—Innovative tax credit software company named as finalist in both Excellence in Technology and Company of the Year Categories
VANCOUVER, BC, June 23, 2021 /CNW/ — Boast®, the fast-growing FinTech platform that helps companies automate the cumbersome process of preparing and financing Research and Development (R&D) tax credit claims in the United States and Scientific Research & Experimental Development (SR&ED) tax credits in Canada, announced today their selection as finalists in two categories of BC Tech’s 2021 Technology Impact Awards (TIA).
BC Tech Association (BC Tech) is British Columbia’s largest member-led technology non-profit. Boast is a finalist in both the Excellence in Technology Adoption category, presented in partnership with Accenture, and the Company of the Year—Export, presented in partnership with Export Development Canada.
Each year the U.S. and Canadian governments combined provide more than $20 billion USD in R&D credits to fund innovation. Boast has helped more than 1,000 companies recover their R&D costs from the U.S. and Canadian governments, streamlining the process, reducing the risk of costly audits, and giving companies access to their future refunds as early as 16 months in advance. Boast’s R&D tax credit software gathers data from a company’s existing technical and financial systems to identify, categorize, and time-track eligible projects, ensuring nothing is missed and all the supporting documentation is in place, leading to larger refunds faster with less investment of time and resources.
“We fulfill our mission anytime we help a company collect eligible tax incentives from the government and use those funds to re-invest in innovation,” said Alex Popa, Boast CEO, and co-founder. “Boast’s unique software, expertise, and financing approach is what’s drawing companies to us. We make a cumbersome process much easier, and we help people access their cash right away instead of waiting. BC Tech’s recognition in two categories validates the value proposition we offer—larger refunds with less investment of time and resources.”
Co-founders Alex Popa and Lloyed Lobo have been busy scaling the company to keep up with demand. The company announced a Series-A C$30 million (USD $23 million) at the start of 2021, and a C$126 million (USD $100 million) credit facility for early access to R&D credit and SR&ED refunds. Boast hired several prominent software executives to scale the company’s growth and operational functions as the company experiences triple digit growth.
“Every $1 dollar invested in R&D drives over $20 dollars in new economic activity. Governments are realizing how effective innovation-based tax incentives are, and business leaders see the amazing value of reinvesting tax credits to innovate and grow faster,” said Lloyed Lobo, Boast President and Co-founder. “This means our market is growing faster than ever, and we are scaling intelligently to respond. The opportunity for every business to grow faster through innovation is powerful, and we want to help them do that.”
Boast’s independent board member, Laurie Schultz, former CEO of Galvanize, was also recognized by BC Tech as a 2021 TIA finalist in the Person of the Year category. Laurie joined Boast.AI’s board of directors after the recent billion-dollar sale of Galvanize.
Boast is a FinTech platform that is democratizing access to billions of dollars in R&D tax credits and innovation funding so companies can fuel their growth while preserving equity and avoiding red tape. With operations across the U.S. and Canada, more than 1,000 innovative companies have leveraged Boast to get more money faster for less time and risk. boast.ai