Dailymirror.news,New Delhi, 4 February 2025: Findi Ltd (ASX: FND), through its majority-owned Indian subsidiary Transaction Solutions International (India) Pvt Ltd (TSI), has received approval from the Reserve Bank of India (RBI) to acquire a 100% stake in Tata Communications Payment Solutions Ltd (TCPSL), a wholly owned subsidiary of Tata Communications.

The acquisition, originally announced in November 2024, is valued at ₹330 crore (A$59.1 million), with an additional amount of up to ₹75 crore (A$13.4 million) linked to interchange rate adjustments as specified in the Share Purchase Agreement (SPA).

This acquisition is a major milestone in Findi’s strategy to expand its footprint in India’s financial services sector, particularly in improving financial access for underbanked communities. It also aligns with Findi’s long-term goal of transforming into a full-fledged payments bank, leveraging its expertise in ATM operations and digital payments infrastructure.

Findi, through TSI, currently operates a robust brown-label ATM business with over 7,500 ATMs, partnering with 12 leading public and private sector banks, including SBI, CBI, PNB, and HDFC. Additionally, TSI has managed backend operations for over 10,000+ white-label ATMs and facilitates digital payments across 50,000+ merchants through its FindiPay brand.

With this acquisition, Findi will integrate 4,600+ operational Indicash ATMs and gain access to 3,000+ additional ATMs for deployment. This will bring its total ATM network to over 12,000 ATMs across brown-label and white-label categories, positioning Findi as one of the largest ATM operators in Asia.

This deal marks Findi’s second major acquisition this year. Earlier in January 2025, Findi (through TSI) announced the acquisition of BankIT, a leading digital payments service provider with 129,000 merchant touchpoints, expanding its merchant network to 180,000+.

Established in 2008, TCPSL has been a key part of Tata Communications’ financial services portfolio. In 2013, it launched Indicash, India’s first-ever network of white-label ATMs, in line with RBI’s vision to increase ATM penetration nationwide. Today, TCPSL owns and operates one of India’s largest white-label ATM networks.

Enhanced Capabilities & Future Roadmap

The acquisition will provide Findi with:
✔ A White-Label ATM (WLA) platform
✔ A WLA license
✔ A payments switch
✔ An expanded network of 3,000 ATMs for immediate deployment

This move will also allow TSI to integrate white-label ATMs across its vast network of 180,000+ FindiPay and BankIT merchant outlets, while strengthening the Indicash franchise. As a result, merchants in these networks will be able to offer a wider range of financial services, driving accessibility and inclusion.

Deepak Verma, MD & CEO, Findi, commented: “The acquisition of TCPSL is a key milestone in our vision to become the most trusted financial empowerment partner for India’s underbanked and underserved communities. TCPSL’s growing franchisee ATM network will accelerate the growth of FindiPay’s merchant ecosystem. With the addition of a payment switch capability, we are now well-positioned to seamlessly deliver cash and financial services.”

He further added: “We see strong synergies between white-label ATMs and our expanding merchant network through FindiPay and BankIT. This integration will enable our merchants to enhance their service offerings and better support underbanked customers.”

The acquisition remains subject to the fulfillment of certain conditions precedent outlined in the transaction agreements between Tata Communications and Findi. Both companies are committed to ensuring a smooth transition for employees, customers, and partners. Further details on the timeline will be shared in due course.