FINDI's Strategic Acquisition of BANKIT: A Boost for Indian Fintech

Australia-based FINDI has acquired the fintech firm BANKIT for 30 million Australian dollars through its subsidiary Transaction Solutions International. This acquisition reflects FINDI's commitment to enhancing financial access in India's rural and semi-urban areas, providing services via BANKIT's extensive network, and expanding their fintech offerings.

Australia-based FINDI has made a significant move in the fintech sector by acquiring the Indian firm BANKIT for 30 million Australian dollars, approximately 162 crore rupees. This acquisition was executed through FINDI's subsidiary, Transaction Solutions International (India), showcasing its dedication to expanding financial services in the region.

BANKIT, headquartered in Noida, has built a robust network of over 1.29 lakh outlets across 28 states in India, covering more than 12,000 pin codes. It has been pivotal in providing essential banking solutions to underserved and underbanked communities, enhancing financial accessibility for many.

The strategic acquisition aligns with FINDI's recent purchase of Tata Communications' White Label ATM business, Indicash. This initiative will enable the deployment of ATMs at various merchant locations and diversify the financial services available to communities in rural and semi-urban territories.

(With inputs from agencies.)