Findi Secures RBI Approval for 100% Acquisition of Tata Communications Payment Solutions Ltd

Bengaluru, 04 February 2025: Findi Ltd (ASX: FND), through its majority-owned Indian Subsidiary Transaction Solutions International (India) Pvt Ltd (TSI), today announced that it has received RBI’s approval to acquire 100% stake in Tata Communications Payment Solutions Ltd (TCPSL), a wholly owned subsidiary of Tata Communication. The acquisition deal, initially announced in November 2024, has been signed for a total consideration of ₹330 crores (A$59.1 Mn), along with an additional amount linked to interchange rate adjustments specified in the Share Purchase Agreement (SPA), estimated to be up to ₹75 crores (A$13.4 Mn), subject to customary adjustments.

This acquisition marks a significant step in Findi’s mission to expand its footprint in India’s financial services sector, particularly in enhancing accessibility for the underbanked. The acquisition aligns with Findi’s long-term vision of transforming into a full-fledged payments bank, leveraging its expertise in ATM operations and digital payments infrastructure.

Findi, through TSI, 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. Over the past eight years, TSI has also managed backend operations for 10,000+ white label ATMs and currently facilitates digital payments through 50,000+ merchants under its FindiPay brand.

With this acquisition, Findi will integrate 4,600+ operational Indicash ATMs and gain access to an additional 3,000+ ATMs for deployment, making it one of the largest ATM operators in Asia with a total network of over 12,000 ATMs across brown and white label categories.

This acquisition marks the second major deal for Findi this year. Earlier this month, Findi announced that, through TSI, it had acquired BankIT, a digital payments service provider with over 129,000 merchant touchpoints, bringing its total merchant base to 180,000+.

Established in 2008, TCPSL has been a part of Tata Communications’ broader portfolio. In 2013, TCPSL unveiled Indicash, India’s first-ever network of white label ATMs, in line with the Reserve Bank of India’s vision to accelerate growth and increase ATM penetration across the country. Today, TCPSL owns and manages one of the largest network of white label ATMs in the country.

Additionally, the acquisition will equip Findi with a white-label ATM platform, a WLA license, a payments switch, and an expanded network of 3,000 ATMs immediately enhancing TSI’s scale and market presence. This strategic move will also enable TSI to deploy white-label ATMs across its extensive network of 180,000+ FindiPay and BankIT merchant outlets, while also integrating them into existing Indicash franchises. As a result, both merchant networks will be empowered to offer comprehensive financial services and product solutions, further strengthening accessibility and inclusion within their communities.

Deepak Verma, MD and CEO, Findi said, “The acquisition of TCPSL is a critical piece in our vision of becoming the most trusted driver of financial empowerment to India’s underbanked and underserved communities. TCPSL’s growing Franchisee ATMs network gives us confidence to farm Findipay Merchant Network and accelerate growth. The addition of payment switch capability enhances our service delivery, enabling us to deliver cash and related financial services seamlessly.”

“Finally, we foresee strong synergies between White Label ATMs and our accelerating merchant network across FindiPay and BankIT, empowering our merchants to expand their services and better serve underbanked communities.”

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