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Vatbox the only automated solution for vat recovery
VATBox is a global cloud-based provider of automated VAT recovery and governance solutions, founded in 2012 by Isaac Saft and Noam Guzman.
Contents
Vatbox at finovate europe 2015
Background - VAT Recovery
In 2014 the EU28 member states collected €975,901.6 million of value-added tax (VAT), of which billions of corporate VAT are left un-recovered. VAT recovery in the EU is a complex, unstructured process that presents multiple challenges for governance and corporate tax officers. Claims are addressed using semi-automated/manual and error-prone processes that are both time-consuming and costly. Failed and incorrect claims result in loss of revenue, lack of financial governance and improper compliance.
Product - Automated VAT Recovery & Governance
VATBox automatically detects and recovers VAT – both foreign and domestic - wherever the tax is charged. VATBox's technology - which is part of growing trend in FinTech automation - captures the data and evidence from multiple sources, matches and validates the data, pinpoints any leaks or missing evidence, determines whether it qualifies for VAT recovery, and if it does, then submits the claim. The solution also performs analytics, providing real-time visibility to all ongoing claims both at aggregate and detailed levels. The company also holds numerous patents relating to use of technology in the reclaim process.
Funding
In August 2015, VATBox closed $24 million in financing led by Viola Private Equity. In February 2017, VATBox announced the completion of a $20 million financing round led by Target Global Fund and with the participation of existing investors Viola Private Equity and other private investors.
Awards
VATBox was ranked the 50 most promising private Israeli startups by Calcalist, a leading business publication in Israel.
Company Size
VATBox has 1500 customers in over 40 countries. The company employs 150 employees in offices in London, Paris, Frankfurt, New York and Tel Aviv.