Australian digital payment provider Findi Ltd has agreed to purchase Noida-based fintech company BankIT Services Pvt. Ltd for Rs 160 crore (about US$18.5 million), marking its second India acquisition within three months.
Australian Securities Exchange-listed Findi said in a statement it will acquire BankIT through its subsidiary Transaction Solutions International (India) Pvt Ltd. It expects to complete the transaction by March 31.
The acquisition comes after Findi in November decided to purchase Tata Communications Ltd’ white label ATM business Indicash for Rs 330 crore and an additional amount of up to Rs 75 crore reflecting the interchange rate adjustment.
The two deals are part of the company’s strategy to float an initial public offering of its India unit. The unit, Transaction Solutions, is majority owned by Findi and counts India’s Piramal Alternatives as an investor.
Piramal Alts is part of Indian billionaire Ajay Piramal-led Piramal Group. It had invested Rs 200 crore (US$23.9 million then) in Transaction Solutions in December 2023 through the Piramal Structured Credit Opportunities Fund, which is anchored by Canadian pension fund CDPQ.
Findi, which operates through more than 50,000 merchant partners under the FindiPay brand, said it aims to enhance India's fintech landscape by targeting underserved regions.
The acquisition of Bankit will triple Findi's merchant network and expand its presence across India, serving six times more pin codes. Its reach will expand to over 1,80,000 partners across more than 12,000 pin codes, Findi said.
Founded in 2010 by Amit Nigam, a co-founder of SpiceMoney, Bankit has over 1,29,000 outlets in 28 states. It offers banking services to underserved communities. The fintech company uses technology and a vast merchant network to provide affordable, user-centric financial services.
Bankit said that Nigam will continue to drive its growth following the acquisition. For Findi, this marks its establishment as the sole pan-Indian ATM operator with a comprehensive digital business, it said.
Nigam said that, together with Findi, Bankit aims to create a “more inclusive and innovative financial ecosystem” that will benefit millions of people.
Deepak Verma, MD and CEO at Findi, said that the acquisition provides the Australian company with significant reach across India and accelerates the growth of its digital payments business. “Bankit will play a pivotal role in delivering our strategy of building a full-stack financial services ecosystem to serve the underserved.”
