{"id":566297,"date":"2025-01-21T06:43:03","date_gmt":"2025-01-21T05:43:03","guid":{"rendered":"https:\/\/ibsintelligence.com\/?post_type=ibsi_news&#038;p=566297"},"modified":"2025-01-21T06:43:03","modified_gmt":"2025-01-21T05:43:03","slug":"australias-findi-expands-india-footprint-with-acquisition-of-bankit","status":"publish","type":"ibsi_news","link":"https:\/\/ibsintelligence.com\/ibsi-news\/australias-findi-expands-india-footprint-with-acquisition-of-bankit\/","title":{"rendered":"Australia\u2019s Findi expands India footprint with acquisition of BANKIT"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-552075 alignright\" src=\"https:\/\/ibsintelligence.com\/wp-content\/uploads\/2023\/10\/bankit_india_logo.jpg\" alt=\"BANKIT, SBI, SBI Life Insurance, LIC, Life Insurance Corporation, Insurance Services, Insurance Solutions, SBI, Prepaid corporate Card Platform, Fintech News, Finance news India, Fintech Acquisitions, Fintech India, Findi, Australia, TSI\" width=\"179\" height=\"179\" srcset=\"https:\/\/ibsintelligence.com\/wp-content\/uploads\/2023\/10\/bankit_india_logo.jpg 200w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2023\/10\/bankit_india_logo-150x150.jpg 150w, https:\/\/ibsintelligence.com\/wp-content\/uploads\/2023\/10\/bankit_india_logo-100x100.jpg 100w\" sizes=\"auto, (max-width: 179px) 100vw, 179px\" \/>Australia-based FinTech <a href=\"https:\/\/findi.co\/\">Findi<\/a>, through its majority-owned subsidiary Transaction Solutions International in India (TSI), has announced the acquisition of <a href=\"https:\/\/www.bankit.in\/\">BANKIT Services<\/a> for $18.7 million (AUD 30 million).<\/p>\n<p>The acquisition of BANKIT will triple Findi\u2019s merchant network immediately and increase its footprint across India, expanding the pin codes served by 6x. This acquisition boosts Findi\u2019s footprint, tripling its merchant network to 1,80,000+ partners across 12,000+ pin codes and cementing its position as a financial inclusion enabler in India.<\/p>\n<p>The <a href=\"https:\/\/ibsintelligence.com\/ibsi-news\/audax-aws-team-to-drive-maybank-islamics-digital-transformation\/\">buyout<\/a> is the next step in Findi\u2019s strategic plan to build a Financial Services Marketplace for the underbanked through their merchant network. Launched in 2005, Findi, via TSI, operates 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.<\/p>\n<p>The company also recently acquired Indicash, Tata Communications\u2019 White-Label ATM business. The combined ecosystem positions it to transform merchant partners into full-fledged financial hubs, delivering cash, payment, and banking services to underserved communities nationwide.<\/p>\n<p>BANKIT Services provides Banking and Financial Services (AePS, Remittance, Bill Payments via Bharat Connect, Pre-Paid 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.<\/p>\n<p>In combination, these acquisitions will allow Findi to serve more Indians more completely via its ATM network and merchant touchpoints and transform merchant partners into full-fledged financial services providers with both ATM and financial services capabilities.<\/p>\n<p><strong>Deepak Verma, MD and CEO, Findi,<\/strong> said, \u201cThe acquisition of BANKIT is the next step in our journey to bring financial empowerment to the underbanked. BANKIT&#8217;s existing brand, employee base, and merchant network allow us to significantly increase our presence across India, including states like Andhra Pradesh, Telangana, and Gujarat, increasing our footprint. 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.\u201d<\/p>\n","protected":false},"author":35800,"featured_media":552075,"parent":0,"template":"","categories":[41695,41779],"tags":[11673,21837,41140,48899,39963,26467,21391,40191,33710,15274,40190,48593,13851,39502,48901,48900],"class_list":["post-566297","ibsi_news","type-ibsi_news","status-publish","has-post-thumbnail","hentry","category-banking-as-a-service-baas","category-banktech","tag-australia","tag-bankit","tag-finance-news-india","tag-findi","tag-fintech-acquisitions","tag-fintech-india","tag-fintech-news","tag-insurance-services","tag-insurance-solutions","tag-lic","tag-life-insurance-corporation","tag-prepaid-corporate-card-platform","tag-sbi","tag-sbi-life-insurance","tag-transaction-solutions-international","tag-tsi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.9 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australia\u2019s Findi expands India footprint with acquisition of BANKIT<\/title>\n<meta name=\"description\" content=\"Australia-based FinTech Findi has announced the acquisition of BANKIT Services for $18.7 million (AUD 30 million).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ibsintelligence.com\/ibsi-news\/australias-findi-expands-india-footprint-with-acquisition-of-bankit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia\u2019s Findi expands India footprint with acquisition of BANKIT\" \/>\n<meta property=\"og:description\" content=\"IBS Intelligence (IBSi) is the world\u2019s only pure-play Financial Technology focused research, advisory, and fintech news analysis firm, with a 30-year track record and clients globally. 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