27.11.2023
Indy has big plans for the self-employed in France with €40 million in new funding round
Keeping up its funding rhythm, two years after its last round of 35 million euros and a rebranding, Indy (🇫🇷), formerly known as Georges.tech, has raised 40 million euros in a new round from BlackFin Capital Partners, La Maison and iXO.
Founded in 2016, Indy aims to be the one-stop shop for French SMEs. Their current product offering meets all the standard expectations: bank account synchronisation, accounting and invoicing. What is unusual, however, is that the standard accounting features are all offered in a free plan. Fortunately, Indy goes beyond accounting and also offers ongoing VAT returns and year-end tax returns. These features are not included in the free plan, but are available from 20 euros per month.
After raising 1 million euros in 2018 (Seed) and 10 million in 2019 (Series A), Indy had 40,000 users in 2021, the year in which it raised the aforementioned 35 million euros (Series B). With 70,000 users in 2023, their latest Series C comes at just the right time.
2023 is the year in which accounting and tax companies venture into banking (we reported). Indy is no exception, with plans to launch their own business bank account - including a payment card - in the coming months.
As well as expanding their product offering, Indy is also looking to hire more talent, with plans to add up to 200 people in the coming months of the new year. Together with these new recruits, Indy aims to offer its services to up to 1 million self-employed people by 2027 - out of a total market of 10 million self-employed people in France.
This all seems exciting not only for the self-employed in France, but also for the European TaxTech sector, which has not seen many big funding deals in recent months. This could be the wind slowly changing direction 💨
Sources
Keeping up its funding rhythm, two years after its last round of 35 million euros and a rebranding, Indy (🇫🇷), formerly known as Georges.tech, has raised 40 million euros in a new round from BlackFin Capital Partners, La Maison and iXO.
Founded in 2016, Indy aims to be the one-stop shop for French SMEs. Their current product offering meets all the standard expectations: bank account synchronisation, accounting and invoicing. What is unusual, however, is that the standard accounting features are all offered in a free plan. Fortunately, Indy goes beyond accounting and also offers ongoing VAT returns and year-end tax returns. These features are not included in the free plan, but are available from 20 euros per month.
After raising 1 million euros in 2018 (Seed) and 10 million in 2019 (Series A), Indy had 40,000 users in 2021, the year in which it raised the aforementioned 35 million euros (Series B). With 70,000 users in 2023, their latest Series C comes at just the right time.
2023 is the year in which accounting and tax companies venture into banking (we reported). Indy is no exception, with plans to launch their own business bank account - including a payment card - in the coming months.
As well as expanding their product offering, Indy is also looking to hire more talent, with plans to add up to 200 people in the coming months of the new year. Together with these new recruits, Indy aims to offer its services to up to 1 million self-employed people by 2027 - out of a total market of 10 million self-employed people in France.
This all seems exciting not only for the self-employed in France, but also for the European TaxTech sector, which has not seen many big funding deals in recent months. This could be the wind slowly changing direction 💨
Sources