Amadeus leads investment in Refundit to digitize VAT

Amadeus Ventures is leading an investment round of $9.8 million in Refundit, an Israeli start-up that allows tourists visiting Europe to claim their VAT refund as quickly and efficiently as possible.

The solution – which is currently being piloted in Belgium – is aimed at eliminating the long lines and paperwork traditionally needed for VAT refunds.

Refundit was co-founded in 2017 by serial entrepreneur Uri Levine, best known for co-founding the driving navigation app Waze, and Ziv Tirosh, former CEO and co-founder of Stockton, the bio-ag technology company.

To reclaim VAT via the Refundit mobile app, non-EU tourists will need to take a photo of their receipts, boarding pass and passport, and then just digitally apply for their VAT refund. Tax authorities from the relevant country will review the requests digitally and send a digital confirmation to the traveler. This new process is simple, short and user-friendly.

The core innovation that sets Refundit apart from its competitors is the end-to-end digitized process for both the traveler and tax authorities. Up until now, in majority of EU countries, travelers needed to fill in forms and visit the customs counter at the airport, adding unnecessary stress and extra time to the journey.

Amadeus is an IBEX 35 company, listed on the Spanish Stock Exchange under AMS.MC. The company is also part of the EuroStoxx50 and has been recognized by the Dow Jones Sustainability Index.