Fonoa banked €101.4M ($110M) Series C funding to accelerate its push into autonomous tax compliance. The Croatian-founded company is using the capital injection to expand its technological capabilities and scale its operations across international markets.
The company provides a platform that automates global tax obligations for digital businesses. By integrating with existing financial stacks, it handles tax ID validation, tax calculation, and automated reporting. This automation is designed to help high-volume digital platforms manage complex cross-border tax rules without manual intervention.
Coinciding with the fundraise, Fonoa has acquired the tax platform developed by professional services firm PwC. This strategic move integrates established tax technology and enterprise expertise into Fonoa’s native cloud infrastructure, strengthening its offering for large-scale corporate clients.
The firm was founded by three former Uber employees who previously managed the ride-sharing giant's international tax operations. Their experience in scaling financial systems within hyper-growth environments informed the creation of a unified tax API for the digital economy.
Strategic acquisitions by well-funded CEE-based scaleups demonstrate the maturing playbook of the region's elite tech firms as they transition from regional players to global infrastructure incumbents.
Originally reported by The Recursive.