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Fisdom forays into tax solutions with acquisition of Tax2win

Topic of tax is perceived as a complicated subject by customers at large and there is a significant awareness gap.

Published: 23rd February 2021 02:16 PM  |   Last Updated: 23rd February 2021 02:16 PM   |  A+A-

Tax

For representational purposes (Express Illustrations)

By PTI

NEW DELHI: Fisdom on Tuesday said it has acquired Jaipur-based online income tax return filing platform, Tax2win in - a move that will help the wealthtech platform foray into the tax solutions segment.

The financial details of the transaction were not disclosed.

"The acquisition of Tax2win further enhances Fisdom's position as a leading wealthtech company in India and is in line with the company's strategic goal to offer a complete suite of financial services for its customers and partners," Fisdom co-founder and CEO Subramanya SV said.

Topic of tax is perceived as a complicated subject by customers at large and there is a significant awareness gap, Subramanya added.

"We welcome Tax2win's team and clients on-board a new and exciting journey with us. The company has a strong management team led by experienced and passionate founders. We look forward to building on Tax2win's foundation and marquee partnerships," he said.

Post the acquisition, Tax2win will continue to operate independently.

However, both the companies will work together to provide a holistic experience to their respective customers and partners incorporating each other's product portfolio.

Tax2win offers tax filing and post filing services for individuals as well as small businesses.

Fisdom's customers will be able to avail this service, along with their existing solutions like investments, savings and insurance.

"At present, Tax2win has 40 employees. All employees will continue to stay and in fact, we will be investing further to increase the capabilities of the company. We are looking to scale the current business of tax filing significantly; we are also looking to make additional investments which would help build innovative tax solutions for our customers," Subramanya said.

He added that the company is looking to expand solutions to offer end-to-end tax and compliance solutions to both individuals and businesses digitally.

Fisdom is backed by marquee investors such as PayU, Quona Capital and Saama Capital.

It has partnered with Karnataka Bank, City Union Bank, Indian bank, Oriental Bank of Commerce, Bajaj Finserv, Google Pay among others.

Tax2win too, has partnered with several G2C platforms like CSC, e-mitra, Sahaj, digital platforms like Google Pay, Phonepe, Paytm and banks like SBI to offer tax filing services.

In the last fiscal, more than 1 crore people visited the Tax2Win platform and lakhs of people have filed their income tax returns through Tax2win.

"We are very happy to join Fisdom in the mission to provide holistic financial services to our customers across investments, insurance, savings and advisory services.

We are also looking to bring out innovative tax solutions to our customers in the coming months and years related to tax savings, tax saving investments, choosing the best tax regime etc," Abhishek Soni, co-founder and CEO of Tax2win, said.



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