Findi obtains RBI’s nod to acquire 100% of Tata Communications Payment Solutions
By Gloria Mathias
Findi, through its majority-owned Indian subsidiary, Transaction Solutions International (India) (TSI), has received RBI approval to acquire a 100% stake in Tata Communications Payment Solutions Ltd (TCPSL), a wholly owned subsidiary of Tata Communication.
The acquisition deal, initially announced in November 2024, has been signed for a total consideration of ₹330 crores (A$59.1 million), along with an additional amount linked to interchange rate adjustments specified in the Share Purchase Agreement (SPA), estimated to be up to ₹75 crores (A$13.4 million), subject to customary adjustments.
This acquisition marks a step in Findi’s mission to expand its footprint in India’s financial services sector, particularly in enhancing accessibility for the underbanked. With this acquisition, Findi will integrate 4,600+ operational Indicash ATMs and gain access to an additional 3,000+ ATMs for deployment. Thus, it will become one of the largest ATM operators in Asia, with a total network of over 12,000 ATMs across brown and white-label categories.
This acquisition marks Findi’s second major deal this year. Earlier this month, It announced that it had acquired BankIT, a digital payments service provider, through TSI.
Established in 2008, TCPSL is part of Tata Communications’ broader portfolio. In 2013, TCPSL unveiled Indicash, India’s network of white-label ATMs, in line with the Reserve Bank of India’s vision to increase ATM penetration across the country.
Additionally, the acquisition will equip Findi with a white-label ATM platform, a WLA license, a payments switch, and an expanded network of 3,000 ATMs, immediately enhancing TSI’s scale and market presence. This move will also enable TSI to deploy white-label ATMs across its extensive network of 180,000+ FindiPay and BankIT merchant outlets while integrating them into existing Indicash franchises. As a result, both merchant networks will be empowered to offer comprehensive financial services and product solutions, further strengthening accessibility and inclusion within their communities.
Deepak Verma, MD and CEO of Findi said, “The acquisition of TCPSL is a critical piece in our vision of becoming the most trusted driver of financial empowerment to India’s underbanked and underserved communities. TCPSL’s growing Franchisee ATM network gives us the confidence to farm the Findipay Merchant Network and accelerate growth. The addition of payment switch capability enhances our service delivery, enabling us to deliver cash and related financial services seamlessly.”
“Finally, we foresee strong synergies between White Label ATMs and our accelerating merchant network across FindiPay and BankIT, empowering our merchants to expand their services and better serve underbanked communities.”
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