30.09.2024
TaxTech Weekly: RIDE Capital, Podcasts, DivTax & Jobs
💥 TaxTech Big News
Berlin-based RIDE Capital is giving optimists hope by talking to investors about another cash injection to reverse its insolvency (Source: Finance Forward)
It all started in late 2023, when Finance Forward began reporting on questionable real estate deals. This first business segment of RIDE Capital in 2018 toyed with the idea of tokenising shares of certain properties via blockchain. However, after the crypto hype slowed down and the real estate market changed over the years, this idea started to crumble, leaving existing real estate investors with the possibility of losing their investments altogether.
Meanwhile, RIDE Capital had begun to pivot into a second business area: Enabling clients to make tax-optimised investments through an asset management company (vermögensverwaltende GmbH). With the recent hiring of lawyer and tax advisor Simon Beyme (former managing director of the Berlin Association of Tax Advisors) as the new head of tax and legal counsel and Samed Yilmaz (former CEO of FXFlat Bank) as the new managing director, everything seemed to be in place for a strong next chapter.
Until the beginning of September 2024, when RIDE Capital unexpectedly filed for bankruptcy after previous investments of 8 million euro by, among others, Philipp Freise, Mario Götze, Verena Pausder and Thomas Kehl (Finanzfluss). With RIDE Capital reportedly managing over 700 million euro from its more than 2,000 clients, a new round of investment of up to 2,5 million euro is being pursued to reverse the insolvency.
According to a RIDE Capital spokesman, 23 potential investors are already lining up. Further news could come as early as October. The founders Christine Kiefer and Felix Schulte have been removed as managing directors from the imprint of the RIDE Capital website, although they are still listed in the German Commercial Register (Handelsregister) along with Samed Yilmaz.
The latest public figures for RIDE Capital show a loss of 616.677 euro in 2021 and a loss of 2.811.124 euro in 2022. A new non-public list of directors was published at the end of August 2024.
🚀 News of the Week
lexoffice turns into Lexware Kanzlei (Link)
NWB Verlag GmbH & Co. KG launches digital platform tax&bytes for tax content (Link)
US-based bookkeeping startup finally finally raised another round of 200 million dollars (Link)
RIDE Capital's previous Head of Finance (Lukas Linnekuhle) starts as Co-Founder / COO / CFO at freshly funded accounting as a service startup mika (Link)
AI tools with publishing content tested in practice by TAXPUNK (.pdf)
Qonto launches in Austria, Belgium, the Netherlands and Portugal (.pdf)
🎙️ Podcasts of the Week
Data – The Gold in Tax Advisory Services (Link, 🇩🇪)
Ricarda Hieber (Process Lead Operations @ smarta Steuerberatung) was interviewed in NWB Ansteuern Podcast by Melchior Neumann
Payment & Banking Podcast: Banking Exchange 2024 (Link, 🇩🇪)
Lars Markull (Embedded Finance Review), Miriam Wohlfarth (Banxware), Christian Steiger (Lexware) and Anna Fromme-Schoen (Tide) talking about embedded banking
Die Steuermannschaft by Daniel Kubitza (Link, 🇩🇪)
Digital Payroll Accounting with Steffen Minier
🇩🇪 TaxTech of the Week: DivTax
We spoke to DivTax at the end of last year, when they were still in the very early stages of their startup. Now, over the summer, they have made their vision more concrete:
1️⃣ They set up a separate entity called DivTax-Legal to streamline their operations - led by Fabian Druschel
2️⃣ DivTax launched a revamped website and announced the official launch of their product, which allows you to "simply get your withholding tax refunded digitally"
3️⃣ A number of partnerships were announced: Parqet , DivvyDiary and divTimer UG (haftungsbeschränkt) & Co. KG
And to top it all off, DivTax secured an undisclosed amount of pre-seed funding a few weeks ago!
🎩 Jobs of the Week
Senior Lead Engineer @ Kontist Steuerberatung
💡 Update
TaxTech News is back from our unannounced summer break! In addition to a weekly round-up of the latest TaxTech happenings in Germany, Europe and the world, we will be more actively sharing and responding to TaxTech content directly on LinkedIn - so follow us here on LinkedIn for quick updates and subscribe to our LinkedIn newsletter "TaxTech Weekly" for a weekly TaxTech digest.
We're also open to collaborations, interviews, (secret) tips and anything else you can think of. Simply contact us via LinkedIn. If you would like to promote a service or product to a group of international tax professionals, please get in touch.
💥 TaxTech Big News
Berlin-based RIDE Capital is giving optimists hope by talking to investors about another cash injection to reverse its insolvency (Source: Finance Forward)
It all started in late 2023, when Finance Forward began reporting on questionable real estate deals. This first business segment of RIDE Capital in 2018 toyed with the idea of tokenising shares of certain properties via blockchain. However, after the crypto hype slowed down and the real estate market changed over the years, this idea started to crumble, leaving existing real estate investors with the possibility of losing their investments altogether.
Meanwhile, RIDE Capital had begun to pivot into a second business area: Enabling clients to make tax-optimised investments through an asset management company (vermögensverwaltende GmbH). With the recent hiring of lawyer and tax advisor Simon Beyme (former managing director of the Berlin Association of Tax Advisors) as the new head of tax and legal counsel and Samed Yilmaz (former CEO of FXFlat Bank) as the new managing director, everything seemed to be in place for a strong next chapter.
Until the beginning of September 2024, when RIDE Capital unexpectedly filed for bankruptcy after previous investments of 8 million euro by, among others, Philipp Freise, Mario Götze, Verena Pausder and Thomas Kehl (Finanzfluss). With RIDE Capital reportedly managing over 700 million euro from its more than 2,000 clients, a new round of investment of up to 2,5 million euro is being pursued to reverse the insolvency.
According to a RIDE Capital spokesman, 23 potential investors are already lining up. Further news could come as early as October. The founders Christine Kiefer and Felix Schulte have been removed as managing directors from the imprint of the RIDE Capital website, although they are still listed in the German Commercial Register (Handelsregister) along with Samed Yilmaz.
The latest public figures for RIDE Capital show a loss of 616.677 euro in 2021 and a loss of 2.811.124 euro in 2022. A new non-public list of directors was published at the end of August 2024.
🚀 News of the Week
lexoffice turns into Lexware Kanzlei (Link)
NWB Verlag GmbH & Co. KG launches digital platform tax&bytes for tax content (Link)
US-based bookkeeping startup finally finally raised another round of 200 million dollars (Link)
RIDE Capital's previous Head of Finance (Lukas Linnekuhle) starts as Co-Founder / COO / CFO at freshly funded accounting as a service startup mika (Link)
AI tools with publishing content tested in practice by TAXPUNK (.pdf)
Qonto launches in Austria, Belgium, the Netherlands and Portugal (.pdf)
🎙️ Podcasts of the Week
Data – The Gold in Tax Advisory Services (Link, 🇩🇪)
Ricarda Hieber (Process Lead Operations @ smarta Steuerberatung) was interviewed in NWB Ansteuern Podcast by Melchior Neumann
Payment & Banking Podcast: Banking Exchange 2024 (Link, 🇩🇪)
Lars Markull (Embedded Finance Review), Miriam Wohlfarth (Banxware), Christian Steiger (Lexware) and Anna Fromme-Schoen (Tide) talking about embedded banking
Die Steuermannschaft by Daniel Kubitza (Link, 🇩🇪)
Digital Payroll Accounting with Steffen Minier
🇩🇪 TaxTech of the Week: DivTax
We spoke to DivTax at the end of last year, when they were still in the very early stages of their startup. Now, over the summer, they have made their vision more concrete:
1️⃣ They set up a separate entity called DivTax-Legal to streamline their operations - led by Fabian Druschel
2️⃣ DivTax launched a revamped website and announced the official launch of their product, which allows you to "simply get your withholding tax refunded digitally"
3️⃣ A number of partnerships were announced: Parqet , DivvyDiary and divTimer UG (haftungsbeschränkt) & Co. KG
And to top it all off, DivTax secured an undisclosed amount of pre-seed funding a few weeks ago!
🎩 Jobs of the Week
Senior Lead Engineer @ Kontist Steuerberatung
💡 Update
TaxTech News is back from our unannounced summer break! In addition to a weekly round-up of the latest TaxTech happenings in Germany, Europe and the world, we will be more actively sharing and responding to TaxTech content directly on LinkedIn - so follow us here on LinkedIn for quick updates and subscribe to our LinkedIn newsletter "TaxTech Weekly" for a weekly TaxTech digest.
We're also open to collaborations, interviews, (secret) tips and anything else you can think of. Simply contact us via LinkedIn. If you would like to promote a service or product to a group of international tax professionals, please get in touch.