The funding round was led by Headline, with new investors Eurazeo and Forestay Capital joining existing backers Index Ventures, OMERS, Coatue and Dawn Capital.

Dublin-based tax technology company Fonoa has closed a $110m Series C funding round and announced the acquisition of PwC’s Indirect Tax Edge platform, in what marks a significant step for one of Ireland’s most ambitious fintech companies.

The funding round was led by Headline, with new investors Eurazeo and Forestay Capital joining existing backers Index Ventures, OMERS, Coatue and Dawn Capital.

Fonoa was founded by three former Uber alumni, and the experience of navigating sprawling, real-time tax requirements across global markets was very much the inspiration behind building the company. The company said it supports tax determination across more than 190 jurisdictions, validates tax IDs in more than 100 countries and processes more than 1bn transactions annually.

Its clients include Canva, Netflix, Uber and Booking.com, with some reporting up to 90pc faster tax calculation since switching to the platform, according to Fonoa.

CEO and co-founder Davor Tremac said the raise addresses a long-standing gap in how enterprise tax teams operate. “While technology has transformed much of finance, tax systems have remained neglected, leaving accounting teams to manage the same fragmented stack for decades: one vendor for determination, another for e-invoicing, a third for returns, with spreadsheets holding it all together,” he said.

On the acquisition side, Fonoa is taking on PwC’s Indirect Tax Edge (Edge), a compliance system used by global enterprises to manage VAT and GST reporting, e-filing, transactional data management and tax analytics. PwC will remain involved, continuing to deliver indirect tax consulting and managed services through the platform, according to Fonoa.

The deal, according to the company, is designed to close a gap that has long frustrated enterprise tax teams, who have typically “had to manage upstream processes” such as tax determination and e-invoicing in entirely separate systems from “downstream” compliance and filing. Together, Fonoa and Edge aim to cover the full indirect tax life cycle on one data model, with one audit trail.

Peter Michalowski, global indirect tax network leader at PwC, said Fonoa was well placed to invest in and scale the Edge platform, pointing to the company’s specialist focus and AI capabilities as key factors in the deal.

Clarey Zhu, a partner at lead investor Headline, described Fonoa as leading a broader shift in tax. “The category has historically spanned tens of billions globally, including services now being reshaped by automation, and Fonoa is enabling businesses to manage compliance with a level of speed and intelligence that wasn’t previously possible,” she said.

With the new capital and the Edge acquisition, Fonoa said it is building towards what it calls autonomous tax, a system where AI agents monitor obligations, populate returns, catch anomalies and assemble audit packs, leaving humans to make decisions rather than do legwork.

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