The Reserve Bank of India (RBI) has granted approval to Tata Communications to divest its 100% stake in Tata Communications Payment Solutions (TCPSL) to Transaction Solutions International (TSI), the Indian subsidiary of Australian fintech firm Findi.
Deal Overview
- Valuation: ₹330 crore, with an additional ₹75 crore linked to interchange rate adjustments.
- Announced: November 2024.
- Objective: Strengthen Findi’s presence in India’s financial services sector, focusing on the underbanked population.
Findi’s Expansion Strategy
The acquisition aligns with Findi’s goal of evolving into a full-fledged payments bank, leveraging its existing ATM operations and digital payments network.
TSI currently operates:
✅ 7,500+ brown-label ATMs, serving 12 banks (including SBI, PNB, Central Bank of India, and HDFC).
✅ 10,000+ white-label ATMs, handling back-end operations.
✅ 50,000+ merchants under its FindiPay digital payments brand.
Strengthening ATM Network
With the acquisition, Findi will integrate:
➡️ 4,600 operational Indicash ATMs.
➡️ 3,000 additional ATMs, expanding its total network to 12,000+ ATMs.
This makes Findi one of Asia’s largest ATM operators.
Findi’s Recent Acquisitions
This marks Findi’s second major acquisition in 2025.
📌 January 2025: TSI acquired BankIT, a digital payments provider with 129,000+ merchant touchpoints, expanding Findi’s merchant base to 180,000+ outlets.
TCPSL’s Legacy & Future Plans
- Founded: 2008.
- Notable Achievement: Launched India’s first white-label ATM network, Indicash, in 2013 under RBI’s ATM expansion vision.
- Current Status: Among India’s largest white-label ATM operators.
With this acquisition, Findi gains access to:
🔹 A white-label ATM platform.
🔹 A WLA license.
🔹 A payments switch.
🔹 A broader 3,000-ATM network.
Future Deployment: TSI plans to roll out these ATMs across its 180,000+ FindiPay & BankIT merchant locations while integrating them into Indicash franchises. This will enhance financial inclusion and strengthen Findi’s foothold in India’s payment ecosystem.
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