Crypto tax startup TaxBit raises $100 million in round backed by PayPal, Bill Ackman and more

Utah-based crypto tax and accounting startup TaxBit has raised more than $100 million in a Series A round.

First reported by Forbes, the round was led by investment companies Paradigm and Tiger Global, with participants including PayPal Ventures, Coinbase Ventures and Winklevoss Capital. The startup offers cryptocurrency tax software for crypto users, exchanges and vendors.

According to TaxBit CEO Austin Woodward, the money raised will be used to invest in software tools to ease operations as well as to expand internationally. He said the funding will ultimately allow the startup to provide corporations with a "traditional enterprise resource planning tool" which will help companies better manage and optimize crypto transactions. 

In a press statement, TaxBit said that investors Bill Ackman, Anthony Pompliano and Valar Ventures, among others, took part in the round.

TaxBit said that it would debut "the industry's first Big Four & SEC grade accounting ERP solution" later in 2021, per the statement.