HiPajak Announces Initial Funding from 1982 Ventures
Startup developer of virtual assistant platform for taxation HiPajak announced that it has secured seed funding from 1982 Ventures, a Singapore-based venture capital firm focused on fintech startups in Southeast Asia.
The fresh funds, whose value is not stated, will be focused on by the company for product development, so as to make taxation activities easier for users. Since its establishment in early 2020, HiPajak claims to have experienced significant growth.
From the statistics submitted, now they have embraced more than 150 thousand users and 70 thousand MSMEs in various regions in Indonesia. Interestingly, the trend of HiPajak users shows a 100-fold increase in growth in the 18-24 year age range.
Founder & CEO of HiPajak Tracy Tardia revealed that since its launch, HiPajak has always been committed to providing the right solution for tax matters, especially for people who have unconventional professions or freelancers, as well as for the MSME segment.
HiPajak is here to simplify various steps related to income tax which can save costs up to 95%. With just as easy as chatting, everyone can easily access HiPajak services, even for people who are unfamiliar with taxes or accounting.
Tighten The Collaboration Strategy
To boost traction growth, HiPajak has intensified a collaboration strategy with various large user-based application ecosystems.
One of them is with Gojek, a strategic collaboration is carried out through the GoBiz – HiPajak unit which acts as a tax aggregator apps in helping approximately one million GoFood partners or merchants. In addition, there are a number of other partners such as LinkAja, Midtrans, and KoinWorks.
HiPajak services are not only focused on managing the taxation process, they also provide access to tax literacy. Apart from using the application, HiPajak routinely organizes tax education programs for students as well as conducts socialization and workshops for MSMEs.
The HiPajak application is equipped with 5 main features consisting of Tax Recommendations, Record & Calculate Taxes, Pay Taxes, Report Taxes, Tax Consultations (Tax Confessions), and Making NPWP.
For the security of user privacy data, they use a layered and tested protection system. Currently they are also supervised and connected directly with the Directorate General of Taxes. Meanwhile, in receiving user funds, HiPajak has collaborated with BNI.
“With rapid technological advances, we are continuously motivated to innovate to develop various features available in HiPajak so that it can be made easier for the community and eliminate the impression that managing taxes is difficult. Simplifying tax services for the community will continue to be our top priority,” added Tracy.
HiPajak will also continue its contribution in supporting the government to improve the performance of tax revenue which is a source of state revenue and help accelerate national development.
Digital Tax Service
Regarding the digitization of tax services, a number of startups in Indonesia have introduced innovations – both targeting individuals and businesses.
One of the biggest ones is OnlinePajak, at the end of 2021 they were collecting series C funding involving Visa, Tencent, and a number of other investors. It is estimated that, with the acquisition of this investment, the company’s valuation has reached about $184 million.
Another player is Tax.io, in the middle of last year they also launched a chatbot service called “Bee-Jak” to make it easier for MSME actors to report and pay their taxes. This approach is similar to that of HiPajak.
Meanwhile, there are several other platforms that also have tax services with their own unique concepts, starting from KlikPajak, Taxku, MitraBijak, Mekari, and others.
Based on research results by Fortune Business Insight, digital tax services or software that helps tax management have reached $5.24 billion in 2018, projected to increase to $11.19 billion in 2026 with a CAGR of 10.4%.