September 26, 2024: Fintech startup, Zaggle, has invested about Rs 48 crore to acquire stakes in Span Across IT Solutions (TaxSpanner) and Mobileware Technologies with an aim to strengthen its service portfolio.
According to a statement, the company which calls itself a leading spend management player infused Rs 32.07 crore to gain a 98.32% controlling stake in TaxSpanner , making it a subsidiary and Rs 15.60 crore for a 26% stake in Mobileware Technologies, a digital payment infrastructure provider.
TaxSpanner, a tax preparation and e-filing company, provides digital tax solutions to businesses and individuals. With this acquisition, Zaggle can offer tax management services, encompassing tax filing and savings, widening its capabilities in financial wellness and employee benefits.
While Mobileware specialises in digital payment solutions, including UPI, IMPS, AEPS, and more, providing robust infrastructure to banks and financial institutions. The spend management company aims to leverage the startup’s advanced payment systems and co-develop innovative solutions, such as embedded payment experiences and financial services for clients.
Zaggle Strengthens Tax Filing and Tax Savings Platform Capabilities
Raj Narayanam, Founder and Executive Chairman of Zaggle, said “With the tax base expanding year after year, we see significant demand for platforms that provide comprehensive solutions for both tax filing and tax savings. With TaxSpanner, we aim to enhance our offerings by delivering a one-stop solution for all taxation needs.”
According to the company these strategic investments will not only enhance our offerings but also open up new opportunities to co-develop advanced solutions for our customers. Mobileware has been at the forefront of driving innovation in digital payments in India. Their expertise in developing robust payment infrastructure, especially in UPI and other NPCI-certified solutions, aligns seamlessly with our vision of providing integrated and effortless payment experiences.
Zaggle Prepaid Ocean Services Limited stated that with these investments it will be able to reliase its goal to become a one-stop shop for financial solutions, from taxation to digital payments.
