Findi Strengthens Financial Inclusion Footprint with Bankit Acquisition With this acquisition, Findi will triple its merchant network to over 1,80,000 partners, extending its reach to 12,000+ pin codes, a sixfold increase in coverage.
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Findi Ltd, through its majority-owned subsidiary Transaction Solutions International (India) Pvt Ltd (TSI), has announced the acquisition of Bankit Services Pvt Ltd for AUD 30 million (INR 1.6 billion). This strategic acquisition significantly strengthens Findi's presence in India, expanding its merchant network and reach across the country.
With this acquisition, Findi will triple its merchant network to over 1,80,000 partners, extending its reach to 12,000+ pin codes, a sixfold increase in coverage. This move cements Findi's position as a leading financial inclusion enabler in India, empowering underserved communities with enhanced financial access.
Deepak Verma, Managing Director and CEO of Findi, said, "The acquisition of Bankit is a pivotal step in our mission to financially empower the underbanked. Bankit's brand, employee base, and robust merchant network will significantly boost our presence across states like Andhra Pradesh, Telangana, and Gujarat. Combined with our ATM capabilities and new financial service offerings, this acquisition will transform our merchant partners into financial hubs, driving financial inclusion across India."
Founded in 2005, Findi, via TSI, operates 7,500+ Brown Label ATMs in partnership with major Indian banks and provides financial services through 50,000+ merchant partners under its brand FindiPay.
In addition to acquiring Bankit, Findi recently acquired Indicash, Tata Communications' White Label ATM business, further solidifying its position in the fintech space.
Bankit, established in 2017, offers a wide range of financial services, including AePS, remittance, bill payments, and prepaid cards through its 1,29,000+ merchant partners. The company handles 37.2 million transactions annually and has built a pan-India presence across 12,000+ pin codes.
This acquisition marks Findi's second major purchase, following its agreement with Tata Communications Payment Solutions Ltd (TCPSL) to acquire Indicash's 4,600+ ATMs. Together, these assets will transform Findi's merchant partners into comprehensive financial service providers, delivering cash, payment, and banking services to underserved communities.
Amit Nigam, Executive Director and COO of Bankit, said, "Joining the Findi family is a moment of immense pride. This partnership will enable us to redefine India's financial services landscape, creating a more inclusive and innovative ecosystem that benefits millions."
The transaction, expected to close by 31 March 2025, aligns with Findi's long-term strategy of building a comprehensive financial inclusion marketplace across India.
