Tax platform april has raised $38 million in Series B funding, according to a public statement.
The funding round was led by QED Investors, a top Fintech investor, with participation from Nyca Partners and Team8. The Series B brings the company’s total funding to $78 million.
The company is an embedded, year-round tax platform. april reports that it became the first new company in more than 15 years to achieve national e-file coverage.
In addition to its self-service offering, the company offers a pro-assisted and pro-led tax filing services. This enables partner firms to support a broader set of tax needs.
april’s tax infrastructure is said to integrate directly into federal and state filing, reducing median time to file to 22 minutes. The company says this compares to the IRS average of 13 hours.
Ben Borodach, co-founder and CEO of april says they have build a compliant, national e-file platform which is available within apps people already use.
“Now we’re extending that foundation to address a much broader range of tax needs beyond filing.”
Adams Conrad, who led the round from QED Investors, says it is rare to see a company with the potential to reshape how users interact with the tax sysem. Conrad said the downstream impact will be profound.