Indy Raises $44 Million to Transform Freelancer Tax and Paperwork Processes
French startup Indy has secured $44 million in a recent funding round led by BlackFin Capital Partners. The company, initially an automated accounting platform for freelancers and self-employed individuals, has expanded its product offerings to become an all-in-one platform for freelancers. Indy now offers services ranging from accounting and tax preparation to company creation, invoicing, and soon, business banking.
A Comprehensive Solution for Freelancers
Indy aims to provide freelancers, self-employed individuals, doctors, architects, lawyers, and others running a company without employees with all the administrative and finance tools they need to efficiently manage their businesses. The platform’s core feature is its automated accounting, which synchronizes users’ bank accounts, categorizes transactions, and archives receipts for tax purposes.
At the end of the year, Indy can pre-fill tax forms and handle VAT returns, simplifying the tax filing process for freelancers. While the accounting tools are free to use, a monthly subscription is required to generate tax forms and submit them. However, Indy remains significantly more cost-effective than hiring an accountant.
Expanding Product Suite
Indy has been steadily expanding its product suite to enhance its value proposition. Users can now create quotes and invoices directly from the platform, with the ability to mark invoices as paid automatically when clients make bank transfers. Additionally, Indy offers free company creation services, helping freelancers navigate the paperwork involved in starting a company and making informed decisions.
Entering the Fintech Space
Indy’s next move is to become a fintech startup by offering a free business bank account with a payment card. This move addresses the need for basic banking services tailored to freelancers, as existing business banking solutions primarily focus on small and medium-sized companies. The integration of business banking into Indy’s platform will streamline financial management for freelancers and enable further product expansion in the fintech space.
Scaling and Expansion
While some companies in the U.S. have identified similar challenges faced by freelancers, Indy is primarily focused on the French market, which boasts millions of self-employed individuals. The startup plans to replicate its service in other European countries, leveraging its successful distribution strategy and economies of scale to offer a range of services free of charge. With its recent funding round, Indy is well-positioned to revolutionize freelancer tax and paperwork processes, providing a comprehensive solution for self-employed individuals.