“Can an AI-driven VAT/GST reclaim engine become the corporate spend + indirect-tax operating system for global enterprises?”
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.
Way2VAT discloses Railsr (Railsbank) as its banking provider, according to the Embedded Finance Index 2026.
Way2VAT does not disclose a bank charter of its own; its banking services are provided through Railsr (Railsbank).
Way2VAT's cards are issued through Railsr (Railsbank) on the Mastercard network.
Way2VAT integrates with ERP integrations (unspecified), Accounting software integrations (unspecified) and EMS integrations (unspecified).
The Embedded Finance Index 2026 maps 4 layers in Way2VAT's stack: Banking / BaaS (Railsr (Railsbank)); Card issuing (Railsr (Railsbank)); Card network (Mastercard); Accounting (ERP integrations (unspecified), Accounting software integrations (unspecified) and EMS integrations (unspecified)).
Way2VAT was founded by Amos Simantov and is founded in 2016, headquartered in London, England, United Kingdom (Israel-incorporated).
Way2VAT has raised A$7M (IPO 2021) in total (latest round: IPO, September 2021 (ASX:W2V)).
Way2VAT's acquisitions include Devoluiva (Way2VAT Spain).
Get a read on where your own stack stands against Way2VAT and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.