Findi Secures INR 500 Cr ATM Deployment Contract with Union Bank of India This deal marks Findi's third major transaction in 2024, reflecting its aggressive expansion in the financial services sector. Earlier this year, through TSI, the company acquired digital payments provider BankIT, expanding its merchant network to over 180,000 touchpoints.
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Findi Ltd, through its majority-owned Indian subsidiary Transaction Solutions International (India) Pvt Ltd (TSI), has secured a significant contract with Union Bank of India to deploy 900 additional ATMs across the country. This strategic partnership, valued at approximately INR 500 crore in revenue and INR 200 crore in EBITDA over a 7+1 year period, reinforces Findi's position as India's most capital-efficient and trusted Brown Label ATM (BLA) service provider.
This deal marks Findi's third major transaction this year, reflecting its aggressive expansion in the financial services sector. Earlier this year, through TSI, the company acquired digital payments provider BankIT, expanding its merchant network to over 180,000 touchpoints.
Additionally, Findi has secured regulatory approval for the 100% acquisition of Tata Communications Payment Solutions Ltd, further consolidating its leadership in the digital payments and ATM infrastructure space.
Deepak Verma, MD and CEO of Findi, stated, "We are excited to collaborate with Union Bank of India in expanding our ATM network. This partnership underscores the trust that leading banks place in Findi's expertise. By strengthening our presence in semi-urban and rural areas, we are driving financial inclusion and supporting India's vision for a digitally connected economy."
Findi, through TSI, currently operates over 9,000 BLA ATMs for 13 major Indian banks, including SBI, HDFC Bank, and Central Bank of India. With the addition of Union Bank of India, the company continues to bridge the financial services gap, enhancing banking access for underserved communities.
This expansion aligns with Findi's long-term vision of integrating ATMs with its extensive merchant network, ensuring millions of Indians have seamless access to essential financial services.
