Findi expands financial inclusion with Bankit acquisition

With this acquisition, Findi will expand its merchant network threefold, growing to over 180,000 partners. Additionally, it will extend its coverage to more than 12,000 pin codes, resulting in a sixfold increase. This strategic move strengthens Findi's position as one of the financial inclusion enablers in India, providing access to financial resources for underserved communities.

50,000 merchants partnered with FindiPay

Findi, through TSI, manages over 7,500 Brown Label ATMs in collaboration with Indian banks and offers financial services via more than 50,000 merchant partners under the FindiPay brand. Recently, in addition to acquiring Bankit, Findi has also acquired Indicash, the white label ATM business from Tata Communications, further reinforcing its foothold in the fintech industry.

Bankit provides an extensive array of financial services such as AePS, remittance, bill payments, and prepaid cards through its network of over 129,000 merchant partners. The company processes 37.2 million transactions each year and has established a presence across more than 12,000 pin codes throughout India.

This acquisition represents Findi's second significant purchase, following its agreement with Tata Communications Payment Solutions Ltd (TCPSL) to acquire over 4,600 Indicash ATMs. Together, these assets will support Findi's merchant partners to become comprehensive financial service providers, offering cash, payment, and banking services to underprivileged communities.

Representatives from Bankit declared that this collaboration will support the company to improve India's financial services environment, fostering a more inclusive and innovative ecosystem that serves millions. 

The transaction, anticipated to finalise by 31 March 2025, aligns with Findi's long-term vision of establishing a holistic financial inclusion marketplace throughout India.