Way2VAT named one of Israel’s fastest growing companies

HIGHLIGHTS

• Way2Vat has ranked 23 out of Israel’s 100 fastest growing companies
• Annualised gross transactional value increased to A$19.47m in FY22, a 169% increase from FY20 (A$7.24m)
• VAT refunds to tax authorities were A$6,740m in Q3 FY22, up from A$2,228m in Q1 FY22
• Way2Vat fee revenue were A$265m in Q3 FY22, up from A$157m in Q1 FY22
• Enterprise clients increased from 180 to 225 and small business clients from 400 to 900 from Q3 FY21 to Q3 FY22

Global leader in automated VAT claim and return solutions, Way2VAT Ltd (ASX:W2V), has ranked 23 out of 100 fastest growing Israeli companies in an annual survey conducted by Globes, Israel’s leading financial newspaper, and market analysis platform Statista.

Way2VAT CEO and Founder, Amos Simantov, said, “We are delighted to be recognised as one of Israel’s fastest growing companies. Our patented artificial intelligence technology that powers the world’s first fully automated, end-to-end VAT reclaim platform has the ability to scale dramatically across 40 countries in more than 20 languages.”

“Our client-base and gross transactional value has increased substantially over the past two years, even as COVID slowed down government processes in administering payments.”

“We are seeing a significant increase in transaction volume through travel expenses, accounts payable and VAT claims as international business travel has started to normalise to pre-COVID levels following the European summer. Our annualised gross transactional rate is now $19.47m, up 43% on last year, and 169% on FY20.”

“Our growth is also being supported by tax authorities speeding up the time it takes to process our claims. This processing time, from when we submit our claims to tax authorities to when we receive it, had blown out to 15 months in several jurisdictions during COVID lockdown periods, but we are seeing it returning towards the pre-COVID average of 7.5 months.”

“We are keen to harness the opportunity that exists for our broadening product suite that covers local and international VAT and expense reclaims as well as our Smart Spend Debt Mastercard.”