Findi Ltd (ASX:FND) Expands Footprint with Acquisition of BankIT
Strategic Acquisition
Findi Ltd has entered into a binding agreement to acquire BankITServices Private Limited, a prominent provider of banking and financial services in India. The acquisition will cost A$30 million and is expected to complete by 31 March 2025. BankIT reported revenues of A$33.6 million, with an EBITDA margin of approximately 5.6%. The acquisition strategically positions Findi to access a customer base handling around 3 million monthly transactions.
Enhanced Market Access
The integration of BankIT will expand Findi’s merchant network to over 200,000 across India. This acquisition fast-tracks Findi’s digital payments strategy by 18 months, providing immediate scale to its FindiPay digital business unit, which is now self-funding and cash flow positive.
Future Outlook
Findi anticipates growing its digital operations to represent over 25% of consolidated revenue. The acquisition aligns with Findi’s goal to offer a comprehensive suite of financial services and tap into India’s vast addressable market of over 900 million potential customers. Plans are in place for an initial public offering of its subsidiary in India by the end of 2026, further unlocking shareholder value.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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