Fonoa, a global tax automation platform, collects $60 million in Series B round


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By Zoran Temelkov July, 2022

The Ireland-based fintech startup Fonoa has raised $60 million through its Series B funding round led by Coatue. Dawn Capital, OMERS Ventures, Index Ventures, Moving Capital, and FJ Labs participated in the round.

The company will use the newly acquired capital to automate its global tax compliance platform and solutions for clients such as Uber, Zoom, Spotify, etc. The new round is completed six months after the Series A round when Fonoa raised $20 million.

The company was founded in 2019 in Dublin, Ireland, with a focus on digital service companies with a global presence. Fonoa platform is the first digital tax solution available globally that enables simplification of tax processes for companies, business owners, and gig economy participants.

Fonoa API tax solutions allow for efficient calculation of the amount of tax a business should pay. The platform offers automation of the processes involved in calculating and managing VAT, sales tax, and GST or goods and service tax.

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