Tata Communications completes sale of payment arm to Australian fintech Findi – The Times of India 

Mumbai: Tata Communications has divested 100% stake in Tata Communications Payment Solutions Ltd (TCPSL) to Australian fintech company Findi’s subsidiary in India, Transaction Solutions International, after receiving RBI approval. The deal, initially announced in Nov 2024, is valued at Rs 330 crore (A$59.1 million), with an additional Rs 75 crore (A$13.4 million) based on interchange rate adjustments.The acquisition expands Findi’s presence in India’s financial services sector, targeting the underbanked. It aligns with the company’s plan to transition into a full-fledged payments bank, leveraging its ATM operations and digital payments expertise.TSI currently operates 7,500+ brown label ATMs, partnering with 12 banks, including SBI, CBI, PNB, and HDFC. It also manages backend operations for 10,000+ white label ATMs and facilitates digital payments through 50,000+ merchants under the FindiPay brand.With this acquisition, Findi will integrate 4,600+ operational Indicash ATMs and gain access to 3,000+ additional ATMs, taking its total network beyond 12,000 ATMs across brown and white label categories, making it one of Asia’s largest ATM operators.This marks Findi’s second major acquisition in 2025. Earlier in Jan, TSI acquired BankIT, a digital payments provider with 129,000+ merchant touchpoints, bringing its total merchant base to 180,000+.TCPSL, established in 2008, launched India’s first white-label ATM network, Indicash, in 2013, in line with RBI’s vision to expand ATM penetration. TCPSL remains one of the largest white-label ATM operators in India.The acquisition gives Findi access to a white-label ATM platform, a WLA license, a payments switch, and an expanded 3,000-ATM network. TSI plans to deploy these ATMs across its 180,000+ FindiPay and BankIT merchant outlets while integrating them into existing Indicash franchises, further strengthening financial access.Deepak Verma, MD and CEO of Findi, said the acquisition of TCPSL is critical to the company’s vision of financial empowerment for India’s underbanked. He added that TCPSL’s franchisee ATM network would help accelerate FindiPay’s growth and that the added payment switch capability would enhance service delivery.