Cryptocurrency taxation platform TaxNodes and software-as-a-service startup Cloudbankin have secured early-stage funding, the companies said on Wednesday.
TaxNodes
Crypto tax computation platform TaxNodes has raised $1.6 million (Rs 13.1 crore) in a seed funding round from a host of angel investors including Rahul Pagidipati (ZebPay), Nischal Shetty (WazirX), Ashish Singhal (CoinSwitch) and Ajeet Khurana (Reflexical).
The funds will be deployed for research and development and expansion in product offerings.
Founded in 2022 by Avinash Shekhar, TaxNodes is a platform that aims to simplify the tax computing process. The platform has a team dedicated to simplifying taxes, particularly crypto taxes.
It claims to be working towards helping crypto exchanges increase their internal controls and automate reconciliation and accounting.
”This funding will enable us to provide a complete solution for crypto natives making it easier for them to handle their tax obligations. We aim to simplify the complexities of crypto taxation and filing, ensuring accuracy and compliance,” said Shekhar.
Cloudbankin
SaaS startup Cloudbankin (formerly Habile Technologies) has raised $400,000 in a funding round from a host of investors including Kube VC, Upekkha and angel investors Ramanathan RV (Hyperface), Mohan Karuppiah (IppoPay) and Mahendra Negi.
The Chennai-based startup will use the capital to expand its product portfolio and addressing challenges faced by larger financial institutions.
Founded by Mani Parthasarathy, Maieenah Rajah and Alex Anto Navis, the startup provides a digital lending software solution tailored for financial institutions. Its key offerings encompass low-code digital onboarding, a loan origination and management system, a business rule engine amongst other offerings.
“With this funding, we will enhance our artificial intelligence (AI) based low-code platform to enable customisable workflow and pluggable integrations for different financial products such as business loans, loan against property, housing loans, gold loans, buy now pay later and personal loans and launch it in 3 weeks,” said Parthasarathy.