FlyFin

For too long, consumers have been tasked to complete erratic tax filings and deduction management processes, navigating a complicated U.S. tax system without onboard real-time guidance from traditional accounting. The rise of self-employment, freelancing and gig economy work not only is a ripe area for intelligent and time-efficient tax solutions, but is a tariq drain on a metaverse of newer users, many of whom are younger and/or more digital native.

FlyFin, led by its CEO, Jaideep Singh, has already made waves in the tax technology sphere with its AI-powered tax assistant that is specifically built for freelancers, gig workers, content creators and the self-employed. Its unique value proposition is that it automates the tax discovery process by directly linking to users' bank accounts and/or credit cards so that their AI assistant can scan the user's transactions, surface deductions, and offer on-screen personalized tax saving insights, resulting in a 95% decrease in time towards tracking write-offs. FlyFin's aim is to take the angst out of tax filing and do it transparently, and reach a generation of users that traditional tax firms have not served. After linking the users' financial accounts (i.e., integration), their AI will continuously monitor and categorize expenses using IRS methodology. It will produce summaries of all potential deductions and even proactively remind them about quarterly taxes. Notably, their platform will provide both a mobile and web-based experience that users can continue to leverage throughout the year, meaning the users will not solely use the app once during the season. Their services don't rely exclusively on robotic automation. FlyFin fuses this AI capability with the expertise of live CPAs who review and finalize forms—completing a filing to meet regulations and ensure the utmost level of trust from their users.

The firm has a couple of key facets that sets its service apart. Perhaps most significantly, They offer an end-to-end CPA-backed filing service for tax season. This includes user-specific assistance, audit protection, and unlimited consultations with the CPA for users that have more complex tax situations. For users who want the experience to be as easy as possible, FlyFin also offers a "Done-for-You" Tax Filing option meaning users have to do very little. Their app also sends proactive reminders of quarterly estimated tax payments and reminds users of ways to boost their deductions throughout the year. Their platform also adds a nice touch with its "Roast My Expenses" tool as a way to give users a cheeky reality check on their spending behaviors. The goal is to educate without offense. For those who are more serious, they provide structured advice and automated savings suggestions that will contribute to a larger deduction and smaller liabilities. FlyFin Premium is a subscription service that unlocks enhanced features including advanced deduction tracking, priority access to CPAs, increased audit insurance coverage, and the ability to support multiple income streams. Starting at $7.99/month, the Premium plan has gained traction for it's rich, premium-like features especially with high earning freelancers and small business owners. FlyFin operates a freemium model with basic tax deduction tracking provided for free while advanced features are included with the Premium subscription plan. The Premium subscription aillows for audit protection and CPA access at any time during the year. The company also earns through seasonal filing services, where users can choose CPA-reviewed or fully "done for you" taxes - at a flat fee. The two revenue streams - monthly subscriptions and seasonal filings - make up the foundation of their earning plan, arching over to predictable recurring earnings while having to think off with the seasonal ramp-up.

FlyFin's financial growth has been marked by 1000 employees and a 403% increase in revenue reaching $324,000. With a current valuation of around $45 million, the firm plans to expand in Canada and England. It recently raised $8 million as funding from investors such as Accel partners and Alpha Wave Global. The firm competes in a competitive tax tech space that includes major competitors such as TurboTax Self-Employed, H&R Block Online, QuickBooks Self-Employed, and Keeper Tax. There are also new entrants in the AI tax space, like Taxly.ai and Simpla AI, competing internationally. FlyFin has set itself apart through its hybrid model combining AI automation and human CPA review, year round intelligent deduction tracking, and intuitive design. THe company has also been quite vocal about its pricing and dedication to no hidden fees—valued highly by self-employed Americans. 

CEO Jaideep Singh noted, "FlyFin is here to give the self-employed peace of mind. We don’t believe that tax filing should be a burden—it should be a breeze.” With a strong emphasis on AI simplicity, leading user, and CPA review guarantees of accuracy, FlyFin is changing the way freelancers file taxes. With greater outreach and product offerings, it is poised to be a champion for independent workers when it comes to financial empowerment.

Click here to access FlyFin's website.