AscentHR acquires Jofin and diversifies into fintech
AscentHR recently acquired Jofin (formerly known as MyWealthJunction), a finance-technology company based in Bangalore. This acquisition is a conscious step toward AscentHR’s aspiration for horizontal diversification into the fintech space, which complements the existing payroll and HR services stack. The acquisition also helps AscentHR quickly ramp up the diversification plans.
Jofin offers a robust platform that provides comprehensive financial wellness solutions and addresses personal financial management in totality. Speaking on the occasion of the announcement, AscentHR CEO Subramanyam S said, “Addressing employee financial wellness in totality is critical for managing and getting the desired outcome from the workforce. Jofin will be beneficial to both employers and employees in today’s post-pandemic world. This acquisition will help us to uniquely position AscentHR brand with our clients, and help employers drive superior employee experience.”
Jofin enablement will cater to employees’ evolving preferences; and enable on-demand access to personal financial management services and other financial wellness tools.
Narendra K S, co-founder and CEO of Jofin said, “Our technology will enhance the experience of millions of employees of AscentHR’s client companies as well as those of new customers, and bring about the joy of managing finance.”
Many employees approach investments and options around savings from a tax-saving perspective, which is innately myopic. Jofin endeavours to go beyond and considers all aspects and enables users at early stages itself to plan and make informed decisions and decide upon options that suit their goals and aspirations.
Using the platform, one can seek unbiased financial advice right from how to plan, where to invest, which insurance to buy; besides providing additional facilities and features such as e-Tax filing, loans, and digital document locker all within one platform. AscentHR will integrate Jofin’s service offerings and will continue to upgrade the platform’s features and functionalities from time to time.