Helsinki-based Aibidia, a company that claims to be the world’s leading transfer pricing platform, announced that it has secured €13M in a Series A round of funding.
The company’s Series A round was co-led by DN Capital and FPV Ventures. Existing investors Icebreaker.vc and Global Founders Capital also participated in the round.
Aibidia claims that it will use the funds to further expand its team and global presence in London and Helsinki as well as continue innovating the platform.
Founded by Hannu-Tapani Leppänen, Aibidia assists multinational corporations and their consultants in managing global cross-border commerce and associated transfer pricing responsibilities, through the same platform.
Aibidia says, although databases and spreadsheets have been widely used, maintaining transfer prices has been a time-consuming and expensive procedure that is still entirely manual.
With Aibidia’s technology, this procedure is modernized and expedited, lowering costs and giving businesses more control and insight.
Its platform enables all stakeholders, including in-house experts, advisors, and tax authorities, to collaborate and revolutionize the transfer pricing process while allowing tax professionals to make data-driven choices.
Multinational corporations like Volvo, Bridgestone, and Recipharm are able to set fair worldwide transfer pricing and automate associated reporting because of Aibidia’s technology.
It has also signed partnerships with PwC Finland plus other leading global accounting and consulting member firms.
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