HomeFundingMilan-based fintech Fiscozen picks up €8 million to get rid of tax...

Milan-based fintech Fiscozen picks up €8 million to get rid of tax bureaucracy

Based in Milan, Fiscozen is a startup on a mission to eliminate tax bureaucracy in Italy, aiming to become the go-to solution for SMEs. The fintech team has just scored new funding and is set to launch its tested product in 2023. 

Taking on bureaucracy and complicated tax procedures is quite a hefty challenge. It entails navigating a complicated world of red tape, compliance and regulation and it causes quite a headache for SMEs every single year. 

In Italy, the situation leaves small business owners facing up to 200 different types of deadlines and obligations in privacy, security, reporting, or tax deadlines over the course of a year. It’s something which just isn’t conducive to business and takes up valuable time and resources. 

This is what Fiscozen wants to address, embarking on a mission to eliminate tax bureaucracy in Italy and be the go-to tax advisory software provider for 3 million Italian SMEs. Now, the company has secured new funding and is ready to hit the ground running. 

Funding details

  • €8 million raised in a Series A funding round
  • Investment was led by Keen Venture Partners and supported by existing investor United Ventures
  • Builds on a €3 million seed round raised in 2020

Enrico Mattiazzi and Vito Lomele: “We believe technology needs to have an impact on improving people’s lives. We work to eliminate bureaucracy to help entrepreneurs succeed in their projects.  In doing so, we make Italy an efficient and competitive nation that values the talent and initiative of people.”

Ciao to tax bureaucracy

Founded in 2018 by Enrico Mattiazzi and Vito Lomele, Fiscozen is aiming to make the lives of SMEs easier. Currently, despite having resource-related challenges, this group of business owners are liable to tax laws that are just as complex and laborious as those that apply to larger corporations – and the situation isn’t helping anyone. 

The Milan-based startup wants to alleviate the problem, giving SMEs the power to complete tax returns and electronic invoices with just a few clicks. The platform also provides a dashboard that gives visibility into future tax obligations and deadlines, plus access to advisors who can provide real-time clarification when needed. 

Initially tested on a market of 100,000 digital freelancers, Fiscozen will launch an upmarket product in January that will allow them to serve three out of the five million Italian businesses – from lawyers to craftspeople to small business owners – in the standard tax regime. 

Paolo Gesess, Partner at United Ventures: “We’re so inspired by what the team has accomplished to date and are equally proud to support the company’s future path.” 

Fiscozen plans to use this new funding to further expand its team and launch more upmarket products. Having doubled its headcount and with thousands of customers so far, Fiscozen is already well underway on its mission and we’ll be watching how things progress as the year unfolds. 

Briehan Burke, Partner at Keen: “We’re delighted to support Enrico, Vito, and the Fiscozen team on their mission. With a proven go-to-market and a strong mission to eliminate red tape for Italian SMEs, we believe this exceptional team has what it takes to become a market leader and disrupt the way taxes are handled in Italy.”

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Patricia Allen
Patricia Allen
is the Head of Content at EU-Startups. With a background in politics, Patricia has a real passion for how shared ideas across communities and cultures can bring new initiatives and innovations for the future. She spends her time bringing you the latest news and updates of startups across Europe, and curating our social media.

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