Bengaluru: Wealth-management startup Fisdom on Tuesday said that it has acquired online income tax return filing platform, Tax2win.in for an undisclosed amount, marking the former’s entry into the tax solutions segment.
Jaipur-based Tax2win helps customers to plan and file income tax returns in a hassle-free manner, while providing education around taxes. The company offers tax filing and post-filing services for individuals as well as small businesses, through both a self-serve and assisted model.
Through this acquisition, both the companies will work together to provide a holistic experience to their respective customers and partners incorporating each other’s product portfolio.
Fisdom’s customers will be able to avail tax filing services along with other existing solutions on its platform, while Tax2win will offer tax savings and tax saving investment products to its customers through partnership with Fisdom.
Tax2win will continue to operate independently, post the acquisition, according to the company.
“The acquisition of Tax2win is in line with the company’s strategic goal to offer a complete suite of financial services for its customers and partners. 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,” said Subramanya SV, co-founder and CEO, Fisdom.
Much like Fisdom, Tax2win also has a large partnership led distribution model. Tax2win has partnered with several government-to-consumer (G2C) platforms like CSC, e-mitra, Sahaj, as well as with digital platforms including Google Pay, PhonePe, Paytm and banks like State Bank of India Ltd. to offer tax filing services to their customers and employees.
“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,” said Abhishek Soni, co-founder and chief executive at Tax2win.
In the last fiscal year, more than 10 million individuals visited the Tax2Win platform, with several filing their income tax returns through Tax2win.
Fisdom is backed by marquee investors such as PayU, Quona Capital and Saama Capital, and operates in a unique partnership model, to offer financial products. It has partnered with banks and financial institutions including – Karnataka Bank, City Union Bank, Indian bank, Oriental Bank of Commerce, Bajaj Finserv, Google Pay among others.