“Our goal is like what Uber did for taxi cabs and Stripe did for credit card payments.”
In the bustling streets of Silicon Valley, where innovation thrives in the heart of technology, a startup named Kintsugi has been quietly but steadily making waves in the world of sales tax compliance. Picture this – a realm where businesses can offload their tax burdens onto an intricate web of artificial intelligence algorithms, simplifying complex calculations and filings with just a few clicks.
Led by Pujun Bhatnagar, a visionary co-founder with a mission to streamline tax processes globally, Kintsugi recently secured a significant milestone – doubling its valuation to $150 million within a mere six months. This soaring success was fueled by an $18 million investment infusion led by Vertex, a prominent player in indirect tax technology solutions.
“We are half the cost of Avalara…in seven clicks and three minutes…”
When asked about Kintsugi’s exponential growth trajectory, Bhatnagar drew parallels to industry disruptors like Uber and Stripe – pioneers who reshaped traditional landscapes. Just as Uber revolutionized transportation and Stripe transformed payment systems, Kintsugi envisions becoming synonymous with seamless compliance across 171 countries.
The inception of Kintsugi back in 2023 coincided with a pivotal turning point in the tax landscape triggered by the landmark 2018 Supreme Court ruling. As states gained authority to mandate online sellers collect sales tax regardless of physical presence, e-commerce entities faced newfound challenges while states witnessed enhanced revenue streams.
While established players like Avalara swiftly capitalized on these changes, emerging startups such as Kintsugi recognized the potential for AI-powered innovations to carve out their niche. Offering cost-effective solutions that replace traditional accounting practices while ensuring swift outcomes has propelled Kintsugi into prominence.
“Whereas Kintsugi is highly specialized and incredibly good at it…”
With an impressive client base spanning from budding enterprises to multimillion-dollar corporations, including offerings tailored for SaaS companies processing billions in transactions annually, Kintsugi boasts not only substantial revenue figures but also enviable customer loyalty indicators like its remarkable 0.1% churn rate.
Vertex’s strategic investment in Kintsugi signals not just financial backing but also opens doors to new horizons. By aligning expertise in servicing large enterprises with Vertex’s focus on midmarket businesses through innovative revenue-sharing models, both entities stand poised to redefine industry standards collectively.
Looking ahead, armed with robust profit margins exceeding 93%, plans are already underway for global expansion reaching untapped territories across continents. From Canada and Europe to future ventures into South America, Africa, India,and China,the roadmap ahead promises groundbreaking advancements fueled by AI developments accelerated through collaborations between Vertex and Kintsugi.
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