Befiler raises $1.5m in seed funding

KARACHI: Country’s leading online tax filing portal Befiler has raised $1.5 million in seed funding from international and local investors.

The seed round of fundraising was co-led by Cistech Capital and Lakson Venture Capital (LVC) along with participation from local investors as Befiler looks to expand its product and service offerings to customers through its platform.

Cistech Capital, the main investor in Befiler, is thrilled to help in the company’s expansion and aid in the digital transformation of Pakistan’s tax system. Befiler’s rapid growth to this point has been impressive, and it’s believed that their services with a streamlined user experience and online access is essential for the country’s push towards a formal economy.

Befiler, Pakistan’s first fintech in the digital tax filing and advisory segment, has witnessed an exponential growth in the last two years. The company has been forging partnerships with Pakistan’s leading corporate entities and business associations/ chambers for increasing documentation and tax compliance across the country.

Befiler’s app has over 1 million downloads on Google Play Store and over 460,000 users with a Google app rating of 4.5-star out of 5. The company aims to serve over two million individuals, SMEs and corporates in the next few years.

“We are very excited to support Befiler in their mission to transform the digital tax eco-system in Pakistan. Befiler’s revenue and user growth have been remarkable and we are excited to see it emerge as the dominant market leader in digital taxation and the financial wellness space in Pakistan,” said Babar Lakhani, the managing partner of LVC.

Their goal is to become Pakistan’s largest and most dominant digital tax services portal, empowering taxpayers to take control of their tax affairs.

Asad Ali Shah, the chairman of Befiler, stated, “We are proud to be the leader in digital tax advisory and related services in Pakistan, already serving the largest number of customers in this field and rapidly expanding our presence in various financial services. Our goal is to provide seamless services in a timely and cost-effective manner to millions of people within Pakistan and globally.”

Since its founding, Befiler has excelled in the startup industry. In 2019, Befiler received a grant from the Innovation Challenge Facility for Digital Financial Services, funded by DFID and evaluated by a committee led by the State Bank of Pakistan.

Copyright Business Recorder, 2023