The tax preparation industry in Benelux is a critical sector that provides essential services for both individuals and businesses in their compliance with tax obligations. This industry includes a variety of companies ranging from large multinational corporations that offer comprehensive accounting and tax consulting services to agile fintech startups focused on automating and simplifying tax processes. Recent trends reflect a shift towards digital solutions, with many companies incorporating technology to enhance efficiency and accuracy in tax preparation. As regulations evolve, the demand for innovative tax solutions aimed at managing complexities is likely to grow, driving further investment in the sector.


The landscape of investment in the Benelux tax preparation sector consists of a mix of venture capital, private equity, and corporate investors. Investors are primarily situated in cities like Amsterdam, Luxembourg, and Utrecht and vary in size with small firms having fewer than 10 employees to larger entities with thousands of stakeholders. Founded between 1917 and 2017, some investors, such as TMF Group and Wolters Kluwer, have completed numerous deals, while others have engaged in fewer but strategically significant investments in 2024, supporting technological advancements in tax services.


Top 15 Tax Preparation Investors in Benelux


1. Wolters Kluwer

  • Website: wolterskluwer.com
  • Type: Corporate
  • Headquarters: Alphen Aan Den Rijn, South Holland, Netherlands
  • Founded year: 1836
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: wolters-kluwer

Wolters Kluwer N.V. is an information services company based in Alphen Aan Den Rijn, South Holland, Netherlands, founded in 1836. The company provides software solutions and services across various professional sectors, including healthcare, legal, tax, accounting, finance, and compliance. Wolters Kluwer supports professionals by offering tools that enhance productivity and ensure compliance with regulatory requirements. Notably, the company has made significant acquisitions in the tax preparation sector, including the acquisition of MFAS, a Dutch provider of tax content solutions, in October 2023, which aims to enhance its offerings in the legal and tax professional market. Additionally, in May 2013, Wolters Kluwer acquired Prosoft Tecnologia S.A., a leading tax and accounting software provider in Brazil, further solidifying its position in the tax preparation market. These strategic moves demonstrate Wolters Kluwer's commitment to expanding its capabilities in tax preparation and related services.


2. TMF Group

  • Website: tmf-group.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1988
  • Headcount: 10001+
  • Number of deals in 2024: 5
  • LinkedIn: tmf-group

TMF Group B.V., founded in 1988 and headquartered in Amsterdam, Netherlands, is a leading professional services firm that specializes in providing essential administrative services, including accounting, tax, HR administration, and global payroll services. With a workforce of over 10,000 employees, TMF Group serves a diverse clientele, including corporates and financial institutions, helping them navigate complex regulations and maintain compliance across multiple jurisdictions. In recent years, TMF Group has made significant strides in the tax preparation sector through strategic acquisitions. Notably, they acquired Avanzia Taxand Limited to enhance their presence in Malta and southern Europe, and Ecovis R&G Consulting Ltd. to bolster cross-border investment services between China and Germany. Additionally, their acquisition of Contexpert, a Romanian firm specializing in accounting, audit, tax, and payroll services, further solidifies their commitment to expanding their tax service offerings. Their acquisition of Auren S.C. in Uruguay also highlights their focus on enhancing tax and payroll services in the Latin American market. These transactions underscore TMF Group's active role in the tax preparation industry, making them a significant player in this field.


3. Sgh

  • Website: sghcapital.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: sghcapital

SGH Capital is a venture capital firm founded in 2015, based in Luxembourg, specializing in early and mid-stage investments in disruptive companies across various sectors, including fintech and blockchain. They provide capital and strategic support to innovative businesses primarily in the US and western Europe. Notably, SGH Capital has invested in inDinero, a full-service accounting startup that has raised a total of $10 million, indicating their engagement in the accounting and tax preparation space. Additionally, they have invested in Inqom, which also operates in the financial technology sector, and Cryptio, an enterprise-grade back-office platform, further showcasing their interest in companies that may intersect with tax preparation services.


4. Rabo Frontier Ventures

  • Website: rabofrontierventures.com
  • Type: Venture Capital
  • Headquarters: Utrecht, Utrecht, Netherlands
  • Founded year: 2017
  • Headcount: 1-10
  • LinkedIn:

Rabo Frontier Ventures is a venture capital firm based in Utrecht, Netherlands, founded in 2017. The firm specializes in providing equity capital to transformative companies and top-tier funds, primarily in the Food & Agri and Sustainability sectors. However, they have also made significant investments in the financial technology space. Notably, they acquired a minority stake in Ageras, an SME marketplace that enhances its offerings with bookkeeping services, which is relevant to tax preparation. Additionally, Rabo Frontier Ventures participated in a Series B financing round for CANDIS, a platform that automates accounting and payment processes, further emphasizing their engagement in the financial services sector. These transactions highlight their commitment to supporting growth in companies that intersect with tax preparation and accounting services.


5. Finch Capital

  • Website: finchcapital.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2013
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: finch-capital

Finch Capital is a venture capital investment firm based in Amsterdam, specializing in business and financial technology. Founded in 2013, the firm focuses on providing investment management and advisory services to companies across various sectors, including insurance, payments, and regulatory compliance. Notably, Finch Capital has invested in TaxScouts, a tax preparation service, participating in both a Seed Round in January 2019 and a Series A funding round in August 2020. This involvement highlights their interest in the tax preparation industry, alongside their investments in other financial technology companies like AccountsIQ, which offers financial management software. Finch Capital aims to help businesses scale sustainably and navigate complex market challenges through strategic partnerships and technology-driven solutions.


6. Unifiedpost Group


Unifiedpost Group is a corporate investor based in La Hulpe, Wallonia, Belgium, founded in 2001. The company specializes in digital invoicing and offers solutions that automate financial processes, including e-invoicing and payment systems. Their services are designed for businesses and governments, helping them streamline operations and ensure compliance with tax regulations. In recent years, Unifiedpost Group has made several strategic acquisitions to enhance its service offerings. Notably, they acquired Sistema Efactura, which is relevant in the context of tax preparation as it focuses on electronic invoicing solutions. Additionally, their acquisition of Crossinx for €113 million aims to expand their geographical footprint and enhance service offerings in the DACH region, further indicating their commitment to improving financial processes that are integral to tax compliance. These transactions reflect Unifiedpost Group's strategy to create a pan-European platform for documents, identity, and payment services, which are essential for effective tax preparation.


7. MiddleGame Ventures


MiddleGame Ventures is a venture capital firm based in Luxembourg, founded in 2016, that focuses on investing in fintech startups. They provide capital and expertise to entrepreneurs in the financial services sector, helping them innovate and grow. Their investment strategy includes supporting companies from Seed through Series B stages, with a strong emphasis on the digitization of financial services. Notable transactions include their investment in Blockpit, an Austria-based company that raised approximately €8.4 million for its Cryptotax software, which aids in tax preparation for cryptocurrency users. Additionally, they have invested in Outmin, which offers automated accounting solutions, further showcasing their commitment to enhancing financial technology that can streamline tax preparation processes. Their involvement in these sectors positions them as a significant player in the fintech landscape, particularly in areas that intersect with tax preparation.


8. s16vc - Founders for Founders Fund

  • Website: s16vc.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2020
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: s16vc

s16vc - Founders for Founders Fund is a venture capital firm based in Amsterdam, Netherlands, founded in 2020. The firm focuses on providing advisory services to businesses, emphasizing the importance of strategic guidance in management. Notable transactions include investments in Osome, a company that raised $16 million in Series A funding, and Finom, a digital banking solution for SMEs that has raised significant funding rounds, including €50M in Series B and $34.997815 million in Series A. These investments suggest a focus on financial technology and services, which can be relevant to tax preparation, particularly through companies that offer accounting and financial management solutions.


9. Intertrust Group


Intertrust Group is a corporate management company based in Amsterdam, Netherlands, founded in 1952. They specialize in providing fiduciary services, tax solutions, and business management to large corporations and private equity funds. Intertrust operates globally, offering compliance and management solutions to navigate complex regulatory environments. Notably, they have made strategic acquisitions to bolster their position in the tax preparation sector, such as acquiring the remaining 25% stake in Intertrust Management Spain, S.L. from Azcona y Asociados de Consultoría Tributaria, Jurídica y Contable, S.L. This acquisition enhances their capabilities in Spain's capital markets services, particularly in tax-related consulting. Additionally, their acquisition of Corporate Risk Solutions further demonstrates their commitment to providing comprehensive risk management and compliance services, which are essential in the tax preparation landscape.


10. Newion


Newion Partners is a venture capital firm based in Amsterdam, Netherlands, founded in 2000. They specialize in investing in early-stage technology companies, particularly in the business software sector. Newion provides capital, expertise, and support to help these companies scale and achieve market leadership, focusing on businesses located in North/West Europe. Notably, Newion invested approximately €1 million in TaxModel, a Dutch international tax software provider, in a Series A funding round announced on January 17, 2019. This investment aims to further develop TaxModel's platform and expand its marketing and sales efforts. Additionally, Newion has made other investments in technology companies, such as Reasult, a real estate software provider, and Alleo, which raised funds in both 2022 and 2024. While their primary focus is on technology, their involvement with TaxModel highlights their engagement in the tax preparation industry.


11. Kartesia

  • Website: kartesia.com
  • Type: Private Equity
  • Headquarters: Leudelange, Esch-Sur-Alzette, Luxembourg
  • Founded year: 2013
  • Headcount: 51-200
  • Number of deals in 2024: 5
  • LinkedIn: kartesia

Kartesia is a private equity firm based in Leudelange, Luxembourg, specializing in private debt management and tailored financing solutions for lower mid-market companies across Europe. Founded in 2013, Kartesia has established itself as a key player in providing flexible capital for growth and operational needs. Among their notable transactions, they provided a £48 million financing package to SKS Business Services, a UK-based accountancy and tax firm, aimed at supporting further acquisitions and the integration of larger accountancy practices. This investment highlights Kartesia's engagement in the tax preparation industry. Additionally, they have invested in sa.global, a Microsoft Gold Partner, which, while not directly related to tax preparation, showcases their broader investment strategy in supporting business transformations and growth initiatives.


12. Smartfin

  • Website: smartfinvc.com
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 2014
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: smartfinvc

Smartfin is a venture capital firm based in Brussels, Belgium, founded in 2014. The firm specializes in investing in B2B technology companies across Europe, managing €500 million in assets. Smartfin provides financial support and strategic guidance to entrepreneurs, helping them grow their businesses. Among their notable investments is Unifiedpost Group, which closed a €10 million investment round in 2016, focusing on business process automation and financial services. Additionally, Smartfin participated in a Series B funding round for Silverfin, a Belgian fintech startup that raised $30 million in 2020, aimed at accelerating product development and international growth. These investments highlight Smartfin's engagement in the fintech sector, which is closely related to tax preparation services.


13. Vortex Capital Partners

  • Website: vortexcp.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2012
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: vortex-capital-partners

Vortex Capital Partners is a private equity investment firm based in Amsterdam, North Holland, founded in 2012. The firm specializes in investing in technology-enabled small and medium-sized enterprises, providing both investment management and strategic support to help these businesses achieve sustainable growth. Vortex partners with management teams to enhance operational efficiency and align technology with business strategies. Notably, Vortex Capital Partners has made investments in companies such as Kees de Boekhouder, which raised funds in May 2022, indicating a focus on the tax preparation sector. Additionally, they invested in POM in August 2018, although the specific relevance of this investment to tax preparation is unclear. Overall, Vortex Capital Partners demonstrates a commitment to supporting businesses that may intersect with the tax preparation industry.


14. Quilvest Capital Partners


Quilvest Capital Partners is an investment management firm based in Luxembourg, specializing in private equity, real estate, and private credit. Founded in 1917, the firm manages over $7 billion in assets and serves a diverse clientele, including institutions and family offices, by providing tailored investment strategies to meet their financial objectives. Notably, Quilvest made a significant acquisition in the tax preparation context by acquiring alliantgroup on December 31, 2013. alliantgroup is known for its expertise in tax consulting and services, which aligns with Quilvest's interest in the tax preparation industry. This strategic investment highlights Quilvest's capability to engage in sectors that complement their broader investment strategy.


15. Ilavska Vuillermoz Capital


Ilavska Vuillermoz Capital is a venture capital firm founded in 2019, based in Luxembourg and the Czech Republic. The firm specializes in venture capital and impact investing, aiming to create positive economic impacts through strategic investments. They have been involved in several notable transactions, including investments in fintech companies such as Qonto and Penta, which are known for providing financial services that may encompass tax preparation solutions. Additionally, they participated in the funding of Cure Finance, a startup in the fintech space, indicating their active engagement in sectors that could intersect with tax preparation services. Their collaborative approach with institutional and private investors further enhances their capacity to support innovative solutions in the financial sector.



Tax Preparation Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
Wolters KluwerAlphen Aan Den Rijn, South Holland, Netherlands10001+18364
TMF GroupAmsterdam, North Holland, Netherlands10001+19885
SghLuxembourg1-1020153
Rabo Frontier VenturesUtrecht, Utrecht, Netherlands1-1020170
Finch CapitalAmsterdam, North Holland, Netherlands11-5020132
Unifiedpost GroupLa Hulpe, Wallonia, Belgium1001-500020010
MiddleGame VenturesLuxembourg1-1020164
s16vc - Founders for Founders FundAmsterdam, North Holland, Netherlands11-5020207
Intertrust GroupAmsterdam, North Holland, Netherlands1001-500019520
NewionAmsterdam, North Holland, Netherlands11-5020006
KartesiaLeudelange, Esch-Sur-Alzette, Luxembourg51-20020135
SmartfinBrussels, Brussels, Belgium1-1020142
Vortex Capital PartnersAmsterdam, North Holland, Netherlands11-5020121
Quilvest Capital PartnersLuxembourg51-20019172
Ilavska Vuillermoz CapitalLuxembourg11-5020193


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