Findi Secures Rs.500 Crore Deal from Union Bank of India to Roll Out 900 ATMs Across India
Findi Ltd (ASX: FND), 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, further strengthens Findi’s position as India’s most capital-efficient and trusted Brown Label ATM (BLA) service provider.
Findi, through TSI, currently has over 9,000+ Brown Label ATMs in its portfolio, covering 13 major Indian banks, including SBI, HDFC Bank, and Central Bank of India. With the addition of Union Bank of India to its portfolio, Findi continues to bridge the financial services gap, providing critical banking infrastructure to underserved urban and rural communities across India. This expansion aligns with Findi’s broader vision to strengthen its ATM operations and enhance financial service accessibility across its extensive merchant network.
This partnership marks Findi’s third major deal this year. Recently, through TSI, Findi acquired BankIT, a digital payments service provider with over 129,000 merchant touchpoints, bringing its total merchant network to 180,000+. Additionally, Findi has secured RBI approval for the 100% acquisition of Tata Communications Payment Solutions Ltd, further consolidating its leadership in the financial services sector.
Deepak Verma, MD and CEO, Findi said, “We are excited to partner with Union Bank of India in this significant expansion of our ATM network. This partnership highlights the trust that leading Indian banks place in Findi’s expertise and efficiency as a partner. By expanding our footprint, we are enhancing banking access, particularly in semi-urban and rural areas, while driving financial inclusion and supporting India’s vision for a more connected, digital economy.”
The partnership with Union Bank of India aligns with Findi’s vision of building a comprehensive financial services marketplace, seamlessly integrating ATMs with its growing merchant network. This move will help in enabling millions of Indians to access essential banking services with greater ease and convenience.
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