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Australia’s Findi expands India footprint with acquisition of BANKIT

By Gloria Mathias

January 21, 2025

  • Australia
  • BANKIT
  • Finance News India
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BANKIT, SBI, SBI Life Insurance, LIC, Life Insurance Corporation, Insurance Services, Insurance Solutions, SBI, Prepaid corporate Card Platform, Fintech News, Finance news India, Fintech Acquisitions, Fintech India, Findi, Australia, TSIAustralia-based FinTech Findi, through its majority-owned subsidiary Transaction Solutions International in India (TSI), has announced the acquisition of BANKIT Services for $18.7 million (AUD 30 million).

The acquisition of BANKIT will triple Findi’s merchant network immediately and increase its footprint across India, expanding the pin codes served by 6x. This acquisition boosts Findi’s footprint, tripling its merchant network to 1,80,000+ partners across 12,000+ pin codes and cementing its position as a financial inclusion enabler in India.

The buyout is the next step in Findi’s strategic plan to build a Financial Services Marketplace for the underbanked through their merchant network. Launched in 2005, Findi, via TSI, operates 7,500+ Brown Label ATMs in partnership with central Indian banks and provides Financial and Payment Services through 50,000+ merchant partners via its brand FindiPay.

The company also recently acquired Indicash, Tata Communications’ White-Label ATM business. The combined ecosystem positions it to transform merchant partners into full-fledged financial hubs, delivering cash, payment, and banking services to underserved communities nationwide.

BANKIT Services provides Banking and Financial Services (AePS, Remittance, Bill Payments via Bharat Connect, Pre-Paid Cards etc) through Merchant points. The acquisition is the second major acquisition by Findi, which signed a binding agreement with Tata Communications Payment Solutions Ltd (TCPSL) in November 2024 to acquire the Indicash white label ATM business of 4,600+ ATMs.

In combination, these acquisitions will allow Findi to serve more Indians more completely via its ATM network and merchant touchpoints and transform merchant partners into full-fledged financial services providers with both ATM and financial services capabilities.

Deepak Verma, MD and CEO, Findi, said, “The acquisition of BANKIT is the next step in our journey to bring financial empowerment to the underbanked. BANKIT’s existing brand, employee base, and merchant network allow us to significantly increase our presence across India, including states like Andhra Pradesh, Telangana, and Gujarat, increasing our footprint. This, coupled with our ATM capabilities, including White Label ATMs, and the launch of new financial services and products in the near future, will allow our merchant partners to unlock tremendous value as financial centres and help drive financial inclusion amongst the underbanked.”

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