Findi, an ASX-listed fintech company through its majority-owned subsidiary Transaction Solutions International (TSI), has acquired Bankit Services for ₹160 crore. The acquisition of Bankit will triple Findi’s merchant network immediately, and also increase its footprint across India, increasing the pin codes served by 6x.
This strategic acquisition significantly boosts Findi’s footprint, tripling its merchant network to 1,80,000+ partners across 12,000+ pin codes, cementing its position as a leading financial inclusion enabler in India.
Launched in 2005, Findi, via TSI, operates 7,500+ Brown Label ATMs in partnership with major 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 company’s combined ecosystem positions it to transform merchant partners into full-fledged financial hubs, delivering cash, payment, and banking services to underserved communities nationwide.
Established in 2017, Bankit Services provides Banking and Financial Services (AePS, Remittance, Bill Payments via Bharat Connect, Pre-Paid Cards etc) through Merchant points. Since its inception, Bankit has grown its network to 1,29,000+ Merchant partners across 12,000+ Pincodes with a pan-India presence and handles 37.2 million transactions annually.
The acquisition is the second major acquisition by Findi, which signed a binding agreement with Tata Communications Payment Solutions (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 their ATM network, merchant touchpoints, and the ability to 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 allows us to significantly increase our presence across India, including states like Andhra Pradesh, Telangana and Gujarat, greatly increasing our footprint. This coupled with our ATM capabilities, including White Label ATMs, and 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.”
Amit Nigam, ED and COO, Bankit said, “The acquisition of Bankit by Findi is a moment of immense pride and optimism that will provide us with the resources and expertise needed to accelerate our mission. We now find ourselves closer to our goals of redefining India’s financial services and achieving leadership across the country’s fintech industry. As part of the Findi family, we aim to create a more inclusive and innovative financial ecosystem that will benefit and empower millions.”
