TaxDown
| Type | Private |
|---|---|
| Industry | Financial technology, tax preparation |
| Founded | 2019 |
| Founders | Enrique García Álvaro Falcones Joaquín Fernández |
| Headquarters | , Spain |
Area served | Spain, Mexico |
| Key people | Enrique García (CEO) |
| Website | taxdown |
TaxDown is a Spanish company that provides online tax preparation services. It was founded in Madrid in 2019 by Enrique García, Álvaro Falcones and Joaquín Fernández.
TaxDown operates in Spain and Mexico. It sells its services directly to individuals and also distributes them through banks, insurers and employers.[1]
History
[edit]TaxDown was founded in 2019. García and Fernández had studied telecommunications engineering together, while García later met Falcones while working in consulting.[2] The company initially focused on simplifying Spanish personal income-tax returns and identifying deductions available under national and regional tax rules.[3]
It raised €2.4 million in 2021 and a further €5.5 million in 2022. The latter round was used to expand the service to self-employed workers and investors and to launch in Mexico.[3][4]
In 2023, TaxDown raised €5.8 million from investors including Base10 Partners and JME Ventures, as well as the Spanish media groups Atresmedia and Mediaset.[5] Bonsai Partners invested €4 million in 2025.[6]
During 2026, the company received €4 million in financing from BBVA Spark. BBVA said that TaxDown had more than doubled its sales in 2025 and had become profitable during the year.[7]
Services
[edit]In Spain, TaxDown can retrieve information held by the Spanish Tax Agency with the taxpayer's permission. The service uses this information together with answers supplied by the user to prepare the tax return and identify possible deductions.[8][3]
TaxDown initially focused on employees, but later added support for property income, investments and self-employment.[8][5]
The company also sells its services through other businesses. By 2022, more than 100 companies were offering TaxDown to customers or employees. Banks and insurers became an important distribution channel, with partners including EVO Banco, Openbank, Abanca and N26.[1]
Technology
[edit]TaxDown developed a tax-calculation system called RITA. TechCrunch reported in 2021 that the system imported financial information from the Spanish Tax Agency, organised the data and determined which additional questions were needed to prepare a return.[3]
The company has also used machine learning to identify returns that require human review. It later introduced generative-AI tools for its tax advisers.[9]
Mexico
[edit]TaxDown entered Mexico in 2022, its first market outside Spain.[10] Its Mexican service uses information held by the Servicio de Administración Tributaria (SAT) to review income, deductions and invoices.
See also
[edit]References
[edit]- 1 2 Hidalgo, Cristina (16 April 2022). "Evo, Openbank y Abanca se alían con TaxDown para ayudar a los clientes en la declaración de la renta". Economía Digital (in Spanish).
- ↑ Alba, Nicolás (13 April 2023). "Ahórrate 400 euros en la declaración de la Renta: el sistema inventado por Álvaro, Enrique y Joaquín". El Español (in Spanish).
- 1 2 3 4 Lomas, Natasha (12 March 2021). "TaxDown banks ~$3M for tech that helps people get their taxes done". TechCrunch.
- ↑ Florio, Luis Federico (24 March 2022). "TaxDown capta 5,5 millones para entrar en México y sumar autónomos e inversores". La Vanguardia (in Spanish).
- 1 2 Vázquez, David (22 March 2023). "TaxDown, la empresa que quiere aterrizar las declaraciones de la renta, levanta 5,8 millones de euros con el apoyo en España de Atresmedia y Mediaset". Business Insider España (in Spanish).
- ↑ "Bonsai Partners entra en TaxDown con una inversión de 4 millones de euros" (in Spanish). Europa Press. 22 April 2025.
- ↑ "TaxDown secures €4M financing to expand AI tax platform". The Next Web. 6 March 2026.
- 1 2 Delle Femmine, Laura (12 April 2023). "La campaña de la renta, a un clic: la eclosión de las plataformas digitales para hacer la declaración". El País (in Spanish).
- ↑ Vázquez, David (15 October 2023). "Respuestas automáticas, buceo en documentos y elaboración de 'newsletters': así usan la IA los asesores fiscales de TaxDown". Business Insider España (in Spanish).
- ↑ Zamarrón, Israel (23 March 2022). "TaxDown llega a México para ayudarte mediante inteligencia artificial con el SAT". Forbes México (in Spanish).