Australian Stock Exchange (ASX) listed Findi Ltd has successfully acquired the fintech company BANKIT for AU$ 30 million (approximately Rs 160 crore) through Transaction Solutions International (TSI). This strategic partnership aims to improve financial access in rural and semi-urban regions of India, promoting an inclusive and innovative financial ecosystem.
Highlights
Statements from Executives
Amit Nigam, Executive Director and COO of BANKIT, expressed that this acquisition represents a significant milestone filled with pride and optimism. He mentioned that this partnership will provide them with the necessary resources and expertise to advance their mission, bringing them closer to their objectives of transforming India’s financial services and achieving a leading position in the country’s fintech landscape.
Deepak Verma, MD and CEO of FINDI, stated that the acquisition of BANKIT greatly enhances their reach across India and accelerates the development of their digital payment services. He highlighted that BANKIT will be instrumental in fulfilling their strategy to create a comprehensive financial services ecosystem tailored for underserved populations.
Strategic Alignments
FINDI noted that this latest acquisition complements their recent purchase of Tata Communications’ white label ATM business, Indicash. This deal enables the establishment of ATMs at merchant touchpoints while expanding the variety of financial services accessible to underserved communities.
BANKIT’s Network
- BANKIT has a vast network of over 129,000 outlets.
- Services are available across 28 states, covering more than 12,000 pin codes.
Verma emphasized that BANKIT’s extensive merchant network creates significant opportunities to promote financial inclusion in underserved areas. A particular focus will be on facilitating access to essential banking services through the establishment of white label ATMs and digital platforms.
Future Aspirations
Verma anticipates that this acquisition will catalyse the advancement of digital banking services, prioritising financial literacy and accessibility for those in rural India. He stated that the collaboration between BANKIT and FINDI is aimed at making banking services more user-friendly and accessible, thus assisting individuals with savings, credit, insurance, and other vital financial services.
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