Simplicity takes stake in tax tech company

The investment will primarily be used to develop Taxi, a new company offering access to working capital for businesses, backed by their provisional tax payments.

Tax Traders, which started in 2012, is a tax pooling intermediary that works with accountants to give taxpayers more flexibility when paying provisional tax.

It is investing into its next venture – Taxi, which uses the same provisional tax framework to provide business funding.

Co-founders Josh Taylor and Nicola Taylor say securing capital to invest in Taxi is a critical part of scaling quickly.