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~With recent acquisitions and IPO momentum, FINDI strengthens its position as India’s last-mile banking backbone
27 June 2025, Bengaluru – FINDI Ltd (ASX: FND), through its majority-owned Indian subsidiary Transaction Solutions International (India) Pvt Ltd (TSI), has received a perpetual White Label ATM (WLA) license from the Reserve Bank of India. FINDI becomes only the fifth entity in over a decade to secure this approval, marking a major milestone in its journey to deepen financial access for all.
This perpetual license eliminates the need for periodic renewals, enabling FINDI to make long-term, strategic investments in expanding its ATM and financial services footprint across India. It is a strong regulatory endorsement of FINDI’s robust governance, operational excellence, and its mission to deepen cash access in underserved regions.
Deepak Verma, Managing Director and CEO of FINDI Ltd, said: “We are proud to receive the RBI’s approval for a perpetual WLA license. Cash remains vital in India with circulation steady at 12% of GDP and over 60% of consumer spending still in cash. The RBI’s push to increase ₹100 and ₹200 note availability further signals the enduring role of ATMs. This license empowers us to strengthen our footprint and serve cash-reliant communities with greater reach and reliability.”
Hussain Udaipurwala, Chief Business Officer, FindiATM, said: “A perpetual regulatory license empowers us to double down on what matters: last-mile presence, operational uptime, and community trust. The RBI’s endorsement reinforces our belief that ATMs are not legacy infrastructure but a vital, evolving bridge to financial access. With this license, we’re committed to transforming FindiATM into a national backbone of inclusive banking blending reliability, scale, and future-ready innovation across India’s most underserved regions.”
As FINDI continues to expand its reach and capability in India, it is also laying the foundation for long-term capital and strategic growth. FINDI Ltd (ASX: FND), through TSI, recently announced its plans for an IPO, partnering with Rothschild & Co as exclusive financial advisor, and Ambit Pvt Ltd and DAM Capital as BRLMs, with DAM Capital also acting as Left Lead.
These developments follow two strategic acquisitions in India: Indicash (Tata Communications’ White Label ATM business), now rebranded as FindiATM and BANKIT, a merchant-based payment platform for the underbanked, now operating as FindiBANKIT. Along with TSI (which specializes in Brown Label ATMs in partnership with 12 top Indian banks) form a powerful network of over 2,00,000 cash and digital payment touchpoints that FINDI currently operates in India.
