Befiler, Pakistan’s premier online tax filing platform, has obtained $1.5 million in seed funding from international and local investors in a round co-led by Cistech Capital and Lakson Venture Capital, with participation from local angel investors. The funding will be used to expand Befiler’s product and service offerings to customers.
Akbar Tejani and Mudassir Jokhio, co-founders of Befiler, stated, “We are grateful for the seed funding from our investors. Despite economic challenges, Pakistan is undergoing a major digital transformation and formalization of the economy, and we are proud to be at the forefront of this positive and direly needed change. Befiler is Pakistan’s first fintech company in the field of digital tax filing and advisory services and has experienced significant growth in the past two years. We have established ourselves as a reliable digital tax advisory solution by making tax services more accessible and affordable for the average taxpayer. Befiler’s app has been downloaded over 1 million times on the Google Play Store, with 460,000 users and a rating of 4.5 stars out of 5. In the coming years, we plan to serve over two million individuals, SMEs, and corporates.”
Cistech Capital, the co-lead investor in this fundraising round, is excited to assist in Befiler’s expansion and the digital transformation of Pakistan’s tax system. Befiler has seen impressive growth since its inception and Cistech believes that the company’s user-friendly online services are crucial for Pakistan’s move towards a formal economy. Befiler has also received various accolades, such as a grant from the Innovation Challenge Facility (ICF) in 2019 and the title of “Startup of the Year” at the Pakistan Digital Awards (PDA) in 2021. Additionally, Befiler has received funding from Karandaaz Pakistan, a non-profit supported by the Bill & Melinda Gates Foundation, to increase digital financial inclusion for women. To address the lack of advisory services, Befiler has begun offering a range of business and advisory services including sales tax, corporate tax and compliance, intellectual property, and business formation and tax advisory in the United States.