Findi Limited (ASX:FND) Secures RBI Approval for Tata Communications Acquisition
Acquisition Approval
Findi Limited’s majority-owned subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI), has received approval from the Reserve Bank of India (RBI) for the acquisition of Tata Communications Payment Solutions Ltd (TCPSL), also known as Indicash. Additionally, the RBI has consented to the transfer of TCPSL’s White Label ATM licence to TSI. The company expects the acquisition to complete within the next 60 days.
Operational Achievements
Since the 15 November 2024 announcement, franchise ATMs have increased to 4,829 as of 31 December, marking an expansion of over 200.
Strategic Impact
Upon completion, Findi will execute its previously outlined strategy, enhanced by the settlement of the BankIT acquisition announced on 20 January 2025. This acquisition supports Findi’s FY26 strategy to expand its co-located physical and digital banking solutions network across India.
Executive Comments
Executive Chairman Mr Nicholas Smedley stated, “The approval of the Acquisition by the Reserve Bank of India, which includes the White Label ATM licence and payments switch, allows Findi to proceed with delivering on our FY26 strategy of expanding our co-located physical and digital network of banking solutions throughout India. The Board and our entire team in India are all very excited to now pivot from planning into delivery mode.”
Chief Executive Officer and Managing Director Mr Deepak Verma said, “The acquisition of TCPSL is a critical piece in our vision of becoming the most trusted driver of financial empowerment to India’s underbanked and underserved communities. TCPSL’s growing Franchisee ATMs network gives us the framework to build deeper FindiPay merchant networks and accelerate Findi’s growth. The addition of the payment switch capability enhances our service delivery, enabling us to deliver cash and related financial services seamlessly.”
Verma added, “Finally, we foresee strong synergies between White Label ATMs and our accelerating merchant network across FindiPay and BankIT, empowering our merchants to expand their services and better serve underbanked communities.”
Motley Fool contributor Kiarra Jackson 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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