Findi Limited completes acquisition of BankIT Services

SYDNEY: Findi Limited (ASX: FND), a digital payments and financial services provider, announced Tuesday that its majority-owned subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI), has finalized the acquisition of BankIT Services Pvt. Ltd (BankIT). 

The A$30 million deal, with a gross transaction value of approximately A$3 billion, marks a key step in Findi’s strategy to become a full-scale Payments Bank. BankIT reported revenue of A$33.6 million and net profit after tax of A$1.4 million in its most recent financial results. 

The acquisition expands Findi’s infrastructure and cross-selling opportunities, including insurance and other financial services, while supporting its White Label ATM (WLA) operations. 

Nicholas Smedley, Findi’s executive chairman, said the deal accelerates the company’s growth and diversifies its revenue streams. “Findi is now the only Pan-Indian ATM operator with a truly nationwide digital business,” Smedley said. 

The company plans to focus on scaling operations ahead of TSI India’s anticipated initial public offering in 2026.