Refundit
- Company typePrivate
- Founded2017
- HeadquartersTel Aviv, Israel
- Headcount1–10
- GTM typeB2B and B2C
- OfferingSoftware
Refundit firmographics
Firmographics- Name
- Refundit
- Legal name
- Refundit Ltd.
- Website
- https://refundit.tax
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Ownership category
- akta.pro rank
Refundit industry classification
Industry- Product category
- Tax Refund Services
- NAICS
- Travel Agencies (561510), Travel Arrangement and Reservation Services (5615)
- akta.pro primary industry
- VAT/GST Tax Recovery & Receipt Compliance (THACADAF)
- akta.pro secondary industries
- Cross-Border Payments & FX (multi-currency wallets, DCC, remittance) (THALAHAE), Fraud Prevention, Risk Scoring & Chargeback Management (THALAHAF)
Keywords
Where Refundit is headquartered
LocationHeadquarters
- HQ city
- Tel Aviv
- HQ country
- Israel
- HQ region
- Middle East
Markets served
Refundit business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure
Revenue model
- VAT Refund Transaction Fee: Refundit charges a 9% service fee on the refunded VAT amount. No upfront payment required from tourists. If no VAT refund is approved by tax authorities, no fee is charged. This compares to traditional providers charging 30%-60% of the refund.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | 9% transaction fee on approved VAT refunds |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
Refundit product offering
Product offeringCore offering
Refundit operates a mobile application that enables non-EU tourists to claim VAT refunds on purchases made in EU countries by photographing their receipts and submitting claims digitally before departure, with refunds disbursed via credit card (within 15 minutes), bank transfer, or PayPal. The company charges a flat 9% service fee on the refunded VAT amount and also provides VATWISE, a back-office platform for government tax authorities to monitor, audit, and prevent fraud in the VAT refund process.
Product overview
Refundit is a mobile-first fintech platform offering digital VAT refund services for non-EU tourists shopping in Europe. The core product is the Refundit Mobile App, which allows tourists to photograph receipts, submit digital refund claims, and receive payments without paperwork or customs lines. A companion government platform called VATWISE enables tax authorities to manage and audit the refund process with fraud prevention tools and big data analytics. A VAT Refund Calculator is embedded in the website for pre-trip planning. The platform differentiates itself with a 9% fee (versus 30-60% charged by competitors) and 15-minute credit card refunds.
Differentiator
Problem solved
Functional benefit
Products and services
- Refundit Mobile App Mobile application (iOS and Android) that enables non-EU tourists shopping in EU countries to claim VAT refunds digitally by photographing their receipts, submitting claims before departure, and receiving refunds via credit card (within 15 minutes of approval), bank transfer, or PayPal.
- VATWISE Advanced government management platform that enables EU tax and customs authorities to monitor and control the VAT refund approval process, featuring big data analytics and fraud prevention capabilities, with European-wide coverage for customs officials.
- VAT Refund Calculator Online calculator integrated into the Refundit website that lets tourists estimate their VAT refund by entering purchase amount and country, based on local VAT rates minus Refundit's 9% fee.
Quantifiable outcome
- 90% of VAT refunds entitled to non-EU tourists do not reach recipients due to complicated traditional process
- +3 more outcomes
Companies that use Refundit
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles3 records
Refundit technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature4 records
Refundit partnerships and signals
Strategic signalScale indicators4 records
Recent moves6 records
Expansion highlights6 records
Refundit competitors and assessment
Company assessmentEmerging players
- GetYourGuide: GetYourGuide is a digital marketplace for tours, attractions, and experiences serving international travelers in Europe. Comparable as a digital-first platform monetizing the inbound tourist flow that Refundit also serves, though focused on experiences rather than tax refunds.
- TourRadar: TourRadar is a digital marketplace for multi-day tours serving international travelers booking European travel experiences. Comparable as a digital-first disruptor of traditional European tourism services with overlapping tourist customer base.
Broad incumbents
- Travelex: Travelex is a global travel financial services provider offering currency exchange, prepaid travel cards, and money services to international travelers. It serves an overlapping international tourist customer base with travel-related financial products, though its core is FX rather than VAT refund.
- Wise (TransferWise): Wise is a cross-border payments fintech offering multi-currency accounts and low-cost international transfers. While not a VAT-refund operator, it is comparable in serving cross-border financial needs of travelers and digital-first fee-disruption economics vs. legacy providers.
- Sabre Corporation: Sabre is a major travel technology and GDS provider serving airlines, hotels, and travel agencies globally. Comparable as a broad travel-tech distribution platform that could enable similar tourist-routing plays, though not active in VAT refunds.
Others
- Currencycloud: Currencycloud provides cross-border payments infrastructure (APIs for FX, multi-currency wallets, remittance) to fintechs and banks. It is adjacent to Refundit's payout-rail needs (multi-currency, cross-border settlements) rather than a direct competitor in VAT refunds.
- Amadeus: Amadeus is a global GDS and travel-technology leader that led Refundit's $9.8M funding round in 2019. It is both a strategic investor and a potential distribution channel into airlines, travel agencies, and hotels across Europe — making it an ecosystem partner rather than a competitor.
Direct peers
- Planet (formerly Planet Payment): Planet offers VAT-refund and dynamic currency conversion services for international shoppers, including tax-free shopping programs in Europe. It competes head-to-head with Refundit for tourist refund volume and is another incumbent the company is positioned against in the same product category.
- Global Blue: Global Blue is the dominant incumbent in tax-free shopping and VAT refund services, processing refunds for non-EU tourists in 50+ countries. It is the explicit target of Refundit's antitrust complaint and the company against which Refundit benchmarks its 9% fee vs. the market's 30-60%.
- Fintrax Group: Fintrax is a long-established tax-free shopping operator (parent of Premier Tax Free, Tax Free World, etc.) serving retailers and tourists across Europe and Asia. It is directly comparable to Refundit as a VAT-refund service provider competing for the same non-EU tourist shopping flow.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks1 record
Key highlights6 records
Customer concentration
Refundit social profiles
Digital presenceRefundit financial estimates
Financial estimateRevenue estimate
Valuation estimate
Refundit leadership team
Management profileNumber of profiles
Profiles3 records
Refundit funding detail
Funding detailFunding overview
Funding rounds2 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Refundit M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Refundit
What does Refundit do?
Refundit operates a mobile application that enables non-EU tourists to claim VAT refunds on purchases made in EU countries by photographing their receipts and submitting claims digitally before departure, with refunds disbursed via credit card (within 15 minutes), bank transfer, or PayPal. The company charges a flat 9% service fee on the refunded VAT amount and also provides VATWISE, a back-office platform for government tax authorities to monitor, audit, and prevent fraud in the VAT refund process.
Is Refundit a public or private company?
Refundit is a private company. It is classified as venture growth investor backed and is currently operating.
When was Refundit founded?
Refundit was founded in 2017. It employs 1 to 10 people.
Where is Refundit based?
Refundit is headquartered in Tel Aviv, Israel, in the Middle East region.
How does Refundit make money?
One revenue line is on record: VAT Refund Transaction Fee.
Who are Refundit's main competitors?
Emerging players on record are GetYourGuide and TourRadar. Broad incumbents are Travelex, Wise (TransferWise) and Sabre Corporation. Others are Currencycloud and Amadeus. Direct peers are Planet (formerly Planet Payment), Global Blue and Fintrax Group.
Does Refundit have an API?
No public API is recorded for Refundit.
What industry is Refundit in?
Refundit's product category is Tax Refund Services. Its primary akta.pro industry code is THACADAF, VAT/GST Tax Recovery & Receipt Compliance, with a secondary code of THALAHAE, Cross-Border Payments & FX (multi-currency wallets, DCC, remittance). Its NAICS code is 561510.