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“Indy” Secures $44M Funding to Streamline Freelancers’ Tax + Admin Processes

French startup Indy recently concluded a successful funding round, securing $44 million (โ‚ฌ40 million) in investment, with BlackFin Capital Partners taking the lead. Originally established as an automated accounting platform catering to freelancers and self-employed individuals, Indy has evolved its offerings to encompass a comprehensive platform for freelancers, spanning accounting, company creation, tax preparation, invoicing, and soon, business banking.

Indy’s strategic shift towards bundling services in the software-as-a-service domain has proven to be a noteworthy example of its positive impact. This approach positions Indy as a one-stop solution for freelancers, including but not limited to those in professions such as medicine, architecture, and law.

The funding round saw participation from other investors such as La Maison and iXO. While the startup has not disclosed its current valuation, it emphasized that it exceeds the valuation post its previous โ‚ฌ35 million funding round ($38.3 million at current exchange rates), which occurred earlier this summer.

At its core, Indy continues to excel in automated accounting, allowing users to synchronize their bank accounts seamlessly. The platform categorizes transactions automatically, with users occasionally specifying transaction types in the app. Users can attach receipts to transactions, with automatic VAT detection and archival for potential tax audits.

Indy’s accounting tools are free to use indefinitely, and a monthly subscription is required only for generating and submitting tax forms, representing a cost-effective alternative to hiring an accountant.

Founder and CEO Cรดme Fouques highlighted Indy’s affordability, stating, “As we are on average four to five times cheaper than a chartered accountant for the tax preparation part, there are many people who are using our free services and who will also subscribe to our paid services.”

Building on its success, Indy has expanded its product suite to include features such as quote and invoice creation, stored directly within user accounts. This enhances the user experience, allowing for automatic payment tracking when clients settle invoices through bank transfers.

Furthermore, recognizing the bureaucratic hurdles in starting a company, Indy offers free company creation services bundled with a subscription. This not only aids users in making informed decisions but also strengthens user loyalty and referrals within the self-employed community.

Looking ahead, Indy is set to venture into the realm of fintech, with plans to introduce a free business bank account featuring a payment card. This strategic move aligns with Indy’s mission to streamline business-related tasks, eliminating the need for users to switch between multiple applications.

While other players like Qonto and Shine in France target small and medium-sized businesses in the business banking sector, Indy aims to address the basic banking needs of self-employed individuals, emphasizing simplicity and essential features.

Indy’s expansion into fintech opens up possibilities for additional services, such as new payment methods for invoices, including online card payments, QR code-based payments, or using smartphones as contactless card readers. By consolidating these features within a single platform, Indy aims to achieve economies of scale and minimize user acquisition costs, enabling the provision of a diverse range of services free of charge.

While some U.S.-based companies like Found and Lili have tackled similar challenges with substantial funding, Indy differentiates itself by focusing on the European market. Although eyeing expansion into other European countries, the startup remains dedicated to its home market, where millions of self-employed individuals present a significant market opportunity. Indy’s distribution strategy, centered on the unique needs of the French market, positions it well for continued success.

by Paul Britton

Full-time CBG author covering everything from business to wellbeing news, in Cyprus. and abroad.
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