UAE's AngelSpark Invests in French Tax-Refund Platform Inovat to Tap into Global Travel Tech Market
The UAE-based venture capital firm AngelSpark has announced a strategic investment in Inovat, a French company providing a digital solution for travel tax refunds. This move signals AngelSpark's focus on backing innovative fintech companies that are digitizing and simplifying complex processes for consumers globally.
AngelSpark's Strategic Move into Travel Fintech
AngelSpark's investment is driven by the significant market opportunity in the travel and shopping sectors, which are rapidly moving towards digitization. Inovat's solution addresses a common pain point for international travelers: the often complicated and time-consuming process of claiming tax refunds. By investing in Inovat, AngelSpark is backing a company with a highly scalable and efficient model poised for significant growth as global travel continues to rebound.
How Inovat is Transforming Tax Refunds
Inovat offers a seamless and user-friendly platform that allows travelers to claim tax refunds simply by taking a photo of their receipts. The platform is designed to eliminate the traditional paperwork and long queues associated with tax-free shopping, saving travelers both time and money.
A Seamless User Experience Through API Integration
Inovat's key competitive advantage, and a likely focus for AngelSpark's investment, is its unique distribution network. The company integrates its tax refund capabilities directly into the mobile applications that travelers already use, such as banking apps and travel service apps, via an API. This intelligent approach allows customers to manage their tax-free shopping and refunds from within their preferred applications, creating a frictionless and highly efficient user experience.
About AngelSpark
AngelSpark is a venture capital firm based in the United Arab Emirates. The firm focuses on investing in and supporting early-stage, high-growth technology companies that have innovative solutions and the potential for global scalability.
About Inovat
Inovat is a French financial technology company that has developed a digital, API-first platform for processing tax-free shopping refunds. Its mission is to simplify the tax refund process for international travelers through seamless integration with leading financial and travel applications.
Looking Ahead: Global Expansion and Regional Potential
This strategic investment from AngelSpark will enable Inovat to significantly expand its operations and reach a larger segment of travelers around the world. For the MENA region, this partnership highlights the growing role of UAE-based venture capital in identifying and backing promising international tech companies, with the potential to bring such innovative solutions to benefit travelers in the Middle East.
Source: Jawlah