Australian fintech firm Findi’s Indian subsidiary, Transaction Solutions International (TSI), has secured the green light from the Reserve Bank of India (RBI) to acquire Tata Communications Payment Solutions (TCPSL).
A unit of Tata Communications, TCPSL operates white label ATM network Indicash.
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The launch of Indicash in 2013 aligned with RBI’s goal to deepen ATM penetration across India.
The latest acquisition, announced in November 2024, includes the transfer of TCPSL’s white label ATM licence to TSI.
It is part of TSI’s plan to speed up its transition into a “full-fledged” payments bank and serve underbanked people in India.
In line with this goal, TSI also agreed to buy BankIT Services for A$30m ($18.8m) last month.
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By GlobalDataFindi executive chairman Nicholas Smedley said: “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.
“It has been great to see the Tata business still delivering operationally during the transition period, with franchise ATMs as at 31 December 4,829 up more than 200 since our 15 November 2024 announcement.”
Findi expects the acquisition process to be finalised within the next 60 days.
Findi managing director and CEO 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.
“The acquisition reinforces Findi’s strategic focus of growing the ATM network, expanding its product and service offering, building the payments bank ecosystem and driving scale.”
