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 funding from Amadeus Capital Partners and The Founders Kitchen.

Business overview

Refundit is a fintech company focused on simplifying and enhancing the VAT refund process for tourists. The company's core product is a mobile application that allows users to submit VAT refund requests easily and quickly, bypassing traditional airport customs procedures. Refundit serves the travel and tourism industry, operating within the fintech, personal finance management, and mobile application sectors, primarily targeting consumers and governments (B2G, B2C, B2B2C models).

Strategic signal

Refundit ceased operations in May 2024, indicating a significant strategic shift and the conclusion of its business activities. This development signals to investors and innovation teams that the company is no longer an active player in the VAT refund market, highlighting the inherent risks and competitive pressures within the travel-tech and fintech sectors.

Company Intelligence Q&A

What is Refundit's primary business?

Refundit provides a mobile application designed to simplify and streamline the VAT refund process for tourists, allowing them to submit requests before arriving at the airport.

When was Refundit founded and by whom?

Refundit was founded in June 2017 by Ziv Tirosh and Uri Levine.

What was a key funding event for Refundit?

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

What is the current operational status of Refundit?

Refundit ceased to operate in May 2024.

What was a notable early achievement for Refundit?

In June 2018, Refundit announced a pilot program with the Slovakian Government to facilitate VAT refunds for tourists.