No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
Corporate Compliance Insights
Home GRC Vendor News

Blue dot Signs $32 Million Series C to Scale Tax Compliance Platform

The company's venture funding now totals $82 million.

by Henry Kronk
April 7, 2021
in GRC Vendor News
The Tel Aviv skyline, where Blue Dot is headquartered.

With a Series C on the books, Blue dot (formerly VATBox) will expand operations across North America and double its workforce over the next year. The company offers an AI VAT recovery automation system, among other solutions.

The tax compliance platform Blue dot today announced it has secured a Series C worth $32 million. Formerly known as VATBox, the Tel Aviv company currently maintains additional offices throughout Europe and the U.S.

Blue dot uses artificial intelligence to automate tasks related to a company’s employee spend data for VAT, taxable employee benefits and corporate income tax.

“A hierarchy of dependent AI models is absolutely necessary to ensure proper tax and accounting compliance,” Blue dot CEO and Founder Isaac Saft said. “Blue dot’s technology has moved to a point where it assembles transactional data more effectively than the human brain.”

Blue dot says it plans to use the funding to generally scale its operations. It currently employs roughly 100 people across its offices and hopes to double that headcount over the next 12 months.

The funding round was led by Ibex Investors and Lutetia Technology Partners. Previous investors Viola, Target Global and Lamaison Partners also joined. The latest round brings Blue dot’s total funding to roughly $82 million.

As part of the deal, Ibex’s Gal Gitter and Lutetia’s Rob Perdue will join Blue dot’s board.

“We believe Blue dot can change the way organizations worldwide manage accounting and its tax implications for their expenses,” Gitter said in a statement. “There’s been a major market shift away from centralization of enterprise functions, including procurement. As that accelerates, more companies will be looking for ways to replace costly and complex manual processes with digital, automated solutions that use data and AI to essentially enable transactions to report themselves, which Blue dot delivers.”

Blue dot Shows Steady Growth in the Fintech Space

VATBox launched in 2013 with founders Isaac Saft and Noam Guzman serving as CEO and president, respectively. It raised its first funding round, a $6 million Series A, in the same year. It raised another two growth rounds in 2015 and 2017. In 2015, it was selected to join the MasterCard accelerator Start Path.

Value-added taxes are in place in most countries around the world. They are used in all OECD countries except the United States. Most American states charge a sales tax instead. Sometimes known as a goods and service tax (GST) it is levied at each stage of a product’s or service’s development. Many countries maintain complex systems through which this tax can be reclaimed in some situations. International laws add further intricacies.

Exciting news! VATBox has announced expanding its ongoing partnership with SAP Concur through the launch of Concur® Tax Assurance by VATBox.https://t.co/NiQLDMCgB3 pic.twitter.com/P7Nom404hz

— VATBox (@VATBox) January 25, 2021

Blue dot has maintained steady growth over its lifetime, partnering recently with SAP Concur to integrate its service with the audit and risk platform’s offerings.

“Since our founding, we’ve enjoyed tremendous recognition and a high rate of adoption for our platform as part of a larger global tax compliance digitalization trend,” Saft said. “SAP Concur chose Blue dot as its exclusive integrated tax assurance solution to be deployed for their client portfolio. It took 12 months of technical due diligence and compliance evaluation in a competitive environment. We’ve secured funding from top U.S. investors to drive the next phase of our growth strategy. It’s an exciting time at Blue dot, and we’re incredibly grateful to our customers, partners and investors.”


Tags: Artificial Intelligence (AI)FinTechTax Compliance
Previous Post

Behavox Expands Cloud Archiving Solution

Next Post

Rainy Day Fund

Henry Kronk

Henry Kronk

Henry Kronk headshotHenry Kronk is the former Managing Editor of Corporate Compliance Insights. His previous reporting has appeared in Exclaim!, the Burlington Free Press, International DJ, eLearning Inside and more. He produced the radio show Code Burst — an investigation into a coding bootcamp that sought to retrain out-of-work coal miners for jobs in tech — for CKUT 90.3 FM in Montreal.

Related Posts

DALL·E 2023-02-16 13.18.43 - magritte style painting of robot looking into mirror

A Bot Isn’t Going to Take Your Place, But AI Will Make Your Job Harder

by Jennifer L. Gaskin
March 8, 2023

OpenAI’s splashy ChatGPT rollout has generated untold amounts of text, both directly and indirectly. While much of what’s been written...

cci top 10 stories collage

Top 10 Compliance Stories of 2022

by Jennifer L. Gaskin
December 7, 2022

The more things change, the more they stay the same. This time last year, we summarized the top 10 ESG...

ai bias_f

Still Racist After All These Datasets: Once Bias Is Baked Into Your AI, It’s Hard to Root Out

by Nigel Cannings
November 9, 2022

Spending on artificial intelligence across all sectors is expected to more than double by 2025, but Nigel Cannings of Intelligent...

ai in hiring

Algorithms Behaving Badly: New NYC Law Tackles Bias in Hiring Technology

by Lofred Madzou
June 2, 2022

From recruitment to retention, technology has long been crucial to effective workforce management. And while companies may be flocking to...

Next Post
Rainy Day Fund

Rainy Day Fund

Compliance Job Interview Q&A

Jump to a Topic

AML Anti-Bribery Anti-Corruption Artificial Intelligence (AI) Automation Banking Board of Directors Board Risk Oversight Business Continuity Planning California Consumer Privacy Act (CCPA) Code of Conduct Communications Management Corporate Culture COVID-19 Cryptocurrency Culture of Ethics Cybercrime Cyber Risk Data Analytics Data Breach Data Governance DOJ Download Due Diligence Enterprise Risk Management (ERM) ESG FCPA Enforcement Actions Financial Crime Financial Crimes Enforcement Network (FinCEN) GDPR HIPAA Know Your Customer (KYC) Machine Learning Monitoring RegTech Reputation Risk Risk Assessment SEC Social Media Risk Supply Chain Technology Third Party Risk Management Tone at the Top Training Whistleblowing
No Result
View All Result

Privacy Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2022 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe

© 2022 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT