Refundit pockets $9.8M for its digital VAT refund service

Refundit, a startup that automates VAT refunds for travelers and retailers, has landed $9.8 million in funding.

Amadeus Ventures led the round, with participation also coming from Portugal Ventures and a number of seed investors.

Israel-based Refundit offers a digital service to claim a VAT refund quickly to Europe-bound tourists.

Travelers can use a mobile app to take a photo of their receipts, boarding pass and passport and then apply for the VAT refund.

The relevant tax authorities in each country then review the request and send a digital confirmation of the outcome to the traveler.

The service, which is currently being piloted in Belgium, hopes to put an end to the current VAT reclaim process of long queues at airports and paperwork.

Refundit was founded by Waze co-founder Uri Levine and Ziv Tirosh, who previously ran an agricultural tech company.

CEO Tirosh says: “Our solution benefits everyone: the tourist, the retailer, the tax authorities and the country’s economy by making shopping even more appealing.”

Amadeus says this is the fourth investment it has completed in 2019 alongside data company Dawex and airline revenue optimization startup Volantio.

Suzanna Chiu, head of Amadeus Ventures, adds: “Refundit and its people tick all the right boxes in terms of what we look for in strategic investments. The app improves the traveler experience enormously and adds value at every step of the VAT reclaim process.”