Way2Vat

Way2Vat is a technology company that automates VAT and GST reclaim processes, enhancing compliance and efficiency for businesses in tax recovery. Founded in 2015, Way2Vat specializes in providing automated solutions for VAT and GST reclaim. The company is headquartered in London, UK, and has engaged in four deals, with the most recent deal taking place on November 17, 2021. Way2Vat raised AUD 7 million in a GRANT round from the Israel Innovation Authority, bringing the total amount raised to AUD 7 million.

The founders, Amos Simantov and Aviv Barshaf, have a background in technology and entrepreneurship, contributing to the company’s innovative approach. Way2VAT offers automated solutions for VAT and GST reclaim, as well as accounts payable invoice compliance. Their services streamline tax recovery processes by converting receipts and invoices into accurate data to ensure compliance with various regulations. Targeting a wide range of businesses, including those operating in Spain and other European countries, Way2VAT operates in over 50 countries, providing specialized services for travel expenses and vendor invoices.

DevoluIVA, a subsidiary, focuses on local VAT reclaim for expenses such as restaurants and transportation, improving the efficiency of tax recovery. Way2VAT generates revenue through a subscription-based model for its automated services. By engaging with businesses to streamline compliance checks and communication with tax authorities, Way2VAT ensures effective management of VAT and GST on eligible expenses. The pricing structure accommodates varying client needs, with fees based on transaction volume and tax recovery complexity.

In 2021, the company reported an EBITDA of AUD 0. In November 2021, Way2Vat raised AUD 7 million in an IPO, selling 35 million shares at AUD 0. 20 per share, which provided a market capitalization of AUD 30. 7 million.

The company plans to utilize this funding to enhance its platform and expand its marketing and sales teams, as well as investment in research and development, compliance, security, and customer support. Upcoming initiatives include growth in New York and London, with R&D operations set to expand in Israel. The company aims to double its staff to support these efforts.