Australia-based Findi acquires BANKIT for Rs 160 crore
22 Jan 2025, 03:06 PMThe acquisition has been done through Findi's majority-owned subsidiary Transaction Solutions International in India (TSI).
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Australia-based fintech Findi has acquired BANKIT Services for 30 million Australian dollar (about Rs 160 crore). The acquisition has been done through Findi's majority-owned subsidiary Transaction Solutions International in India (TSI).
The buyout is part of Findi’s strategic plan to build a financial services marketplace for the underbanked through their merchant network. Launched in 2005, Findi, via TSI, operates over 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 Noida-based company BANKIT provides banking and financial services (AePS, remittance, bill payments via Bharat Connect, prepaid 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.
"The acquisition of BANKIT will triple Findi’s merchant network immediately and increase its footprint across India. This acquisition boosts Findi’s footprint, tripling its merchant network to over 1,80,000 partners across 12,000 pin codes," Findi said in its release.
Deepak Verma, MD and CEO, Findi, said, “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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