💡

Summary

Yonda Tax, a global tax automation platform, has secured £11 million in funding to enhance its capabilities in automating tax compliance processes. The company aims to simplify tax compliance for businesses expanding internationally by providing a technology-driven solution that handles everything from registration to filing and remittance. With over 100% year-on-year growth and a doubling of its workforce, Yonda Tax is rapidly expanding its market presence, particularly among eCommerce and high-growth tech companies. The funding round was led by Kennet Partners, with contributions from NYO Capital and Portfolio Ventures, and will be used to broaden platform features and reach new markets.
📖

Full Article (AI)

Trends and Impact 📈 Navigating the labyrinth of global tax compliance has become a pressing challenge for businesses aiming to expand internationally. With jurisdictions constantly updating their filing requirements and deadlines, companies risk penalties if they fail to comply. Yonda Tax's innovative platform addresses this issue by offering seamless end-to-end automation of global tax processes. The company's remarkable 100% year-over-year growth underscores the increasing demand for reliable, personalized tax solutions, highlighting Yonda Tax's critical role in helping businesses maintain compliance while focusing on expansion. As Gareth Kobrin, Co-Founder of Yonda Tax, affirms, "We built Yonda as the partner we wish they’d always had." Practical Steps 🚀 Businesses can take practical steps to streamline their tax compliance by adopting Yonda Tax's platform. By leveraging the company's subscription-based pricing model, businesses can enjoy predictable costs, allowing them to allocate resources effectively and focus on scaling. The platform's applicability spans various industries, serving eCommerce brands, SaaS, and AI companies, thereby offering flexible solutions tailored to specific business needs. This proactive approach ensures businesses are not blindsided by the complexities of managing indirect taxes as they venture into new markets. Competitive Advantages 🌟 Yonda Tax stands out in the crowded tax automation market through its "tax-first, tech-second" philosophy. Unlike competitors who prioritize technology over accuracy, Yonda Tax positions itself as a genuine partner, instilling trust and reliability. This unique approach is validated by the company's recent £11 million investment round, led by Kennet Partners, which will be used to enhance platform features and expand into new tax jurisdictions. Hillel Zidel, Managing Director of Kennet Partners, states, "That combination breeds accuracy and trust that stands out in this space," emphasizing Yonda Tax's commitment to excellence and partnership as it embarks on its next phase of global expansion.
🎯

Business Impact

For European SMBs, Yonda Tax's solution offers a reliable way to manage complex international tax obligations without needing in-house expertise. This can be particularly beneficial for small businesses looking to expand into new markets but lacking the resources to navigate each jurisdiction's unique tax requirements.
✨

Interesting Facts

  • 60% of Yonda's clients are based in the US.
  • Yonda Tax uses a fixed monthly fee model.
  • The funding will support expansion into new industries.
🚀

Business Opportunities

European SMBs can leverage Yonda Tax's automated platform to streamline their tax processes, reduce compliance risks, and focus on growth. By adopting such a solution, they can mitigate the challenges of entering new markets and ensure compliance with minimal effort.
🎯

LAZYSOFT Recommendations

LAZYSOFT advises European SMBs to consider integrating tax automation solutions like Yonda Tax to enhance their operational efficiency and compliance accuracy. By doing so, businesses can dedicate more resources to scaling and innovation rather than administrative tasks.