Waltio, a French platform specializing in cryptocurrency taxation, has raised €1.8 million in its first fundraising round. The company, founded in 2019 by Pierre Morizot and Benjamin Chevallereau, currently boasts 25,000 active users who utilize the platform for account monitoring and tax declaration of their cryptocurrencies.
The fundraising round saw participation from notable investors including entrepreneur Owen Simonnin (known as Hasheur), Julien Bouteloup (founder of Stake Capital), and French bank Crédit Agricole Capital Développement.
Waltio’s primary service is to simplify the process of declaring income from cryptocurrencies. The platform automates the calculation of cryptocurrency gains, reducing the risk of errors and saving users time. It supports crypto asset tax returns for the years 2019, 2020, and 2021.
The funds raised will be used to diversify Waltio’s offerings, expand into Europe, and enhance its technology to support growth. Despite being profitable in recent years, Waltio has chosen to invest heavily to expand internationally and introduce new features for tracking individuals’ crypto assets.
In France, the sale of cryptocurrencies for traditional currency or the purchase of a service with cryptocurrencies is considered a taxable transfer. However, exchanging cryptocurrencies for other cryptocurrencies does not need to be declared. During the 2022 declaration for 2021 income, 20,000 taxpayers declared €400 million in net capital gains for taxes.
