In February 2020, Rapidly closed on our $1.8 million Seed round. Since then, we have been working hand-in-hand with our investors, who firmly back Rapidly’s mission to address the growing need for virtual tax and accounting services.
With the realities of COVID-19 that surfaced quickly with March’s shelter-in-place orders, Team Rapidly quickly saw that our product was needed now more than ever. The tax and accounting industry is an essential business that continues to run despite the shelter-in-place. The unprecedented CARES Act, including stimulus payments and PPP, will have nationwide impacts on Tax Year 2020 filings.
Virtual service offerings are the solution as the world continues to social distance. We know that face-to-face communication with clients and the team dynamics within tax and accounting firms are necessities for success, but have been hindered by stay-at-home mandates. The increased workload and new service types for many firms will require updated technology and automation tools to keep up with the demand.
I am proud to say that our team has faced the challenges of moving into a fully remote working environment with ease. We are poised to continue aiding tax and accounting professionals with the acquisition of new clients, automation of document management, and firm efficiency.
What has Team Rapidly achieved this year?
Our Seed funding has allowed us to make great strides in the first half of 2020:
Our team has doubled, enabling us to focus on fine-tuning the Rapidly customer experience and building out our infrastructure to fully assist firms that are now running 100% of their businesses online.
We are building tools for first-time firm owners to quickly get their virtual office set up. There is a growing number of tax professionals who are now faced with becoming entrepreneurs themselves due to layoffs at major firms.
Banking has always been a part of the tax and accounting profession and now it is even more critical. How firms get paid is becoming an online-first experience and the industry still lags in viable user-friendly solutions that work. Rapidly is on the road to being the first API first payment, banking, and financing solution built specifically for accounting and tax firms.
What’s on Team Rapidly’s plate for the second half of 2020?
We have quite a few ambitions:
When we began Rapidly, we had a pipeline of clients that were eager to try it out, acquire clients and grow their business. Now, we have developed our sales process to serve as many small to medium-sized firms as we can in 2020 and beyond.
Automate repeated and mundane tasks using AI-based workflows for firms to onboard, collect, verify, digitize, integrate documents, communicate, etc in a secure way for different services like tax preparation, tax amendments, bookkeeping, tax planning and more.
Continue to optimize and scale our marketplace for tax firms to discover and communicate with taxpayers. How we communicate with our users will be of utmost importance so that every firm on the Rapidly platform is successful.
Here's to a safe and healthy Q3 and Q4 for Team Rapidly, our investors, and Rapidly users.
- Matt Parker, CEO