In a game-changing move within the Indian fintech ecosystem, Findi acquires Bankit for ₹160 crore, marking a crucial step in the company’s growth strategy. This acquisition, finalized through Findi’s majority-owned subsidiary, Transaction Solutions International (India) Pvt. Ltd (TSI), significantly strengthens Findi’s foothold in India’s digital financial services sector. By combining BANKIT’s vast merchant network with Findi’s robust ATM infrastructure and digital offerings, the deal sets the stage for expanded reach and enhanced service capabilities in the market.
The acquisition significantly extends Findi’s reach across India, particularly in underserved regions, providing access to essential banking services for millions. With over 1.8 lakh merchants now in its network, Findi aims to create a “Financial Services Marketplace” where merchants act as local banking hubs, facilitating services like bill payments, cash withdrawals, and digital banking solutions.
Findi’s growth trajectory has been bolstered by recent strategic moves, including a ₹243 crore funding round and acquisitions of Tata Communications Payment Solutions Ltd (TCPSL) and the Indicash ATM network. With the backing of these moves, Findi is poised to evolve into a full-fledged Payments Bank, offering a seamless integrated financial services experience.
1. Inside the Working and Revenue Model of Findi
1.1 How Findi Operates in the Indian Financial Space
Findi Ltd, based in Australia, has swiftly expanded into the Indian market via its subsidiary, Transaction Solutions International (India) Pvt. Ltd (TSI). Initially focused on ATM management and digital financial solutions, Findi has, over time, evolved to offer a comprehensive mix of physical ATM infrastructure, digital banking services, and strategic merchant partnerships. This shift has enabled Findi to strengthen its presence in the rapidly growing fintech sector.
1.2 The Revenue Streams That Drive Findi
Findi’s revenue model revolves around transaction fees from ATM usage, merchant commissions for financial services, and fees from partner banks. Additionally, its expansion into financial products like digital payments, mobile recharges, and bill payments has further diversified its income streams. With the acquisition of BANKIT, Findi gains access to a broader merchant network and an enhanced range of services, including cash withdrawals, remittance, and bill payments.
2. A Closer Look at BANKIT’s Offerings and Background
2.1 BANKIT’s Business Model and National Reach
Founded in 2017, BANKIT operates through a widespread merchant network that enables services like AEPS (Aadhaar Enabled Payment System), bill payments, remittances, and mobile recharges. With over 1.29 lakh merchant partners across more than 12,000 pin codes, BANKIT has been instrumental in delivering financial inclusion to underserved areas of India.
2.2 Founders and Leadership at the Helm
BANKIT is spearheaded by Amit Nigam, a seasoned fintech professional renowned for his ability to build innovative financial services solutions. Thanks to his leadership, BANKIT has grown into one of India’s most trusted platforms for digital financial services, primarily due to its expansive merchant network. In contrast, Findi is led by Deepak Verma, whose strategic vision has been instrumental in driving the company’s rapid expansion within India’s highly competitive fintech landscape. Under his guidance, Findi has been able to make significant strides in the industry, positioning itself for long-term success.
3. Findi Acquires Bankit: A Strategic Gamechanger
3.1 The Motivation Behind the ₹160 Crore Deal
The announcement that Findi acquires Bankit is part of Findi’s long-term strategy to become a comprehensive Payments Bank. By acquiring BANKIT’s vast merchant network, Findi aims to create an integrated financial services ecosystem, leveraging both digital and physical touchpoints to deliver last-mile financial services. The ₹160 crore acquisition allows Findi to rapidly scale its operations and gain access to millions of potential customers across rural and semi-urban areas.
3.2 Impact of the Acquisition on Findi’s Capabilities
With the integration of BANKIT’s 1.29 lakh merchant partners, Findi now serves over 1.8 lakh merchants nationwide. This expansion gives Findi an unparalleled reach, allowing the company to offer banking services to customers in underserved areas, including remote villages. The acquisition enhances Findi’s ability to offer a broad range of services, from cash withdrawals and remittances to bill payments and mobile recharges, through local merchant hubs.
4. Funding, Expansion, and Future Roadmap
4.1 Recent Capital Raises and Strategic Moves
Findi’s funding strategy has been pivotal in its expansion. In early 2025, the company raised ₹243 crore through an institutional funding round, which has fueled several acquisitions, including BANKIT and Tata Communications Payment Solutions Ltd (TCPSL). Additionally, Findi secured a ₹500 crore mandate from Union Bank of India to deploy ATMs nationwide, further strengthening its infrastructure.
4.2 Becoming a Payments Bank: The Next Big Leap
Findi’s goal is to transition into a full-fledged Payments Bank, providing a wide range of banking and financial services. With the addition of BANKIT’s merchant-led network, Findi is well-positioned to offer digital banking services such as savings accounts, deposits, money transfers, and bill payments. By combining its physical infrastructure with a strong digital platform, Findi plans to become a one-stop-shop for financial services across India.
5. Industry Trends and Fintech Context
5.1 Fintech’s Rapid Growth in India
India’s fintech market is experiencing rapid growth, with the sector expected to reach $1.3 trillion by 2025. Initiatives like Digital India, UPI, and Jan Dhan Yojana have paved the way for fintech companies to provide essential services to underserved populations. Findi’s acquisition of BANKIT comes at a time when digital financial services are becoming increasingly critical for financial inclusion.
5.2 Strategic Consolidation as a Trend
Consolidation in the fintech sector is increasingly becoming a strategic move, as companies seek to scale efficiently and expand their market presence. By pursuing acquisitions like BANKIT, companies such as Findi can not only integrate complementary services but also extend their reach. Furthermore, this approach enables them to offer a more comprehensive suite of products, ultimately providing greater value to their customers.
6. Learning for Startups and Entrepreneurs
6.1 Learnings from Findi’s Acquisition of BANKIT
- Strategic Acquisitions Can Fuel Rapid Growth: Mergers and acquisitions are an effective way to quickly expand a company’s market presence, access new networks, and diversify service offerings.
- Integrating Offline and Online Services Enhances Accessibility: Combining physical and digital services creates a powerful model that delivers both reach and convenience.
- Building Local Partnerships is Key for Financial Inclusion: Hyperlocal merchant networks can play a crucial role in promoting financial inclusion by offering last-mile services.
- Innovation Drives Customer Engagement: Offering a range of financial products through local partners ensures greater customer trust and engagement.
- Visionary Leadership and Strategic Funding Fuel Growth: A strong leadership team with a clear vision, combined with access to capital, can significantly accelerate a startup’s expansion.
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