In a bold and strategic move aimed at accelerating its vision for deep-rooted financial inclusion across India, Australia-based Findi has announced completion of its INR 160 crore (AUD 30 million) acquisition of BANKIT through its majority-owned subsidiary, Transaction Solutions International (India).
First revealed in January 2025, the acquisition has now officially closed, marking a transformative milestone for Findi’s Indian operations and fortifying its roadmap to become a fully integrated Payments Bank. The deal exemplifies Findi’s aggressive and calculated expansion strategy in one of the world’s most dynamic and underserved digital finance markets.
Findi-Bankit Acquisition
The integration of BANKIT’s formidable network of 1.29 lakh merchant partners across 12,000+ pin codes with Findi’s robust ATM infrastructure and digital platforms has created a powerful, synergistic force in India’s fintech space. Post-acquisition, Findi now boasts a national network servicing over 1.8 lakh merchants, positioning itself to deliver a comprehensive and localized financial experience to India’s underbanked and underserved segments.
This marriage of physical presence and digital capability represents more than just scale—it’s a foundational step toward building what Findi describes as a “Financial Services Marketplace”, a one-stop platform enabling local shopkeepers and micro-entrepreneurs to operate as hyperlocal financial hubs. These hubs will offer cash-in/cash-out services, domestic remittance, bill payments, digital banking solutions, and more.
Leadership Vision
“This isn’t just an acquisition—it’s a tectonic shift,” remarked Amit Nigam, Executive Director and CEO of BANKIT. “With Findi, we’re not just collaborating; we’re redrawing the financial map of India. Every corner shop, every merchant in our network is now a potential banking hub, a financial lifeline in the vicinity.”
Deepak Verma, Managing Director and CEO of Findi, emphasized the strategic significance of the acquisition: “This milestone is a critical enabler in our journey to become a full-fledged Payments Bank and a leading player in India’s fintech landscape. We are now better positioned than ever to serve millions of Indians through an integrated network of ATMs and merchant-led financial services.”
A Broader Vision
This acquisition forms one leg of a multi-pronged strategic thrust by Findi to dominate the Indian fintech ecosystem. In recent months, the company has executed several high-impact moves:
- Raised INR 243 crore (~AUD 45 million) through institutional placement and a share purchase plan.
- Acquired Tata Communications Payment Solutions Limited (TCPSL), along with its renowned Indicash ATM brand.
- Entered a ATM deployment agreement with the State Bank of India (SBI) to expand its cash dispensing footprint.
- Secured a INR 500 crore mandate from Union Bank of India for nationwide ATM rollouts.
These developments collectively serve to bolster Findi’s end-to-end capabilities across digital payments, cash access, merchant services, and financial inclusion programs.
The “Phygital” Model: BANKIT’s Core Strength
BANKIT’s “phygital” (physical + digital) model has been central to its success in bridging the gap between India’s formal banking system and its vast unbanked population. By empowering small merchants and “dukandaars” to act as banking agents, BANKIT ensures that essential financial services are accessible, affordable, and trustworthy at the grassroots level.
Now under the Findi umbrella, these services are set to scale exponentially—both in terms of reach and technological sophistication.
Investor and Market Implications
From an investor’s perspective this is a high conviction bet on India’s under-served financial services opportunity. It’s Findi’s intent to move from being a transactional service provider to a financial ecosystem enabler. With India’s rapid digitalization and the government’s continued push for financial inclusion this de-risks Findi’s future revenue streams by anchoring them in high volume, low cost and socially impactful services.
As Findi unlocks value from these integrations investors will be watching key performance indicators like merchant activation rates, transaction volumes and uptake of new services like microcredit, insurance and digital wallets across its merchant network.
Conclusion
BANKIT’s acquisition is not just a corporate transaction—it’s a roadmap for how financial inclusion powered by technology, trust and touchpoints can be achieved at scale in India. With this consolidation Findi is at the heart of India’s fintech revolution—where every kirana store could soon be a banking outlet and every rupee transacted could empower millions.
As India’s digital financial frontier expands Findi’s new integrated model is a game-changer—reshaping not only its own business but also the very fabric of grassroots banking in the world’s largest country. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.