Fintech Startup Raises $14.2M in Fresh Funding

• Finnish fintech startup Aibidia has raised $14.2 million in VC funding.
• The Helsinki-based firm helps large multinational companies automate and digitize transfer prices.
• Check out the 10-slide pitch deck it used to raise the round led by DN Capital and FPV Ventures.

Aibidia, a fintech that helps multinational giants pay taxes globally, has raised $14.2 million in funding.

The Finnish startup, founded in 2014, focuses on transfer pricing, a large but niche sector of accounting that deals with the price of goods and services transferred between divisions of international companies. Multinational companies use transfer pricing to manage their tax exposures by shifting transactions between subsidiaries, affiliates or holding companies to reduce their overall tax burden globally.

In short, Aibidia has created a digital platform where large companies like Volvo can manage their tax burden by connecting to the startup’s API which then collects and standardizes millions of unstructured data points to give companies a clearer view of their tax obligations.

Like most sectors in fintech, the existing process is predominantly manual and spreadsheet-based with much of the field dominated by large consulting firms that are not incentivized to improve the process, Aibidia CEO Hannu-Tapani Leppänen told Insider.

“The reason no one has done this before is the number of data points and its taxonomies,” said Leppänen. “The big four have had no motivation to do anything about this, but we did our homework, we know the questions, have identified the key data points, and using APIs we plug the business data directly into the system.”

Aibidia’s Series A funding round was led by DN Capital and FPV Ventures along with investments from Icebreaker.vc and Global Founders Capital. “The VC market changed during our fundraising process, but we showed steady growth and can show a greater receptivity to using technology from multinationals, especially around transfer pricing,” added Leppänen.

The funding will go towards expanding the company’s product and engineering teams as the startup grows from around 60 employees currently to around 80 by the end of the year. “The talent market is very good actually, which means we can attract people that it wouldn’t have been possible to attract two years ago,” said Leppänen.

Check out Aibidia’s 10-slide pitch deck below: