Fibo
Digital Platform for Tax Refunds
Company Overview
Snapshot
Founded in October 2018 by Uri Levin, Dana Muhlgay, Roi Kimche, and Itamar Apelblat, Fibo operates with 11–50 employees. The company has raised $2.1 million across two funding rounds from three investors. In November 2020, Fibo secured funding from Discount Capital and Uri Levine.
Business overview
Fibo develops a digital platform designed to automate and simplify the tax refund process for individuals. The company's core technology utilizes a bot to manage accounting operations and a platform that integrates with various companies and government agencies. This system leverages natural language processing and optical character recognition to identify overpaid taxes from the last six years, facilitating refunds without direct customer involvement. Fibo primarily serves the consumer market within the Fintech & Insurtech sector, focusing on personal finance management and tax-related services in Israel.
Strategic signal
In May 2023, Fibo underwent a significant workforce optimization, laying off most of its employees due to regulatory changes. This event signals a challenging operational environment and a need for strategic adaptation in response to external market pressures within the tax refund sector.
Company Intelligence Q&A
- What is Fibo's primary offering?
- Fibo provides a digital platform that automates the process of identifying and securing tax refunds for individuals, checking for overpayments from the past six years.
- When was Fibo founded and by whom?
- Fibo was founded in October 2018 by Uri Levin, Dana Muhlgay, Roi Kimche, and Itamar Apelblat.
- What was a significant operational change for Fibo in 2023?
- In May 2023, Fibo laid off most of its employees, a decision attributed to regulatory changes impacting its operations.
- What is Fibo's employee count?
- Fibo operates with 11–50 employees.
- What technology does Fibo utilize for its tax refund service?
- Fibo's technology includes a bot for automating accounting operations and a platform that integrates with various entities using natural language processing and optical character recognition to process tax refund claims.