Findi Ltd, an Australian fintech giant, has successfully raised INR 243 crore (approximately AUD 45 million) through an institutional placement and share purchase plan. This funding is set to accelerate the growth of its Indian subsidiary, Transaction Solutions International (TSI), which plays a pivotal role in India’s financial inclusion and digital finance ecosystem.
The capital infusion will be utilized to enhance TSI’s technological infrastructure, expand merchant payment solutions, and scale up ATM and payment processing networks across key markets in India. Institutional investors demonstrated strong confidence in Findi’s strategic vision, underscoring the company’s potential to revolutionize India’s rapidly evolving fintech sector.
Deepak Verma, Managing Director and CEO of Findi, expressed enthusiasm about this milestone, stating that this fundraiser enables them to accelerate their White Label ATM strategy, expand their franchisee network, and strengthen partnerships with financial institutions. Their goal is to empower millions of underserved and underbanked Indians by enhancing financial accessibility.
Findi has been actively expanding its footprint in India through strategic acquisitions. Earlier this month, it acquired Tata Communications Payment Solutions Limited (TCPSL) along with its Indicash brand. This acquisition provides access to a White Label ATM network and licenses, enabling Findi to deploy ATMs across its merchant network while offering payment solutions to Indicash franchisees. Additionally, Findi is finalizing the acquisition of BankIT, a fintech company with over 120,000 merchant outlets across India. This move aligns with Findi’s commitment to financial inclusion by enhancing banking accessibility and digital services tailored for rural and semi-urban communities.
TSI currently operates over 60,000 service locations in partnership with 13 major Indian banks, facilitating financial access for underbanked communities. With this fresh capital, the company aims to deepen collaborations with banks and financial institutions while scaling its operations further. Findi’s efforts are also supported by a recent INR 500 crore contract with Union Bank of India for Brown Label ATM deployment, coupled with an extended agreement with SBI. These developments have expanded TSI’s ATM network to nearly 12,000 units across the country.
Also Read | India’s BFSI & Fintech Drive Record 13.4 Mn Sq. Ft. Leasing in 2024
Findi’s strategic investments and partnerships highlight its commitment to bridging the gap between traditional banking systems and underserved populations in India. With robust technological upgrades and expanded service offerings, the company is poised to redefine the fintech landscape while advancing financial inclusion for millions.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
