Photo - Taxtastic
52652

Taxtastic

API connecting expanses with the individual user situation

Austria
Market: Artificial Intelligence
Stage of the project: Prototype or product is ready

Date of last change: 17.06.2021
Show contacts
0
equalizer from 2000
help
Calculated and estimated occupancy of the project (more about ratings)
My rating
1
2
3
4
5
6
7
8
9
10
Average rating:
 

Idea

More than 10 Bn Euros of too much-paid income tax money are not claimed back only in Germany every year.
This is why we founded Taxtastic, a Machine Learning B2B Startup on a mission to connect tax-relevant data to create value. With our self-developed natural language processing technology, we fully understand expenses (from receipts and bank transactions) and connect them with the individual situation of the taxpayer and classify them correctly. For the development of this algorithm we received + 120 K of funding for the advancement of trustworthy AI from the Austrian Wirtschafts Service.

Current Status

- For the development of this algorithm we received + 120 K of funding for the advancement of trustworthy AI from the Austrian Wirtschafts Service.
- We have a B2C App called tax@home with more than 35.000 downloads and more than 10.000 active users and 4.8 Rating in the App stores. This App is the source for training our algorithm and primarily serves to demonstrate that our algorithm works
- we have one paying B2B Customer
-We just finished the xpreneurs programme and are in very interesting talks with legacy systems, banks and public sector.

Market

The problem we are trying to solve is highly complex from a technological perspective. No one has managed to make classifications based on the connection of receipts/bank transactions with the individual use case of a taxpayer. So if we manage to do it, we will sell the API to everyone who wants to provide their users with a new feature classifying expenses in a way that generates cash back for them. This would primarily be interesting for banks and other tax applications (eventually also for customer loyalty programms).
In the future we will also automate the tax classification for freelancers and other forms of income tax with a focus on the DACH region.

Problem or Opportunity

Only in Germany, around 10 Million people have never claimed a tax refund.
On average they are missing out on getting a yearly cashback of more than 1000 euros.
This means more than 10 Bn Euros of too much paid income tax money are not claimed back only in Germany every year.

So why would you refrain from getting a tax refund of more than 1000 Euros per year? Tax declarations a pain!

Solution (product or service)

Product: data driven tax recommendatin API
With our self-developed natural language processing technology we fully understand expenses (from receipts and bank transactions) and connect them with the personal information provided by the taxpayer and classify them correctly for the tax declaration.
If we manage to connect expenses with the situation of the income tax payer, we are sure that we can do it for any tax case in any given country.

Competitors

Our main competitors are key technology providers, eg Finmatics, Bludelta, Gini, Konfuzio, .... However, most of them are in the field of reading out receipts with OCR and computer vision. We come in afterward understanding which products were purchased and whether they are tax-relevant for the single user.
Also legacy systems (eg. BMD and Datev) are our competitors, but more likely our clients

Advantages or differentiators

Our team:
Karl has more than 10 years of experience in tax consulting, Stefan more than 5 years of experience in tax app development, Alex, Jonas and Bart are Machine learning engineers and I am originally a lawyer and in charge of the business.

USP = Highly complex technology: understanding expenses (receipts & bank transactions) and connecting them with the individual use case of the user in order to make recommendations for tax classifcation

Business model

Business Model: SaaS - subscription fee
We will charge per classification processed, but in order to make pricing attractive and easy to manage, we will bundle packages.

Money will be spent on

70% Product Development
30% Sales & Marketing

Incubation/Acceleration programs accomplishment

founders lab (Wirtschaftsagentur Wien), Grace, Xpreneurs

Won the competition and other awards

Yes, we won Startup Live & Inexdi 2020

Photos

Photo 1 - API connecting expanses with the individual user situation
4,50
1
2
3
4
5
2 voices
Sign in/Sign up
arrow_back
EN
more_horiz
close
visibility257
star0
Add to favorites
Delete from favorites
share
close
thumb_up0
Like
Unlike
Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video