ZikZuk, a Neobank startup purchases TaxSpanner.com
- ByStartupStory | November 11, 2022
Today ZikZuk Technologies, a subsidiary of SME Neobank, announced that it has acquired SPANACROSS IT Solutions, better known as TaxSpanner.com. With over a million customers and a variety of goods, including tax filing, tax advice, financial well-being, and more, TaxSpanner.com, based in Delhi, is soon planning to diversify its service offerings by adding indirect taxes with its GST filing and reconciliation products. This strategic purchase will enable ZikZuk, a neobank, to improve its total product offerings and assist over 10,000 small businesses in becoming more digitally compliant in phase one. With the use of its proprietary analytics engine, ZikZuk’s current products, such as “Business Finance Manager,” provide MSMEs with insights on sales, cash flow, payables, receivables, and other topics. Additionally, it helps lenders to make data-driven choices regarding the contextual financing they extend to MSMEs. With TaxSpanner.com integrated, SME users of ZikZuk will be able to manage tax filing in addition to managing banking, payments, and automated accounting systems.
“SMEs have been the backbone of socio-economic development in India,” said Rahul Rasa, co-founder and CEO of ZikZuk. “This strategic purchase of TaxSpanner will further enable us to provide cutting-edge solutions to small enterprises across India. Our present “Connected Banking” and “Business Finance Manager” solutions are greatly complemented by TaxSpanner’s offerings, and we further intend to take advantage of the company’s experience and its substantial client base of more than one million customers. In order to address the issues of Cash flow, Compliance, Credit, and Automation, ZikZuk will keep innovating and developing products for the SME market. We also intend to gradually enter the mid-market sector.This significant acquisition will help us advance our goal of developing a financially viable and scalable environment for MSMEs, supporting their expansion, and empowering founders to make data-driven business decisions. “With this acquisition, I will join the Board of TaxSpanner.com and lead the organisation to offer a seamless customer experience,” Rahul Rasa continued. Both the current co-founders and the workers of TaxSpanner would stay on in their current roles. Currently, TaxSpanner would function as a separate Subsidiary, but eventually, we’ll consider merging it with ZikZuk. We have already finished a portion of the Acquisition and anticipate finishing the remainder in the following 6 to 8 weeks.
Sudhir Kaushik, Co-Founder and CEO of TaxSpanner.Com, commented on the development, saying, “We are thrilled and look forward to working with ZikZuk. The advancement will assist us in achieving our goal of offering SMEs concrete answers while streamlining the process of service delivery in the area of personal taxation and finance with the least amount of human interaction.
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