Fonoa acquires PwC's tax platform and raises $110M to build category-defining AI tax system

‍‍The Series C was led by Headline and included participation from new investors Eurazeo and Forestay Capital, alongside existing investors Index Ventures, OMERS, Coatue, and Dawn Capital.

MAY 28, 2026 — Fonoa, the AI tax operating system for global businesses, today made two major announcements to deepen its leadership in global indirect tax compliance: the acquisition of Indirect Tax Edge (Edge) from PricewaterhouseCoopers (PwC) and a $110 million Series C led by Headline and included participation from new investors Eurazeo and Forestay Capital, alongside existing investors Index Ventures, OMERS, Coatue, and Dawn Capital.

Fonoa will further develop Edge following the acquisition from PwC, integrating it with Fonoa's modular tax infrastructure and AI layer. PwC will continue to deliver global indirect tax reporting and consulting services through Edge as part of Fonoa's AI-empowered, fully integrated tax operating system.

“While technology has transformed much of finance, tax systems have remained neglected, leaving accounting teams to manage the same fragmented stack for decades: one vendor for determination, another for e-invoicing, a third for returns, with spreadsheets holding it all together,” said Davor Tremac, CEO and Co-Founder of Fonoa. “This model has become unsustainable, especially when you think about it through the lens of companies like Uber or Netflix that have constantly expanding global footprints and must navigate region-specific tax and compliance requirements. We built Fonoa to keep multinational finance operations able to keep pace with global companies’ ambition. By bringing Edge into the platform, we are adding compliance and filing to that foundation, creating the first-ever complete system required for autonomous tax.”

Tax is one of the last major financial systems without a true system of record. Instead, companies rely on fragmented systems for determination, invoicing, reporting, and compliance, which breaks data lineage and introduces risks. As global commerce becomes increasingly digital and cross-border, companies need infrastructure that can adapt in real time, which is why three Uber alumni founded Fonoa to help navigate complex, real-time tax requirements as they scale across markets.

Today, Fonoa supports tax determination across 190+ jurisdictions, validates tax IDs in 100+ countries, powers e-invoicing for millions of sellers, and processes more than a billion of transactions annually. Unlike legacy providers built around ERP integrations and batch reporting, Fonoa’s platform is designed for real-time compliance across digital and cross-border business models. Leading global companies such as Canva, Uber, Netflix, Nebius, and Booking.com all work with Fonoa to navigate complex, real-time tax requirements as they scale across markets, seeing up to 90% faster tax calculation in some cases.

Edge is an indirect tax compliance system used by global enterprises across industries to manage VAT/GST compliance reporting, e-filing, transactional data management, and tax analytics. The acquisition aims to close a long-standing gap that exists in indirect tax technology. Enterprise tax teams have had to manage upstream processes, tax determination, and e-invoicing, in separate systems from downstream compliance reporting and filing. Combined, Fonoa and Edge cover the full indirect tax lifecycle on one data model: from tax ID validation and real-time determination, to e-invoicing and returns.

“Fonoa is perfectly placed to provide the dedicated expertise, focus and investment needed to build and scale the Edge platform at the pace today’s market demands,” Peter Michalowski, Global Indirect Tax Network Leader at PwC. “As a specialist tax technology leader, Fonoa will accelerate innovation with AI, expand engineering capability and respond swiftly to regulatory change while at the same time PwC will continue to deliver deep indirect tax expertise, global reach and tech-enabled managed services to help clients.” 

“This transaction is a clear demonstration of our global tax strategy in action,” said Brad Silver, Global Tax & Legal Services Leader at PwC. “We are working with technology leaders like Fonoa to deliver innovative, market-leading solutions that enable us to better support clients as they respond to growing complexity and digital transformation in tax.” 

With new capital and the acquisition of Edge, Fonoa is expanding its platform to cover the full indirect tax lifecycle, providing a growing number of businesses worldwide with an even more integrated and scalable approach to taxes and compliance.

“Fonoa is leading the shift in tax from a series of disconnected point solutions to a unified operating system,” said Clarey Zhu, Partner at Headline. “The category has historically spanned tens of billions globally, including services now being reshaped by automation, and Fonoa is enabling businesses to manage compliance with a level of speed and intelligence that wasn’t previously possible.”