Findi, a leading fintech company, has successfully raised Rs 243 crore to enhance the operations of its majority-owned Indian subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI). The funding was secured through institutional placements and a share purchase plan (SPP), with strong backing from key institutional investors. This capital boost reflects growing confidence in Findi’s strategic plans and its role in India’s rapidly expanding fintech sector.
The new funds will be used to improve TSI’s technological infrastructure, increase its merchant payment solutions, and expand its ATM and payment processing services in key markets across India. TSI aims to strengthen its position as a leading player in India’s digital finance ecosystem while supporting financial inclusion for underserved communities.
Findi: Vision for Expanding ATM Services
Findi’s Managing Director and CEO, Deepak Verma, highlighted the company’s commitment to improving financial accessibility in India. He noted that the fundraise would help accelerate TSI’s White Label ATM strategy, enhance its franchisee network, and deepen partnerships with financial institutions. This effort is expected to benefit millions of underserved and underbanked Indians by offering them easier access to financial services.
TSI has been a key part of India’s digital payments landscape, offering a range of services, including end-to-end payment processing, ATM deployment, and merchant acquiring. With operations in more than 60,000 service locations across India, the company works with 13 major Indian banks to improve financial access in both urban and rural areas.
Strategic Acquisitions Strengthening Growth
The fundraising follows several important moves by Findi in 2024 aimed at expanding its footprint in India’s fintech market. Earlier this month, Findi acquired Tata Communications Payment Solutions Limited (TCPSL), which operates the well-known Indicash brand. This acquisition gave Findi access to a White Label ATM license, a Payment Switch, and a network of White Label ATMs. These resources will allow Findi to integrate White Label ATMs into its merchant network, enhancing services for both merchants and customers.
Findi is also finalizing the acquisition of BankIT, a company with a merchant network of more than 120,000 partners. This acquisition will help Findi expand its Brown Label ATM services and strengthen its relationship with major Indian banks. In addition, Findi recently secured a contract worth Rs 500 crore with Union Bank of India (UBI) and extended its agreement with the State Bank of India (SBI), bringing its Brown Label ATM network to nearly 12,000 units.
Building Financial Inclusion Across India
The capital raised will enable TSI to deepen its collaborations with banks and financial institutions, furthering its mission of promoting financial inclusion. By expanding ATM networks and digital payment solutions, TSI aims to make banking services more accessible to people in underbanked areas.
Findi’s strategic investments and acquisitions reflect its long-term commitment to strengthening India’s fintech infrastructure and digital payments ecosystem. As the company continues to grow, it is expected to play a vital role in expanding financial services and promoting cashless transactions across the country.
