TFS Gulf 
- Multiplier Holdings, founded by former Stripe exec Noah Pepper, is acquiring boutique tax and advisory firms and transforming them using custom AI tools.
- The startup has raised $27.5M (Seed + Series A) to scale this model, led by Lightspeed Venture Partners.
- Citrine International Tax, its first acquisition, has 2.5x’d cash flows.
- The goal? Build an AI-first professional services firm that could challenge the Big 4.
What is happening?
In 2022, Noah Pepper — then Stripe’s APAC lead — began building SaaS tools for tax professionals.
But once ChatGPT and generative AI arrived, everything changed.
Pepper shared with TechCrunch, “Software alone won’t transform professional services. We need to embed AI deeper — and own the firm.”
Why? As many accounting and Tax firms are stuck in:
- Shrinking talent pools
- Rising labour costs
- Outdated systems
He pivoted into a new model: Buy small service firms. Apply AI. Scale fast.
First test: Citrine International Tax
The proof of concept came through the acquisition of Citrine International Tax, a 12-person cross-border tax firm.
Once acquired, Noah and his team:
- Integrated AI tools to automate client onboarding, billing, tracking, and compliance
- Reduced manual work
- Delivered a better client experience
The outcome?
- 2.5x increase in cash flows, within months
- Performance bonuses for staff
- Happier clients
Also read: Accounting firms, ripe for AI-led rollups: Yes, new target for Venture Capital
Multiplier Holdings now raises $27.5M…
On June 18, 2025, Multiplier Holdings officially launched with $27.5 million in funding to acquire more firms!
Seed round led by Ribbit Capital.
Series A led by Lightspeed Venture Partners, with EDBI and SV Angel also joining.
Lightspeed alone has backed three more AI-powered roll-up startups (yet to be announced).
Multiplier’s playbook:
- Acquire ambitious boutique firms (tax, accounting, etc.)
- Onboard them to its AI-native practice management platform
- Work with domain experts to build custom AI automations
- Scale profitably while improving client service
Unlike vertical SaaS, Multiplier owns the outcome — and its AI stack is tailored to each firm, not bolted on.
Big opportunity….
The global professional services industry is valued at over $6 trillion and continues to grow.
Traditional service firms — tax, accounting, even legal — are ripe for AI-led reinvention.
Bigger goal…Become the AI-powered challenger to the Big Four!
Yes, Multiplier doesn’t just want to modernise small firms. Its goal is to build a modern alternative to the Big 4.
Also read: VCs investing $500Mn to acquire & build AI-first CPA firms
AI roll-ups emerging in India
Multiplier’s model isn’t isolated. India is beginning to see early signs of similar roll-up strategies.
- SoftBank is exploring AI-led acquisitions of Indian IT and BPO firms, moving away from just venture funding.
- Fhero Accounting, a Chennai-based firm, has already begun automating repetitive accounting tasks using AI to drive operational efficiency. (as per analyticsindiamag)
With India’s massive professional services base, AI-powered roll-ups could become the next disruption across tax, CA, BPO, and consulting circles.
Disclosure: This article is adapted from original reports by TechCrunch and Business Wire.
