Startup aiming to simplify US tax filing process raises $10 million in seed funding

April is in the process of rolling out its first tax-as-a-service platform ahead of the US tax season, which it hopes will simplify and lower the costs of annual US tax filings.

 April's leading team, Daniel Marcous, Ben Borodach and Jody Padan (photo credit: Courtesy)
April's leading team, Daniel Marcous, Ben Borodach and Jody Padan
(photo credit: Courtesy)

April, an Israeli start-up that is developing a tax platform to simplify the filing process for taxpayers in the United States, has raised $10 million in a seed-funding round, it announced Tuesday.

In addition to simplifying the tax process, the company’s goal is to enable US citizens to improve their financial planning throughout the year, and it has partnered with a number of leading American financial institutions to achieve this.

Some 75% of Americans overpay their taxes and are reimbursed by an aggregate sum of approximately $300 billion every year, according to IRS data. Due to the complex tax-paying process in the US, the tax-software market is currently valued at $13.5b. and is expected to exceed $20b. by 2026.

April’s technology analyzes American tax law utilizing artificial intelligence and modern application programming interfaces. The company partners with financial institutions that can embed its tax engine into their offering to increase their value chain. It is currently rolling out its tax-as-a-service platform ahead of the US tax season.

The company was founded by entrepreneurs Daniel Marcous and Ben Borodach. Marcous, who is the former acting CTO of Waze and served as a lead data scientist at Google Israel, is April’s CTO and leads its R&D center in Israel. Borodach, a former Deloitte fintech strategist, oversees the company’s activities in the US.

 The startup April's team (credit: Courtesy)
The startup April's team (credit: Courtesy)

“Our solution can improve financial wellness for every American with refund forecasts, automated tax optimizations and year-round insights that assist them in making informed financial decisions,” Marcous said.

April is part of the Team8 fintech group led by Rakefet Russak Aminoach and Ronen Assia.