Way2VAT makes inroads into UK market with new Allocate deal

Fintech leader in automated VAT/GST claim and return solutions, Way2VAT Ltd (ASX:W2V) has inked a new partnership agreement with Allocate Software.

Allocate is a leading international provider of human capital management solutions, supporting the operational and administrative needs of health, care, defence and commercial sectors. This latest deal will enable United Kingdom users of Allocate’s expense management solution, Selenity Expenses, to use Way2VAT’s VAT/GST automated claim and return solutions.

In the initial stage, Way2VAT will be integrated into the Selenity Expenses solution, and revenue will be generated from clients by way of a multi-year contract based on each successful VAT reclaim transaction that it processes through the W2V Platform.

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Additionally, the W2V Platform has the capability to process large numbers of reclaims without significantly increasing the cost of processing.

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Rationale behind the agreement

With operations in 11 countries across 800 organisations from the health, care, defence, commercial and public sectors, Allocate offers human capital management, operational and administrative solutions. Given this backdrop, this partnership offers a significant opportunity for Way2VAT to seize a large addressable market within the UK.

The partnership would also help in laying a strong foundation for additional business development activities through Allocate Software’s operations across ten other countries.

Building on past traction

Way2VAT is playing a significant role as digital taxation systems around the globe are undergoing a major shift towards safer and more efficient ways of reclaiming VAT. The company has continued to grow its enterprise customer base by signing numerous major firms.

In the recent past, W2V has inked various deals that have helped the Company to boost growth. The December quarter has been one of the most successful quarters for the Company in terms of signing up new enterprises and SMB clients as well as transaction volumes.

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Commenting on the partnership, Way2VAT’s CEO and Founder, Amos Simantov, said, “While Selenity-Expenses is an innovative expense management platform, the ability of Way2VAT to quickly and conveniently integrate our patented, end-to-end technology into the software will enable Allocate’s clients to access to engage in hassle-free VAT reclaims and drive more revenue back into their organisation. It will save clients time, labour and money while ensuring validation and compliance protocols are met.”

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Way2VAT looks forward to continuing the search for partnerships that empower the Company to scale at pace and access big markets to meet the VAT claim and return needs of employees more efficiently.