Refundit

Company Overview

Snapshot

Founded in June 2017 by Ziv Tirosh and Uri Levine, Refundit operates with 1–10 employees. The company has raised $12.5 million across two funding rounds from four investors. In November 2019, Refundit secured a significant funding round.

Business overview

Refundit is a Fintech company that simplifies the VAT refund process for tourists. It offers a mobile application that allows users to submit VAT refund requests efficiently before arriving at the airport, bypassing traditional customs procedures. The platform focuses on transparency, applying a low service charge for larger refunds, and processes VAT refunds from various types, sizes, and locations of stores. Refundit operates in the personal finance management and financial operations software sectors, targeting consumers in the travel and tourism industry.

Strategic signal

Refundit ceased operations in May 2024, indicating a significant strategic shift for the company. This development signals to investors and innovation teams the challenges faced by the company in its market, despite earlier funding and pilot programs.

Company Intelligence Q&A

What is Refundit's primary offering?

Refundit provides a mobile application designed to streamline the VAT refund process for tourists, enabling them to submit requests easily before reaching the airport and avoiding customs queues.

When did Refundit cease operations?

Refundit ceased to operate in May 2024.

Which investors participated in Refundit's November 2019 funding round?

In November 2019, Refundit received funding from investors including Amadeus Capital Partners.

What was a notable early partnership for Refundit?

In June 2018, Refundit announced a pilot program with the Slovakian Government to test its VAT refund system.

What recognition did Refundit receive in January 2019?

In January 2019, Refundit won first place in a UN competition, highlighting its innovative approach to tax-free shopping.