Magnetic
YC S25San Francisco, US · Founded 2024 · 10 employees · Hiring · 3 known investors
Magnetic provides software that automatically converts scanned client tax documents—including handwritten notes, spreadsheets, and multi-state forms—into tax software entries, reducing manual data entry work for accounting firms. The platform helps CPA and tax preparation firms manage workload during tax season by processing client returns more efficiently.
Founders & leadership· Y Combinator alumni (S25)
Magnetic was founded in 2024 by Thomas Shelley and Patrick Fay.
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Thomas Shelleyin𝕏Co-FounderThomas is co-founder and CEO of Magnetic. He previously led product at Keeper, where he worked on tax automation and document processing systems, and held product roles at Niantic and Zynga. He studied at Carnegie Mellon before leaving to launch a digital marketplace.
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Patrick FayinCo-FounderPatrick Fay co-founded Magnetic and serves as CTO. He was an early engineer at FunCraft, where he contributed to game development across multiple titles, and previously led engineering teams at Zynga.
Investors · 3
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Competitors · 9
by search overlap
Intuit®27 shared keywordsIntuit develops financial software products—including TurboTax, Credit Karma, QuickBooks, and Mailchimp—for consumers and small businesses to manage taxes, credit, accounting, and marketing. It serves approximately 100 million customers worldwide.
Filed26 shared keywordsFiled is an AI tax preparer for accounting firms and tax professionals, designed to speed up return preparation while keeping human oversight. Its software integrates with existing systems to help firms process returns faster during tax season.
TaxGPT26 shared keywordsTaxGPT provides tax information access and services to individual taxpayers and businesses. The company serves both direct customers and indirect users through partnerships.
FlyFin AI25 shared keywordsFlyFin is an AI-powered tax preparation service that scans connected expense accounts to find tax deductions and pairs users with CPAs for review and filing. It serves freelancers, self-employed individuals, business owners, and 1099 & W-2 workers in the US, and also offers a solution for CPA firms to automate client tax filings.
Taxfyle24 shared keywordsTaxfyle connects individuals and businesses with US-based CPAs and Enrolled Agents to prepare and file tax returns, including back taxes, extensions, and prior-year filings. It operates a marketplace of tax professionals and also offers firm partnerships and client services.
Black Ore Technologies22 shared keywordsBlack Ore builds intelligent infrastructure for tax and financial services, automating execution and scaling personalized advice for firms, businesses, and individuals.
Sphere22 shared keywordsSphere automates tax compliance and trade regulations for cross-border commerce by using AI to read, interpret, and monitor trade law across jurisdictions. The company processes transaction data and produces tax determinations for goods and services crossing international borders.
Keeper17 shared keywordsKeeper Tax provides tax filing and accounting software for W2 employees, contractors, sole proprietors, and small business owners, with tiered plans ranging from self-service to dedicated accountant support. The company serves individual taxpayers and businesses with varying complexity levels, from simple returns to S-Corps and partnerships.
AARP14 shared keywordsAARP is a membership organization serving people aged 50 and older, offering benefits such as discounts, programs, newsletters, magazines, and community events. It also advocates on issues like Social Security and Medicare and provides resources on health, finances, and daily life.
Companies competing with Magnetic for the same Google search keywords, organic and paid, via search-intersection analysis.
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Frequently asked questions
- What does Magnetic do?
- Magnetic provides software that automatically converts scanned client tax documents—including handwritten notes, spreadsheets, and multi-state forms—into tax software entries, reducing manual data entry work for accounting firms. The platform helps CPA and tax preparation firms manage workload during tax season by processing client returns more efficiently.
- Who founded Magnetic?
- Magnetic was founded by Thomas Shelley, Patrick Fay in 2024.
- Who are Magnetic's investors?
- Magnetic's investors include Formus Capital, Transpose Platform Management, Y Combinator.
- Where is Magnetic headquartered?
- Magnetic is headquartered in San Francisco, US.