Finnish fintech Aibidia has raised $28 million in Series B funding to expand its AI-powered tax technology platform in the US. The investment will help multinational corporations navigate complex tax compliance and transfer pricing. With a focus on enhancing product offerings and efficiency, Aibidia aims to capture a larger share of the US market, addressing the growing demand for automated tax solutions.
Aibidia, a Finnish fintech company, has just landed a hefty $28 million in Series B funding. This investment is set to help them scale up their AI-powered tax technology platform, aimed mainly at multinational corporations in the US market. The funding round, led by Activant and featuring support from seasoned investors like DN Capital and FPV, is a turning point in the company’s efforts to modernize tax compliance and transfer pricing amid growing regulatory pressures.
Since starting up back in 2018, Aibidia has positioned itself as a key player in the tax tech realm, especially for large businesses. They’re already helping some well-known giants, including Unilever, Nokia, and Dyson, manage the tricky waters of international tax regulations. The platform takes on the tough job of automating and optimizing tax compliance and transfer pricing, giving organizations a chance to focus on their core operations while ensuring that they meet all legal requirements.
Transfer pricing can really be a headache for multinational firms. It’s that intricate practice of setting prices for transactions among corporate subsidiaries, and when you throw in ever-tightening global tax regulations, it’s no walk in the park. Aibidia is tackling this mess head-on with its AI-driven platform that simplifies those taxing calculations and risk assessments, helping firms avoid any costly missteps.
By centralizing tax data and integrating information from various sources, Aibidia creates a reliable ‘single source of truth.’ This means that teams across different locations can work together smoothly and have access to accurate info. Plus, their AI doesn’t just help with current regulations; it’s also gearing companies up for what’s coming down the pipeline.
This latest funding round could not have come at a more opportune time. Aibidia is aggressively expanding its operations in the US, which is becoming a crucial market for them. Over 15% of their revenue is now coming from American clients, and they’ve even set up an office in Manhattan to signal this serious commitment to the market. The demand for their tax solutions is on the rise, especially among big names like EPAM Systems and Omnicom.
Hannu-Tapani Leppänen, the CEO of Aibidia, noted the rising complexity of tax regulations faced by multinational firms: “Our platform helps them operate global supply chains more efficiently and effectively. This funding will allow us to bring our technology to the US, where demand is rapidly growing.”
Aibidia’s tech relies heavily on artificial intelligence and machine learning to automate those painfully slow manual tasks. Their platform can now crunch numbers for transfer pricing adjustments and perform risk assessments, all while pulling from real-time data, which not only enhances accuracy but slashes the need for outside advisors.
The company’s machine learning prowess extends even further, with predictive analytics capabilities that can identify potential tax risks based on past data and looming regulatory shifts. This proactive strategy is vital for companies that have to navigate the often-turbulent global tax landscape.
Looking ahead, Aibidia is not stopping here. They’ve got plans to roll out add-ons and new features that will further revolutionize how they serve clients. Enhancements will include better integrations with prominent ERP systems and boosting transparency around tax reporting.
As global tax regulations become more complicated, Aibidia’s platform is a game-changer for firms grappling with tricky transfer pricing challenges. The company is well-positioned to thrive in the rising tide of the global tax tech market, projected to soar from $18.53 billion in 2024 to $36.72 billion by 2030. With this funding and expansion efforts solidifying their foothold in the US and beyond, the future looks very promising for Aibidia as they keep pushing the boundaries of how enterprises manage their tax operations.
Aibidia’s recent $28 million Series B funding is a significant step toward expanding its AI-driven tax solutions in the US market, catering to multinational corporations facing ongoing regulatory scrutiny. With a successful track record in Europe and plans to enhance its technology further, Aibidia is well-positioned to grow amidst increasing complexity in global tax regulations. This investment not only validates Aibidia’s innovative approach but also lays the groundwork for its ambitious future.
Original Source: www.unite.ai
