Australia-based Findi completes Rs 160 crore acquisition of Bankit in strategic expansion

In a move set to reshape the contours of India's digital financial services ecosystem, Findi Ltd has announced the successful completion of its Rs 160 crore (A$30 million) acquisition of BANKIT Services Pvt. Ltd, through its majority-owned subsidiary, Transaction Solutions International (India) Pvt. Ltd. (TSI).

The deal, first disclosed in January 2025, marks a pivotal moment in Findi's strategy to build a unified, tech-enabled financial services platform targeting India's underbanked and underserved population.

Network expansion

The acquisition significantly strengthens Findi's service capabilities and merchant network, bringing together BANKIT's 1.29 lakh partners across 12,000+ pin codes with Findi's ATM infrastructure and digital products.

The company now services more than 1.8 lakh merchants nationwide—positioning it to function not just as a financial intermediary, but as a potential Payments Bank catering to last-mile financial needs across India.

Leadership comments

“With the successful completion of the BANKIT acquisition, we are now better positioned than ever to serve millions of Indians through an integrated network of ATMs and merchant-led financial services,” said Deepak Verma, Managing Director and CEO of Findi.

"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."

BANKIT, a fintech platform known for providing digital banking and financial services through its merchant ecosystem, now becomes central to Findi's ambition of creating a "Financial Services Marketplace"—a one-stop destination enabling merchants to function as hyperlocal financial hubs for their communities.

"This isn't just an acquisition—it's a tectonic shift," said Amit Nigam, Executive Director and CEO of BANKIT. "Every corner shop, every merchant in our network is now a potential banking hub, a financial lifeline in the vicinity. Together, we're turning 14,000+ pin codes into launchpads for financial empowerment. This merger isn't about scale alone—it's about building a new architecture of trust, tech, and touchpoints."

Recent funding

The completed acquisition builds on a series of strategic moves by Findi this year. The company recently raised A$45 million (Rs 243 crore) through an institutional placement and share purchase plan, acquired Tata Communications Payment Solutions Limited (TCPSL) and its Indicash ATM brand, expanded its ATM network in partnership with State Bank of India, and secured a Rs 500 crore mandate from Union Bank of India to deploy ATMs across the country.