RBI has granted approval to Tata Communications allowing it to divest 100% stake in Tata Communications Payment Solutions (TCPSL) to Australian fintech company Findi’s subsidiary in India, Transaction Solutions International. The deal, announced in Nov 2024, is valued at Rs 330 crore, with an additional Rs 75 crore based on interchange rate adjustments.The acquisition will expand 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 operates over 7,500 ‘brown label’ ATMs, partnering with 12 banks, including SBI, Central Bank of India, PNB, and HDFC. It also manages back-end operations for over 10,000 ‘white label’ ATMs and facilitates digital payments through more than 50,000 merchants under the FindiPay brand.
With this acquisition, Findi will integrate over 4,600 operational Indicash ATMsand gain access to about 3,000 additional ATMs, taking its total network beyond 12,000 ATMs across 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.
