The Finnish fintech company Aibidia specializes in AI-powered tax solutions. Recently, it secured a substantial $28 million in Series B funding—a noteworthy milestone. This funding round was led by Activant, with added support from existing backers such as DN Capital, FPV, and Icebreaker.vc. These funds are a significant boost for Aibidia and will accelerate its expansion into the United States, a market showing great potential for disruption in the tax compliance sector.
Since its establishment in 2018, Aibidia has rapidly become a reliable partner for multinational corporations looking to streamline the complex landscape of international tax compliance. Albeit numerous global ventures successfully use Aibidia’s digital transfer pricing platform, Nokia, Unilever, Dyson, and Delivery Hero are few to mention. Armed with AI and automation, Aibidia’s platform simplifies tax workflows, trims human error, and upholds ever-changing international regulations. This triple action not only alleviates compliance risk but also saves valuable resources within the tax departments.
More than 15% of Aibidia’s revenue emerges from American clients. To further its presence, Aibidia has recently established an office in Manhattan, showcasing the company’s determination to cater to US-based multinationals, for instance, Omnicom, Aptiv, and EPAM Systems. Aibidia’s CEO, Hannu-Tapani Leppänen, expressed that their platform efficiently navigates complicated tax regulations helping multinational corporations manage their global supply chains. This funding, he added, will allow Aibidia to bring their technology to the rapidly burgeoning US market.
However, what particularly distinguishes Aibidia is the profound incorporation of AI and machine learning into its platform. The platform also boasts predictive analytics, which empowers companies to foresee tax risks based on past data and predicted regulatory alterations. The result? Not just efficiency, but also greater accuracy, transparency, and strategic preparation in today’s fluctuating tax environment.
With a notable presence in Europe and growing influence in the US, Aibidia aims to expand internationally. The company is known to serve over 100 multinational clients, some boasting revenues above €7 billion. As tax laws continue to progress worldwide, Aibidia’s scalable, AI-driven platform is aptly placed to serve multinational markets.
As for future plans, Aibidia aims to enhance its platform’s capabilities by introducing new features and integrations. Increased automation in tax reporting, tighter integration with ERP systems, and improved data transparency are some of the upcoming developments. As the global tax tech market is projected to grow from $18.53 billion in 2024 to $36.72 billion by 2030, Aibidia is poised to play a substantial role in reshaping the future of global tax compliance.
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