Financial decision-making gets a tax makeover as April secures $38 million in Series B funding to integrate tax considerations into every financial choice.
April, the embedded AI tax platform, has announced a successful Series B funding round of $38 million. The funding, led by QED Investors, Nyca Partners, and Team8, will be used to expand operations and enhance the platform's offerings.
Adams Conrad from QED Investors stated that April has demonstrated strong execution in a historically complex space. The company's technology is being integrated into rapidly growing wealth management platforms like Carry for digital and human-powered tax planning services.
The integration of tax functionality is boosting refund deposit rates over 98% for partners. Gusto is using April's platform to help workers with variable income recalibrate withholdings, boosting take-home pay by over $1,200 a year. Carry is navigating complex scenarios with the help of April's technology.
April's focus is on delivering the most connected tax software for forecasting, optimizing, and filing taxes within financial platforms. The platform already offers tools for paycheck withholding optimization and quarterly payments, and aims to continue improving these tools to provide real-time tax intelligence.
The company plans to use the funds to enhance its development efforts, further expanding its operations to support more complex financial scenarios. This includes solutions for capital gains, retirement planning, and small business ownership.
By maintaining its API-first infrastructure, April will continue to integrate seamlessly with partners' platforms, allowing them to deliver more value to their customers and deepen user loyalty. This integration will enable taxes to become a strategic edge for financial institutions.
April recently expanded its filing capabilities with pro-assisted and pro-led tax filing services, allowing partners to support a broader range of tax needs directly within their platforms. This expansion is expected to continue, enhancing the efficiency and user satisfaction of tax filing processes.
Following its Series B funding, April has become the first new company in over 15 years to achieve national e-file coverage. Year to date, the business has tripled in size. April's platform reduces median time to file to 22 minutes, compared to the IRS average of 13 hours. During the 2024 tax season, April was available to millions of Americans.
April's AI-powered tax infrastructure is integrated across over 50 financial partners. The platform's success in helping people achieve net-neutral tax outcomes could have profound effects on both individuals and the broader economy. April's AI tax platform is helping to bring tax planning and filing as part of broader financial offerings, delivering holistic solutions.
April's platform boasts an exceptional Net Promoter Score (NPS) of over 60, demonstrating user satisfaction with the service. The company's future plans are aimed at making tax management a seamless and efficient part of financial management for individuals and businesses alike.
- The funding raised by April, including investors like QED Investors, Nyca Partners, and Team8, will be used to expand the tax platform's operations and enhance its technology, enabling it to offer more complex financial solutions, such as capital gains, retirement planning, and small business ownership.
- With its focus on integrating tax functionality into rapidly growing wealth management platforms, such as Carry, April's technology is playing a significant role in the fintech industry, especially in the areas of digital and human-powered tax planning services.
- By having its technology integrated across over 50 financial partners, April's AI tax platform is helping to bring tax planning and filing as part of broader financial offerings, thereby delivering holistic solutions to businesses and individuals, potentially having profound effects on the broader economy.
