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- Way2VAT (W2V) receives a funding grant for $625,000 to support R&D and initial marketing and commercialisation of the Smart Spend (SS) Debit Mastercard
- Provided by the Israeli Innovation Authority (IIA), the grant will reimburse costs incurred by the company on a quarterly basis from March 2022 to February 2023
- The first instalment is due in July and will expedite adoption of the card in the market for the small medium businesses and enterprise market
- The grant is expected to be repaid to the IAA over the next few years from 2024 as a percentage of royalties from future revenues generated by the outputs of Way2VAT’s products based on the technology backed by the grant
- Shares in Way2VAT were up 3.12 per cent at the close of trading today at 3.3 cents each.
Way2VAT (W2V) has received a funding grant for $625,000 to support R&D and initial marketing and commercialisation of the recently launched Smart Spend (SS) Debit Mastercard.
The SS Debit Mastercard was launched in a world-first in partnership with Railsbank and fully automates VAT and GST returns from end-to-end.
Provided by the Israeli Innovation Authority (IIA), the grant will reimburse costs incurred by the company on a quarterly basis from March 2022 to February 2023.
The first instalment is due in July and will expedite adoption of the card for the small medium businesses and enterprise market.
The grant is based on an approved budget plan of NIS 5 million (approximately A$2.1 million) for R&D and marketing provided by Way2VAT and examined by the IIA with regard to the SS Debit Mastercard Card.
The IIA also allows for Way2VAT to apply for an additional grant in 2023 based on the current approved plan.
CEO and Founder Amos Simantov said the grant is an important acknowledgment of Way2VAT’s product platform innovation and capability and its product-market fit.
“The committee was impressed with the card’s ability to allow companies to submit spend receipts and capture invoices through Way2VAT’s proprietary technology platform,” Mr Simantov said.
“[The grant provides] an end-to-end process from receipt capture to payment automatically analyses, reconciles, sorts and submits documentation to foreign tax authorities, and improve compliance, visibility and transparency for all parties.
“The grant will assist us in further advanced product feature development and in managing cash-flow during this initial rollout phase.”
The grant is expected to be repaid to the IAA over the next few years from 2024 as a percentage of royalties from future revenues generated by the outputs of Way2VAT’s products based on the technology backed by the grant.
Shares in Way2VAT were up 3.12 per cent at the close of trading today at 3.3 cents each.
