Tributi was only founded in 2017, but it has already caught the attention of giant Silicon Valley players like the Y Combinator, Foundation Capital, and Graph Ventures, who invested US$800K to help the startup grow. The Colombian startup has created an online software for tax management for Colombian nationals which has been dubbed the “TurboTax for Latin America.”
The software allows users to create tax declarations within half an hour, which saves them an average of COP$100-$300K (US$100-175) on their tax returns. The software is not only helpful for natural citizens; it also helps accountants do their jobs more efficiently and take on more clients during tax season.
The founders, Simón González and Andrés Vélez, were frustrated that the process of submitting their taxes was often more costly than the taxes themselves. Vélez, who used to work alongside Rappi CEO, Simon Borrero, realized the usefulness of an automated product that helped people complete frustrating tasks more efficiently.
Vélez stated in the press release for LAVCA:
“Our online platform automates these [mathematical] operations, eliminating the principal source of complexity in tax returns; we are providing a more agile and secure solution which helps accountants and citizens alike.”