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Findi acquires BANKIT to boost financial inclusion in rural India

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Findi acquires BANKIT to boost financial inclusion in rural India. This acquisition underscores Findi’s commitment to India’s fintech sector, particularly in enhancing financial access in rural and semi-urban areas. BANKIT, a fintech company focused on financial inclusion, has been acquired by Findi Ltd. through its majority-owned subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI). Co-founded in 2010 by Amit Nigam and Satyajit Limaye, BANKIT aims to empower the Indian financial landscape by offering a wide range of digital and assisted financial services. It enables users to transfer money to bank accounts, pay utility bills, including telecom, electricity, gas, and water, recharge mobile and DTH, make hotel and travel bookings, and more via agent networks. With a network of over 129,000 outlets and services available in 28 states, covering more than 12,000 pin codes, BANKIT has been a key player in providing banking solutions to underserved communities. This acquisition by Findi aligns with its recent acquisition of Tata Communications' White Label ATM business (Indicash), which will facilitate the deployment of ATMs at merchant touchpoints and expand the suite of services offered to underserved communities. Through this collaboration, Findi and BANKIT aim to expand financial literacy, increase banking accessibility, and drive innovation tailored to the needs of rural India. The acquisition is expected to enhance the development of digital banking services, focusing on financial literacy and accessibility for people in rural areas. Together, BANKIT and Findi plan to make banking services more user-friendly and accessible, helping people with savings, credit, insurance, and other essential financial services. Findi is building a Financial Services Marketplace for the underbanked through its merchant network in India. Currently, Findi, via TSI, operates over 7,500 Brown Label ATMs in partnership with major Indian banks and provides financial and payment services through more than 50,000 merchant partners via its brand FindiPay. The company has also recently acquired Indicash, Tata Communications' White Label ATM business, providing it with Payment Switch capabilities and the ability to deploy its own ATMs at merchant partners.