Findi to Strengthen Position in India's Digital Payments Market with Tata Acquisition

About Findi Limited

Findi Limited (ASX: FND) is an Australian fintech company based in New Delhi, India, specialising in digital payments and ATM services. With over 14 years of experience in the Indian market, Findi is transitioning from an ATM service provider to a dynamic digital payments company. It enables peer-to-peer payments, eCommerce transactions, and digital solutions, primarily for rural and remote Indian consumers. The company operates over 21,000 ATMs and serves nearly 2.5 million customers daily. Findi is evolving to become a White Label ATM operator.

Growth Opportunities in India’s Expanding Payments Market

Findi Limited has recently received regulatory approval from the Reserve Bank of India (RBI) for its acquisition of Tata Communications Payment Solutions Ltd (TCPSL), the operator of the White Label ATM network “Indicash.” This significant milestone marks the beginning of an exciting phase for Findi, positioning it to leverage strategic growth opportunities and further cement its role as a leading provider of digital banking solutions in India.

The acquisition, initially announced on 15 November 2024, includes the transfer of TCPSL’s White Label ATM licence and the payment switch. With the green light from the RBI, Findi is poised to complete the transaction within the next 60 days. This move is set to significantly enhance Findi’s service offerings and strengthen its position within India’s rapidly growing digital payment and ATM sectors.

India’s payment landscape is evolving at an accelerated pace, with rapid digitalisation and growing demand for financial inclusion across rural and underserved areas. With over 1.3 billion people and a large segment of the population still underbanked, the opportunity for financial services providers to expand their reach is immense.

The acquisition of Tata Communications’ Indicash ATM network and payment switch offers Findi a unique competitive edge. The White Label ATM network, that has grown steadily over the years, now includes nearly 5,000 franchisee ATMs, a number which has increased by over 200 since the November announcement. This expanded infrastructure allows Findi to further penetrate underserved markets, particularly in rural and remote regions where access to traditional banking services remains limited.

Findi is also focused on expanding its FindiPay merchant network, which is designed to offer seamless payment solutions across a wide array of service providers. With the addition of Indicash’s ATM network, Findi can now create synergies that will enable it to offer both cash and digital financial services through an integrated network, ultimately empowering millions of unbanked and underbanked Indians to access essential banking services.

Financial Performance and Strong Synergies

Findi’s financial performance has been bolstered by its expanding portfolio of services and acquisitions. The company’s core ATM business, which serves more than 2.5 million customers daily across India, has seen impressive growth, with the total number of transactions approaching 1 billion annually. The acquisition of TCPSL’s Indicash business is set to further accelerate Findi’s growth trajectory, driving revenue through the addition of new ATMs and expanded customer access.

Additionally, Findi has made strategic investments in building its merchant network, which is poised for rapid expansion with the integration of the BankIT acquisition. By leveraging its expanded infrastructure and digital capabilities, Findi is well-positioned to capture a larger share of India’s rapidly growing payments market.

The combination of organic growth through Findi’s own initiatives, coupled with the strategic acquisitions of Tata’s Indicash business and BankIT, positions Findi to deliver substantial value to its customers and shareholders. The company’s robust growth strategy has been designed to not only enhance its market presence but also to create synergies between its expanding ATM network and merchant services.

Strategic Vision for Digital Banking

Findi’s strategic vision is clear: to become the most trusted enabler of financial empowerment for India’s underbanked communities. The acquisition of TCPSL’s White Label ATM business plays a critical role in achieving this goal, providing Findi with an extensive infrastructure that spans across India. This acquisition complements Findi’s transition from being a traditional ATM service provider to a fully integrated digital payments company.

As Findi continues to evolve, it is strategically positioning itself to become a full-fledged digital payments bank. The company is actively working towards securing further Indian government registrations under the new financial regulations, allowing it to expand its product and service offerings. The ultimate objective is to create a comprehensive ecosystem of digital financial solutions that supports India’s growing need for convenient, accessible, and reliable banking services.

Findi’s commitment to delivering integrated digital and physical banking services is further reinforced by its recent acquisition of BankIT, announced in January 2025. This acquisition will help Findi build a seamless, nationwide network that combines physical ATMs and merchant services with cutting-edge digital payment platforms. By capitalising on these synergies, Findi aims to drive long-term growth and maximise its impact across India.