FlyFin raises $8 million to make it easier for freelancers and freelancers to file taxes

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FlyFin, an India-based fintech startup, has raised $8m in seed and pre-Series A funding to build an AI-powered tax engine for self-employed and freelancers.

The funding round, which will allow FlyFin to accelerate its growth and drive product development, was led by Accel Partners with participation from Falcon Edge. Subrata Mitra, Partner at Accel, referenced the company’s participation in the round, saying:

“We invested in FlyFin because of the strength of their product and the high caliber of the team. Additionally, we believe that AI will revolutionize the personal tax preparation industry through automation , and FlyFin is uniquely positioned to lead this disruption.

FlyFin officially launched its platform earlier this year with a mission to automate the financial lives of millions of people in the United States. To do this, the startup offers an AI-based tax engine that can identify tax deductions, generate tax reports, connect users with Certified Public Accountants (CPAs), and even provide insurance. tax control. Jaideep Singh, CEO and Founder of FlyFin, explained how the funding will help the startup achieve its goal:

“This funding helps us scale the business to reach millions of freelancers. The FlyFin app is perfectly suited for Gen Z and Millennials, who are freelancers, self-employed, or have successful side businesses. FlyFin’s “Human + Machine” approach harnesses the power of AI to eliminate 95% of the work which is then backed up with world-class CPA expertise. Our solution takes the confusion and anxiety out of tax preparation by replacing it with an easy-to-use, hassle-free and super affordable solution that works 24/7.

According to Forbes, more than 59 million Americans have freelanced in the past 12 months, a trend that is expected to continue over the next few years as remote work continues to grow in popularity. With the US tax system being one of the most complicated in the world, FlyFin believes it can help millions of freelancers improve their finances while reducing the hassle and expense of filing taxes, boosting the transition to the self-employment.

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