With tax season drawing closer and closer, business owners and companies have been looking for comprehensive tools to better understand and properly sparse through taxable items. This is particularly salient given the complex nature of corporate taxes across the globe. Blue dot is a fintech startup that has developed and launched a tax compliance platform powered by artificial intelligence (AI). The platform is built specifically to help business owners through user-friendly tools and categorized spending features. The startup recently raised new funding to help expand business operations and scale up the company for increased demand.
The Blue dot Platform and Its Ongoing Success
Blue dot is a different kind of fintech startup than most. While the company does offer AI technology to help with corporate financial issues, the focus on tax compliance makes it unique among the many startups in the fintech world. Based in Israel, Blue dot has made major waves by offering three solutions to business owners that help make paying corporate taxes easier regardless of company size.
More specifically, the tax compliance platform created by the fintech startup is broken down into global and local value-added tax (VAT) compliance, taxable employee benefits (TEB) compliance, and corporate income tax compliance. Each portion of the company platform is built using an automatically updated tax knowledge base that ensures up-to-date tax information is being used.
Alongside this, the startup also features a fully scalable rules engine that adjusts seamlessly based on the base country of the business using the platform and a complete audit of all transactions.
Outside of simply ensuring a business is doing its taxes properly, which can already save a company a significant amount of money each year, the fintech startup also offloads a large portion of the costs that having an in-house finance team may add to a company’s expenses. This has made Blue dot incredibly popular with several major companies. In fact, the startup currently helps provide tax compliance solutions to Michelin, Amazon, Dell, British American Tobacco, and Atlas Copco, among many others.
Blue dot currently has offices set up all over the world, including London, Paris, Munich, New York, and Tel Aviv.
Funding for Blue dot and Future Plans
In the most recent funding round for the company, Blue dot raised $32 million. The funding round was led by Ibex Investors alongside Lutetia Technology Partners with participation from Lamaison Partners, Viola, and Target Global. The new funding will help expand business operations deeper into Europe and especially North America. Blue dot already rebranded from VATBox in order to appeal more to North American businesses given the lack of VAT taxes in the continent.
When commenting on the recent funding, CEO of the fintech company Isaac Saft said, “Since our founding, we've enjoyed tremendous recognition and a high rate of adoption for our platform as part of a larger global tax compliance digitalization trend. SAP Concur chose Blue dot as its exclusive integrated Tax Assurance solution to be deployed for their client portfolio, after conducting an extremely thorough diligence process on our Platform and AI. We've secured funding from top U.S. investors to drive the next phase of our growth strategy. It's an exciting time at Blue dot, and we're incredibly grateful to our customers, partners and investors.”
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.