Dealflow | May 25, 2023

Village Capital and Volunteers of America back Let’s Get Set to help low-income mothers claim tax benefits

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, May 25 — Millions of low-income tax filers in the US miss out on an estimated $12 billion each year in unclaimed tax credits. Many new mothers can’t afford filing fees charged by accountants and are unaware they qualify for the Child and Dependent Care Tax Credit and the Child Tax Credit programs.

San Francisco-based Let’s Get Set provides online tax services to low-income mothers with annual incomes under $70,000, helping users maximize refunds and minimize penalties. For the 2022 tax year, Let’s Get Set says its customers received average refund checks of $2,901.

The woman-led company, since it launched in 2020, has helped customers claim nearly $20 million in tax credits, a spokesperson told ImpactAlpha.

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Village Capital backed Let’s Get Set via its Financial Health Innovation Fund, a $3 million program-related investment fund it manages for MetLife Foundation. Volunteers of America, through its Futures Fund, joined the round with a $150,000 SAFE Note.

“We recognize the substantial positive impact that Let’s Get Set has already made for low-income families, and are thrilled to partner with them to scale and deepen that impact with new offerings and support,” said Village Capital’s Heather Matranga.