Join our daily newsletter At The Bell to receive exclusive market insights
Findi Ltd (ASX:FND) has confirmed on Monday the Reserve Bank of India (RBI) has allowed it to purchase Tata Payment Solutions, a subsidiary of Tata Communications.
Tata Group is India’s largest business conglomerate and has divisions dealing with automobiles (‘Tata Motors,’) steelmaking, and more.
In a deal through its Indian subsidiary, Findi Group has now picked up Tata Communications’ Tata Payment Solutions (TPS). That gives Findi the licencing rights to white label ATMs throughout the country formerly the property of TPS, called ‘Indicash.’
For those out of the loop: Findi is building out automated teller machines and retail banking systems in India, which is perhaps obviously one of the most promising markets in which to do so at this time.
“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… to now pivot from planning into delivery mode,” FND EC Nicholas Smedley said.
That ultimate pivot will see it both launching further physical cash withdrawal locations and enhancing digital banking services following another recent acquisition, BankIT.
“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.”
“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,” company CEO Deepak Verma said.
FND last traded at $4.33/sh.
Join the discussion: See what HotCopper users are saying about Findi and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
