Way2VAT
“Can an AI-driven VAT/GST reclaim engine become the corporate spend + indirect-tax operating system for global enterprises?”
Founded2016
HQLondon, England, United Kingdom (Israel-incorporated)
FoundersAmos Simantov
Total raisedA$7M (IPO 2021)
Latest roundIPO, September 2021 (ASX:W2V)
IndustryVertical SaaS / Tax (VAT/GST Reclaim)
The story
Way2VAT began in 2016 as a patented AI/OCR platform (the Automatic Invoice Analyzer) automating foreign VAT/GST reclaim for enterprises and SMBs across 40+ countries. After its 2021 ASX IPO, the company used IPO proceeds to expand beyond pure reclaim into an embedded-finance-adjacent product: the 2022 Smart Spend Debit Mastercard, launched with Railsbank/PayrNet, gave it a corporate expense card that captures VAT data at the point of purchase. Subsequent moves — APAI (AP invoice compliance) and RBCVAT (advisory) — reposition Way2VAT as a full indirect-tax management platform rather than a reclaim-only vendor.
Last 12 months
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Product timeline
2016
Way2VAT founded to automate VAT/GST reclaim using AI/OCR· founding
2021
IPO on Australian Stock Exchange under ticker W2V, raising A$7M· ipo
2022
Launched Smart Spend Debit Mastercard in partnership with Railsbank (PayrNet Ltd)· card
2024
Launched APAI — AI-driven AP invoice compliance auditing product· product
2025
Launched RBCVAT VAT Consultancy & Compliance Services· product
Acquisitions
The stack
4 layers disclosed in Way2VAT’s embedded-finance stack
Banking / BaaS
Card issuing
in the full report
Card network
in the full report
Accounting
in the full report
Accounting gap: minor
5 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.