Through its majority-owned subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI), Findi Ltd. has acquired BANKIT, a fintech company that focuses on financial inclusion. Findi’s dedication to the fintech industry in India is demonstrated by this acquisition, especially with regard to expanding financial access in rural and semi-urban areas.
Amit Nigam and Satyajit Limaye co-founded BANKIT in 2010 with the goal of empowering the Indian financial system by providing a comprehensive array of digital and assisted financial services. Through agent networks, it allows users to pay utility bills, such as those for telecom, electricity, gas, and water, recharge mobile devices and DTH, book hotels and travel, and more.
With a network of more than 129,000 locations and services that span more than 12,000 pin codes across 28 states, BANKIT has been a major contributor to the provision of banking solutions to underprivileged areas. This acquisition is in line with Findi’s recent purchase of Tata Communications’ White Label ATM division (Indicash), which will increase the range of services provided to underprivileged communities and make it easier to install ATMs at merchant touchpoints.
Findi and BANKIT hope to improve banking accessibility, raise financial literacy, and spur innovation that is suited to rural India’s needs through this partnership. It is anticipated that the acquisition will improve the growth of digital banking services, emphasizing accessibility and financial literacy for those living in rural areas.
By working together, BANKIT and Findi hope to improve the accessibility and usability of banking services, assisting consumers with credit, insurance, savings, and other crucial financial services.
With its merchant network in India, Findi is creating a marketplace for financial services for the underbanked. With the help of TSI, Findi currently runs 7,500 Brown Label ATMs in collaboration with significant Indian banks and offers financial and payment services through its FindiPay brand to over 50,000 merchant partners. Additionally, the business recently purchased Indicash, the White Label ATM division of Tata Communications, giving it access to Payment Switch functionality and the capacity to install its own ATMs at merchant partners.
