Gelt, an Israeli startup, has raised $13 million in a Series A round. With this, the company’s total funding has reached $21.2 million.
The round was led by Zvi Limon from the Rimon Group, with support from Vintage Investment Partners and TLV Partners. Gelt has also appointed Yoram Tietz, former Managing Partner at EY and now Senior Advisor at General Atlantic, as its new Chairman of the Board.
Founded three years ago, Gelt says it has grown quickly, tripling its number of users each year. At the same time, it has increased its profit margins from 20–30% in the past to 55–66% now.
Unlike traditional tax firms that only handle yearly filings, Gelt uses an AI-powered platform to continuously scan tax rules and apply strategies tailored to each client.
For example, the system spotted that a venture partner was overpaying taxes through a regular W-2 salary. By restructuring the income through an S-Corp, the platform reduced payroll taxes and uncovered federal deductions, saving the client over $100,000 in just one year.
Founder and CEO Tal Binder said Gelt’s approach is a “proactive strategy that helps clients save a lot of money and takes care of all the compliance work.” The AI platform does the complex calculations, so Gelt’s accountants can focus on giving strategic advice instead of routine number-crunching.
The Series A funding will help Gelt improve its platform and expand into new markets. The company also plans to grow its team threefold by hiring senior CPAs, engineers, and client experience specialists.
Gelt is focusing on industries with complicated tax rules, such as technology, healthcare, real estate, and financial services.
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