The Madrid tax fintech doubled revenue in 2025 and hit profitability. Now it’s taking on structured debt to scale its AI platform, a sign that its capital strategy is as deliberate as its product.
Most tax software companies want to tell you how many users they have. TaxDown wants to tell you how little money it took to get them.
The Madrid-based tax fintech announced on Thursday that it has secured €4 million in debt financing from BBVA Spark, the Spanish banking giant’s dedicated unit for high-growth companies.
The facility is backed by the European Union’s NextGenerationEU recovery fund and the European Investment Fund, with additional support from Spain through the state compartment of the InvestEU programme.
What the announcement does not say loudly enough: this is the second €4 million deal TaxDown has closed in under a year. In April 2025, it raised the same amount in equity from Madrid-based VC firm Bonsai Partners, with continued backing from existing investors including Base10, JME Ventures, and 4Founders.
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The two transactions are structurally different, equity versus debt, but together they paint a picture of a company that has figured out how to finance itself efficiently.
“We don’t believe mega-rounds are a synonym for success,” Enrique García, CEO and co-founder of TaxDown, said at the time of the Bonsai round. The BBVA Spark deal is consistent with that philosophy: structured debt, EU-backed leverage, no dilution.
What they’ve built
Founded in 2019 by García, Álvaro Falcones, and Joaquín Fernández, TaxDown was built around a problem the founders saw clearly: Spanish taxpayers were leaving money on the table every year, either by not filing at all or by missing deductions they were entitled to.
The platform combines proprietary AI with a team of human tax advisors to guide individuals through their returns, identify eligible deductions, and manage additional fiscal procedures.
The numbers, as disclosed in BBVA’s press release, are substantial. TaxDown has over four million users. More than 500 companies use it as a technology partner.
It is the platform that processes the most personal income tax returns in Spain of any private tool or advisory service. It has managed over €1.5 billion in taxes since launch. One in four customers who used it in 2024 saved an average of €300 on their return.
Perhaps most notably: in 2025, TaxDown’s revenue grew by more than 100 per cent year on year, and the company reached profitability.
In a European fintech landscape where profitability remains elusive for many better-capitalised companies, that combination, scale, growth, and positive margins, is the actual story here.
Spain and beyond
TaxDown’s international ambitions are focused on Latin America, where it launched in Mexico in 2022. The region presents a compelling version of the same problem TaxDown solved in Spain: complex, opaque tax systems, limited digital tooling, and millions of people who could benefit from automated guidance but have no easy way to access it.
The new BBVA Spark financing will go toward expanding the technology team and developing new AI-based features. What those features will look like in practice, the company has not detailed, but the trajectory from the Bonsai round is instructive: virtual advisor tools, further automation of the filing process, and deeper integration with banking partners.
TaxDown is also an official partner of the Spanish Tax Agency and a member of the Asociación Española de Asesores Fiscales, institutional credentials that matter in a regulated space where trust is not easily bought.
None of this happened through a mega-round. It happened through seven years of steady execution, a co-investor relationship with one of Spain’s largest banks, and a capital strategy that uses leverage rather than dilution to fund growth.
Whether that approach scales to the full ambition of the Latin American market is the question the next year or two will answer.
Stephan is the sports journalist for the Maple Grove Report.
