Company Overview
Snapshot
Founded in October 2018 by Uri Levin, Dana Muhlgay, Roi Kimche, and Itamar Apelblat, Fibo operates with 11–50 employees. The company has raised $2.1 million across two funding rounds from three investors. In May 2023, Fibo underwent a significant workforce reduction due to regulatory changes.
Business overview
Fibo develops a digital platform designed to automate and simplify the tax refund process for individuals. Its core technology leverages a bot to manage accountant operations and a platform that integrates with various companies, government agencies, and data sources using natural language processing and optical character recognition. The company serves consumers by checking for overpaid taxes over the past six years and facilitating refunds from the state without direct user involvement, operating within the Fintech & Insurtech sector, specifically in Personal Finance Management.
Strategic signal
In May 2023, Fibo significantly reduced its workforce, laying off most of its staff, due to regulatory changes impacting its business model. This event signals a critical operational pivot for the company, indicating that external regulatory pressures can profoundly affect market viability and necessitate strategic restructuring, even for established solutions in the fintech space.
Log in to access full profile ›Company Intelligence Q&A
- What was the most recent significant operational change at Fibo?
- In May 2023, Fibo laid off most of its employees, reducing its workforce from 37 to four part-time employees. This restructuring was attributed to regulatory changes that necessitated a shift in the company's business model.
- When did Fibo last raise funding and who participated?
- Investors in this round included Discount Capital and The Founders Kitchen.
- Who are the founders of Fibo?
- Fibo was founded by Uri Levin, Dana Muhlgay, Roi Kimche, and Itamar Apelblat.
- What is Fibo's primary business model?
- Fibo operates on a B2C business model, providing a digital platform for tax refunds directly to consumers. The company charges a commission on the returns, with specific rates for different refund amounts.