Fonoa plans to use the funding to improve its existing offerings and introduce new products over the next 12 to 18 months. Here are the top-line bullets you need to know.
Fonoa, a provider of tax compliance software, has raised $60M in a Series B. The round drew participation from Coatue Management, Dawn Capital, Moving Capital, and Index Ventures, among others.
How’s the company performing?
- Ireland-based Fonoa helps companies automate tax management and improve compliance.
- It caters to companies like Zoom, Bolt, Uber, Teachable, and Booking.com.
- In 2021, the company witnessed 7x revenue growth.
- Fonoa is currently supported by a team of 130 employees spread across 20 countries.
Source: Fonoa
Why does the market matter?
- The global tax management software market is expected to reach a value of $11.2B by 2026, growing at a CAGR of 10.4%, according to Fortune Business Insights.
- The key growth drivers for the market include the increasing shift toward digital payments, the rising volume of financial transaction data, and the complex nature of international taxation systems.
- The Covid-19 pandemic drove the adoption of cashless transactions and increased the demand for digital payment solutions and online payment gateways. These factors are also expected to boost demand for tax management software.
