just as complex and laborious as those that apply to larger corporations – and the situation isn’t helping anyone.
Fiscozen wants to alleviate the problem, by offering SMEs the power to complete tax returns and electronic invoices with just a few clicks. The subject platform also provides a dashboard that gives visibility into future tax obligations and deadlines, plus access to advisors who can provide real-time clarification when needed.
Initially tested on a market of 100,000 digital freelancers, the startup will launch an upmarket product in January that will allow them to serve three out of the five million Italian businesses – ranging from lawyers to craftspeople to small business owners – in the standard tax regime.
‘Paolo Gesess’, partner at United Ventures commented: “We’re so inspired by what the team has accomplished to date and are equally proud to support the company’s future path”.
Equally, ‘Brieham Burke’, partner at Keen said: “We’re delighted to support Enrico, Vito, and the Fiscozen team on their mission. With a proven go-to-market and a strong mission to eliminate red tape for Italian SMEs, we believe this exceptional team has what it takes to become a market leader and disrupt the way taxes are handled in Italy”.
Startup Fiscozen plans to deploy the new fund to further expand its team and launch more upmarket products. Having doubled its headcount and onboarded thousands of customers so far, it’s evident Fiscozen is well underway on its mission and we’d better watch how things progress as the year unfolds.
- What’s your take on tax bureaucracy?
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