Melbourne fintech TaxLeopard, an accounting and tax app for sole traders, has acquired rival BAS and income tax return lodgement startup Airtax in a six-figure deal.
TaxLeopard, founded in 2022 by accountants Selda Kaplan and Michael Kambouridis, was a recent finalist in the Startup Daily Best in Tech Awards. The platform helps sole traders, freelancers and contractors to manage their taxes on a single platform, with CPA accountants managing the tax compliance.
Airtax began life within PwC in 2016, and is a ride share-focused tax calculation engine for the pre-fill and lodgement of tax obligations between third parties, such as Uber, and the ATO.
The six-figure deal will see TaxLeopard onboard Airtax’s 40,000-plus users, particularly Uber drivers.
Airtax moved to global mobility solutions company Vialto Partners as part of its global divestment from PwC in 2022.
Kaplan, the CEO, said TaxLeopard has been working with RMIT’s Centre for Industrial AI Research & Innovation to build an AI-based smart tax assistant to help sole traders, who don’t have regular and affordable access to an accountant, to manage their business.
“We are at a truly exciting stage of our business trajectory and product journey, and the acquisition of Airtax shows our intent to remain at the forefront of finance and tax innovation in Australia,” she said.
“Acquiring a technology of Airtax’s quality and breadth, allows us to enhance our existing capabilities, continue growing our user base, and expand on the significant strategic partnerships we have both locally and overseas. We’re excited to embark on this next phase of growth and continue delivering leading tax and accounting software, powered by AI, to partners and users globally.”
The business has built strategic partnerships and integrations with gig economy platforms, such as DoorDash, Fiverr, and DiDi, alongside an integration with Envestnet|Yodlee.
Airtax product owner Nigel Stivala described their company as “a sleeping giant” that will thrive under new owners.
“With a dedicated team that has experience and passion for this market, there is enormous upside potential,” he said.
“The team at TaxLeopard are the perfect custodians to take this business forward and we’re confident it will be a huge success under their stewardship.”
In the wake of the acquisition, TaxLeopard is also now on the hunt for fresh capital for the next phase of its growth.