FINDI acquires BANKIT for around Rs 160 Cr to expand financial inclusion in India
The companies aim to enhance financial access in rural and semi-urban areas in India and foster an inclusive and innovative financial ecosystem.
Australian Stock Exchange (ASX) listed Findi Ltd acquired fintech company for AU$ 30 million (about Rs 160 crore) through Transaction Solutions International (TSI).
Through this deal, the companies aim to enhance financial access in rural and semi-urban areas in India and foster an inclusive and innovative financial ecosystem.
“The acquisition of BANKIT by FINDI is a moment of immense pride and optimism that will provide us with the resources and expertise needed to accelerate our mission. We now find ourselves closer to our goals of redefining India’s financial services and achieving leadership across the country’s fintech industry,” said Amit Nigam, Executive Director and COO, BANKIT.
According to the company, the latest acquisition aligns with FINDI’s recent acquisition of Tata Communications’ white label ATM business, Indicash. The Indicash deal enables the deployment of ATMs at merchant touchpoints while broadening the range of financial services offered to underserved communities.
“The BANKIT acquisition provides us with significant reach across India and accelerates the growth of our digital payment business. BANKIT will play a pivotal role in delivering our strategy of building a full stack financial services ecosystem to serve the underserved,” said Deepak Verma, MD and CEO, FINDI.
BANKIT has a network of over 1,29,000 outlets and services available in 28 states, covering more than 12,000 pin codes.
Varma added that BANKIT’s expansive merchant network opens up opportunities to drive financial inclusion in underserved communities, with a special focus on enabling access to basic banking services through setting up white label ATMs and our digital platforms.
He expects the acquisition to drive the development of digital banking services, focusing on financial literacy and accessibility for people in rural India.
“Together, BANKIT and FINDI plan to make banking services more user-friendly and accessible, helping people with savings, credit, insurance, and other essential financial services,” he said.
Edited by Jyoti Narayan