April, a New York-based tax platform, has raised US$38 million in a series B funding round led by QED Investors.

Other investors included Nyca Partners and Team8, bringing the company’s total funding to US$78 million.

April offers application programming interfaces (APIs) that enable fintech applications and financial institutions to integrate tax planning and filing tools into their services.

The company operates on a software-as-a-service (SaaS) model with flat-rate pricing for its partners.

Recently, April became the first new company in 15 years to achieve national electronic filing coverage across all 50 US states.

The platform has introduced features such as pro-assisted tax filing, quarterly tax estimate tools for small businesses, and paycheck withholding optimization.

The company reports that its technology can reduce average tax preparation time to 22 minutes, compared to the IRS-reported average of 13 hours.

Last tax season, April processed hundreds of thousands of returns through partnerships with over 50 fintech applications and financial institutions.