The cost cutting at startups during the pandemic shutdowns has led to a windfall for MainStreet, whose software promises to find “free money” for its clients by helping them obtain tax credits. The year-old startup has raised new funding in a round led by SignalFire that values it at $500 million, according to three people familiar with the deal.

MainStreet, which takes a 20% cut of research and development tax credits and other tax savings its software uncovers, surpassed $15 million in annual recurring revenue this month, according to one of those people. Its growth comes along with rising competition, however. Pilot, a startup that just received $60 million in new venture funding, also provides tax credit software. Meanwhile Rippling, a payroll management company valued at $1.3 billion, already automates tax filings for its clients and could also enter the market.