London, May 31 (IANS): Europe's leading mobile tax platform Taxfix has reportedly laid off 120 employees, or 20 per cent of its workforce, amid funding winter to cut costs.

The job cuts come in the wake of Taxfix recently acquiring a Stuttgart-based start-up Steuerbot, which offers a successful chat-based tax app in Germany, reports TechCrunch.

The Germany-based accounting startup reached a $1 billion valuation in 2022.

"With Taxfix's recent successful acquisition of Steuerbot, great synergies are created, which enable us to heavily increase efficiencies. Therefore we took the strategic decision to restructure the organisation," a Taxfix spokesperson was quoted as saying.

"The macroeconomic funding environment has changed over the past months, and it is, therefore, more important than ever to position ourselves as an independent company for the long term," the spokesperson added.

In April 2022, the platform closed a $220 million Series D at a valuation of over $1 billion, from investors that included Teachers' Venture Growth, Index Ventures, Valar Ventures, Creandum and Redalpine.

With more than five million downloads in Germany, Italy and Spain, Taxfix is the leading mobile tax platform in Europe.A

The fintech platform recently reached the milestone of over two billion euros in tax refunds for its customers.

More than 500 employees, including tax experts, developers and IT security experts, work in Berlin and Madrid to develop the Taxfix service and product portfolio further, the company said in February this year.