Fisdom Forays Into Tax Solutions With Acquisition Of Tax2win
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Bengaluru-based wealthtech company Fisdom on Tuesday announced to have acquired Jaipur-based online income tax return filing platform Tax2win.in for an undisclosed amount.
This move marks the company’s entry into the tax solutions segment, as part of the company’s plan to offer a complete suite of financial services for its customers and partners.
“The acquisition of Tax2win further enhances Fisdom's position as a leading wealth tech 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. The topic of tax is perceived as a complicated subject by customers at large and there is a significant awareness gap. 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,” said Subramanya SV, co-founder, and chief executive officer, Fisdom.
The online income tax return filing platform has been said to not only enable customers to plan and file income tax returns in a hassle-free manner but is also dedicated to their mission of educating the customers about taxes, a statement said.
The company offers tax filing and post-filing services for individuals as well as small businesses. Fisdom’s customers will be able to avail of this service along with their existing solutions like investments, savings, and insurance, the company said.
“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,” added Abhishek Soni, co-founder, and chief executive officer, Tax2win.
Fisdom has been backed by investors such as PayU, Quona Capital, and Saama Capital and operates in a partnership model with Karnataka Bank, City Union Bank, Indian Bank, Oriental Bank of Commerce, Bajaj Finserv, Google Pay among others.
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.
As per the data by Income Tax Department, the filing of the Income-tax returns grew by 5 per cent this year. With over 4 per cent of the Indian population filing Income tax and only a little over 1 per cent of the population paying taxes, there is a huge untapped market that can be catered to.