The leading online tax filing service in the country, Befiler, has acquired $1.5 million in seed capital from international and domestic investors.
The seed round of funding was co-led by Cistech Capital and Lakson Venture Capital (LVC), with participation from local investors, as Befiler seeks to grow its platform-based product and service offerings.
Befiler’s primary investor, Cistech Capital, is happy to assist in the company’s expansion and the digital revolution of Pakistan’s tax system. It is claimed that Befiler’s services with a streamlined user experience and internet access are vital for the country’s push towards a formal economy due to their quick growth to date.
Befiler, the first digital tax filing and advice fintech in Pakistan, has experienced exponential development over the past two years. The company has forged agreements with Pakistan’s largest corporate organisations and business associations/chambers in an effort to increase paperwork and tax compliance throughout the country.
Over 1,000,000 individuals have downloaded Befiler’s app from the Google Play Store, and it has a 4.5-star rating out of 5. The company intends to serve over two million individuals, small- and medium-sized businesses, and corporations within the next few years.
“We are thrilled to support Befiler in their mission to change Pakistan’s digital tax ecosystem. Befiler’s revenue and user growth have been extraordinary, and we are thrilled to see it emerge as the dominant market leader in digital taxation and the financial wellness arena in Pakistan,” said Babar Lakhani, managing partner at LVC.
Their objective is to become Pakistan’s largest and preeminent digital tax services platform, helping taxpayers to manage their tax matters.
Asad Ali Shah, chairman of Befiler, commented, “We are happy to be the market leader in digital tax consulting and related services in Pakistan, having already served the highest number of clients in this field and rapidly growing our position in numerous financial services. Our mission is to provide smooth, fast, and cost-effective services to millions of individuals in Pakistan and around the world.”
Befiler has excelled in the startup industry from its inception. In 2019, Befiler got a grant from the Innovation Challenge Facility for Digital Financial Services, which was sponsored by DFID and reviewed by a State Bank of Pakistan-led committee.