Highlights

  • Way2VAT Limited operates an AI-powered VAT and GST reclaim platform serving 500+ enterprise clients across 40+ countries globally.
  • The company combines subscription SaaS and performance-based success fees, aligning revenue growth directly with client VAT recovery outcomes.
  • Recent governance update confirms Emily Austin as sole Company Secretary, ensuring continued ASX compliance and regulatory communication continuity.

Way2VAT Limited (ASX:W2V) is a globally operating financial technology company that has built and operates what it describes as the world's first fully automated, end-to-end VAT and GST reclaim platform. Founded in 2016 and headquartered in Tel Aviv, Israel, Way2VAT offers enterprise businesses a patented artificial intelligence technology solution that automates the complex, time-consuming, and geographically fragmented process of recovering Value Added Tax (VAT) and Goods and Services Tax (GST) paid on business expenses incurred in foreign countries.

The company operates in over 40 countries, supports more than 20 languages, and serves over 500 global enterprise companies. Its commercial footprint spans offices in the United Kingdom, Spain, and Romania in addition to its Israeli headquarters, and the company employs more than 80 people globally. Way2VAT's technology proposition addresses a multi-billion dollar market opportunity: the estimated hundreds of billions of dollars in VAT that global businesses are legally entitled to reclaim each year but fail to recover due to the complexity, administrative burden, and specialist knowledge required to navigate each country's distinct VAT reclaim processes.

Corporate Update: Company Secretary Resignation

On 27 February 2026, Way2VAT issued an ASX release announcing the resignation of Mr Ju-Yup Lee as joint Company Secretary, effective immediately. The company thanked Mr Lee for his service and confirmed that Ms Emily Austin continues to act as the sole Company Secretary. For the purposes of ASX Listing Rule 12.6, Way2VAT confirmed that Ms Austin is the person responsible for all communications between the company and the ASX.

While a Company Secretary change is a routine corporate governance event for most listed companies, it provides a useful occasion to understand the business and its broader strategic context in depth. For a company like Way2VAT — operating at the intersection of artificial intelligence, international tax law, and enterprise financial services — the quality of corporate governance and the strength of its institutional framework are important signals to investors and potential enterprise customers alike.

The VAT Reclaim Market: A Multi-Billion Dollar Opportunity

To understand Way2VAT's commercial opportunity, it is necessary to understand the structural features of the global VAT and GST landscape. VAT is levied in over 170 countries and jurisdictions worldwide. When businesses travel internationally, purchase goods and services, attend conferences, or send employees on business trips in foreign markets, they typically pay VAT on those expenses at local rates — which range from around 5% to over 25% depending on the country and expense category.

Under international tax treaties and the domestic VAT legislation of most countries, foreign businesses are entitled to reclaim this VAT — but the reclaim process is neither simple nor standardised. Each country has its own rules regarding eligible expense categories, minimum claim thresholds, required documentation, claim periods, language requirements, and submission procedures. Navigating this complexity typically requires specialist knowledge of each jurisdiction's specific regulations, often requiring local legal or accounting expertise.

The result is that a large proportion of VAT that businesses are legally entitled to reclaim goes unclaimed. Industry research has estimated that European businesses alone leave billions of euros of reclaimed VAT on the table annually, simply because the process is too complex and resource-intensive to manage manually across dozens of jurisdictions. For large global enterprises with employees travelling internationally and making purchases in multiple countries, this represents a significant and retrievable financial leak.

Way2VAT's proposition is to automate this entire process: its AI platform scans receipts and invoices (including those captured via mobile devices), extracts the relevant data, determines VAT reclaimability under the applicable rules for each jurisdiction, prepares and submits the necessary documentation, and manages the follow-up with tax authorities — all with minimal human intervention. The result is a higher reclaim rate, faster processing, and dramatically lower administrative cost compared to manual processing.

The Technology: Patented AI at the Core

The technical foundation of Way2VAT's platform is a patented artificial intelligence engine trained on the rules, documentation requirements, and procedural nuances of VAT systems across more than 40 countries. This proprietary AI — developed and refined over nearly a decade of operational data — is the company's primary competitive asset.

The AI processes expense documents through several stages: optical character recognition (OCR) to extract data from physical and digital receipts, natural language processing to identify expense categories and relevant fields, rule-based classification to determine VAT reclaimability under jurisdiction-specific criteria, automated form completion and submission, and ongoing status tracking of submitted claims.

The platform's multilingual capability — supporting over 20 languages — is particularly significant, as it enables the system to process receipts and communicate with tax authorities across language barriers that would otherwise represent a significant manual processing challenge. This capability is not simply a translation function; it requires understanding the specific terminology, formatting conventions, and regulatory language of each country's VAT administration.

For enterprise clients — which represent Way2VAT's core market — the platform integrates with existing expense management and ERP systems, creating a seamless data flow from employee expense submission to VAT claim submission and refund receipt. This enterprise integration capability is a key competitive differentiator, as it removes the friction of requiring employees to change their expense reporting behaviour.

Business Model: Enterprise SaaS with Performance Fees

Way2VAT's commercial model is designed to align the company's incentives with those of its clients. The company operates on a combination of subscription and performance-based fee structures, where a component of revenue is linked to the value of VAT successfully reclaimed on behalf of clients. This "success fee" model reduces the upfront financial risk for enterprise clients and creates a compelling value proposition: if Way2VAT doesn't recover VAT, its revenue is limited; when it does recover, both parties benefit.

The target customer profile — large enterprises with internationally mobile workforces and cross-border procurement — represents a segment with high average transaction values, long contract durations, and strong potential for organic revenue growth as client employee counts and travel volumes expand. The company counts over 500 global enterprise companies among its clients, a figure that provides both revenue diversity and meaningful reference selling capability in new client conversations.

Competitive Landscape: RegTech Meets FinTech

Way2VAT operates in a competitive landscape that spans traditional accounting firms and tax advisers (who provide manual VAT reclaim services), enterprise expense management platforms (such as SAP Concur, Expensify, and Coupa), and a growing cohort of specialist VAT reclaim technology companies. The key competitive dynamics are centred on automation depth, geographic coverage, AI accuracy, and enterprise integration capability.

Traditional accounting firms offer expertise but at high cost and without the speed advantages of automation. Pure-play expense platforms typically offer partial VAT functionality as an add-on rather than a specialised end-to-end solution. Way2VAT's competitive positioning is built on the combination of genuine end-to-end automation, the breadth of its country coverage, the sophistication of its AI, and the depth of its enterprise integrations.

The company's ASX listing — unusual for an Israeli-headquartered fintech — provides access to Australian and international institutional capital and public market credibility. It also reflects the company's international expansion strategy and its potential relevance to the Australian market, where GST reclaim for foreign businesses is a similar value proposition to VAT reclaim in other markets.

Leadership, Governance, and ASX Obligations

The company was founded by Amos Simantov, who serves as CEO and primary point of contact for investor inquiries. The board oversees the company's strategic direction and corporate governance, with the ASX-listed entity subject to continuous disclosure obligations, shareholder reporting requirements, and the corporate governance standards applicable to ASX-listed companies.

The appointment of Ms Emily Austin as sole Company Secretary following Mr Lee's resignation ensures continuity of the company's ASX compliance function. The Company Secretary's role includes responsibility for ensuring board meeting processes are properly conducted, that ASX continuous disclosure obligations are met on a timely basis, and that the company's corporate governance practices comply with applicable legal and regulatory requirements. Under ASX Listing Rule 12.6, the person responsible for communications with ASX must be formally identified — a requirement that Way2VAT has properly met through this announcement.

Market Opportunity and Growth Potential

The structural drivers of Way2VAT's market opportunity are compelling and durable. International business travel — while disrupted by the COVID-19 pandemic — has recovered strongly and continues to grow as global economic integration deepens. Cross-border commerce and international procurement continue to expand with the ongoing internationalisation of supply chains. The digitisation of expense management is accelerating, creating more data flows that Way2VAT's AI can process. And regulatory environments are if anything increasing complexity, as tax authorities implement new reporting requirements and digital filing mandates.

The company's expansion from its initial focus markets toward a genuinely global 40-country platform demonstrates both the scalability of its technology and the commercial appetite for automated VAT solutions across diverse regulatory environments. With 500+ enterprise clients already on platform, Way2VAT has a meaningful base from which to expand both geographically and within existing client relationships.

For Australian investors considering exposure to the global fintech and RegTech sectors, Way2VAT offers a distinctive combination of AI technology, international tax expertise, and enterprise financial services — a niche that sits at the intersection of several major structural trends in global business services.

Way2VAT is a Tel Aviv–headquartered fintech delivering a patented AI-driven VAT and GST reclaim platform across 40+ countries. Serving over 500 enterprise clients, the company automates complex cross-border tax recovery processes through SaaS and success-fee models. A recent Company Secretary transition reinforces governance continuity under ASX Listing Rule 12.6 requirements.

FAQs

  1. What does Way2VAT Limited do?
    Way2VAT provides a fully automated AI-based platform that helps enterprise businesses reclaim VAT and GST paid on international business expenses.
  1. How does Way2VAT generate revenue?
    The company earns through subscription fees and performance-based success fees linked to successfully reclaimed VAT amounts.
  1. Why is the Company Secretary update important?
    Under ASX Listing Rule 12.6, listed companies must formally designate a communication officer, ensuring regulatory compliance and governance transparency.