By Abhay Ray 
Introduction
The Tata Group, India’s largest industrial conglomerate, has decided to completely exit the ATM business by selling it to a foreign company. The Reserve Bank of India (RBI) has approved Tata Communications’ sale of its 100 percent stake in Tata Communications Payment Solutions (TCPSL) to Transaction Solutions International (TSI), the Indian subsidiary of Australian fintech company Findi.
Key Details About FINDI :
- Findi manages back-end operations for more than 10,000 ‘white label’ ATMs.
- Under the FindiPay brand, the company facilitates digital payments through over 50,000 merchants.
- Findi, with the acquisition, will integrate Indicash ATMs, which operate over 4,600 ATMs, and gain access to approximately 3,000 additional ATMs.
- The company’s total network across various categories will surpass 12,000 ATMs, making it one of the largest ATM operators in Asia.
- This is Findi’s second major acquisition in 2025.
- Earlier in January, TSI acquired digital payment provider BankIT, which had over 129,000 merchant touch points.
- This acquisition increased its total merchant base to over 180,000.
- Established in 2008, TCPSL launched India’s first white-label ATM network, Indicash, in 2013, in line with RBI’s policies to expand ATM penetration.
- TCPSL is one of the largest white-label ATM operators in India.
With this acquisition, Findi will gain access to a white-label ATM platform, a WLA license, a payment switch, and an extended network of 3,000 ATMs. TSI plans to deploy these ATMs at its 180,000 FindiPay and BankIT merchant outlets.
Company Deal, Valuation
The deal, first announced in November 2024, is valued at 830 crores (A$59.1 million), with an additional amount of up to crores (A$13.4 million) based on interchange rate adjustments.
Statement of Findi CEO and Executive Chairman
Findi 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.”
What will be the Benefit
The company also manages back-end operations for more than 10,000 ‘white label’ ATMs. Not only this, the company also facilitates digital payments through more than 50,000 merchants under the FindiPay brand. With this acquisition, Findi will integrate Indicash ATMs, which operate more than 4,600 ATMs, and gain access to about 3,000 additional ATMs. This will take the company’s total network beyond 12,000 ATMs across various categories and make it one of Asia’s largest ATM operators.
This is Findi’s second major acquisition in 2025. Earlier in January, TSI acquired digital payments provider BankIT with more than 129,000 merchant touchpoints. This increased its total merchant base to more than 180,000. Established in 2008, TCPSL launched India’s first white-label ATM network Indicash in 2013 in line with RBI’s policies to increase ATM penetration. TCPSL is one of the largest white-label ATM operators in India.
Conclusion
Company’s plan the acquisition will give Findi access to a white-label ATM platform, WLA license, payment switch and an extended 3,000-ATM network. TSI plans to install these ATMs across its 180,000 FindiPay and BankIT merchant outlets. The company also plans to further strengthen its financial reach by integrating them into the existing Indicash franchise.
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