TaxTim, the online income tax calculator, has secured investments from Exponential, MMI Holdings’ newly created business unit which focuses on potentially disruptive innovation opportunities around financial wellness globally and domestically in South Africa.
TaxTim will use the investment to move to a permanent location and expand the team by bringing in more hands.
“We are incredibly excited about the growth opportunity enabled by Exponential,” Director and CTO of TaxTim, Evan Robinson said in a statement.
He added, “Their strategic thinking is two steps ahead of most and will prove invaluable as our business heads into a high growth phase this year. In addition to capital, we are also most fortunate to have access to the additional distribution opportunities offered by their existing client base, allowing us to scale faster.”
The details – value/terms – of the investment are unknown at the moment.
Exponential is not the first investor in TaxTim. Several companies and individuals such as Andrea Böhmert, Partner Knife Capital, director AngelHub; Michael Greve, Founder WEB.DE, Flug.de and Lastminute.de; and Richard Warren-Tangney, Partner KPMG, Retail bank audit, have invested in the the tax startup.
TaxTim was born in March of 2011 when Evan couldn’t complete his own tax return. With the help of his friend Mark Sevitz – Director and CFO of TaxTim – he was finally able to complete the process (apparently, Mark knew all about the taxing system).
The quick and easy process used to complete Evan’s tax return was turned into TaxTim (with initial seed funding from Google).
Since launch, TaxTim has had significant successes. In October 2014, TaxTim integrated directly with the South African Revenue Service for one-click direct electronic submission of tax returns.
In June 2015, TaxTim and PwC launched PwC’s TaxTim in Namibia.
TaxTim has helped over 1.3 million South Africans with their taxes to date, and has taught students about tax at UCT, WITS, UJ, UKZN, UP, UWC and other universities.