Findi Ltd Finalizes Acquisition of Tata Communications Payment Solutions Ltd.

Tata Communications has successfully completed the divestment of its wholly owned subsidiary, Tata Communications Payment Solutions Limited (TCPSL), to Transaction Solutions International (India) Pvt Ltd (TSI), a majority-owned subsidiary of Australian digital payments and financial services provider Findi (ASX: FND).

On 13th November 2024, Tata Communications had entered into a definitive agreement with Findi, to divest its 100% equity stake in TCPSL. The transaction has now been completed following the receipt of regulatory approval from the Reserve Bank of India (RBI), and the fulfilment of all conditions agreed between the parties under the relevant definitive agreement.

For Tata Communications, this move aligns with its strategic focus on high-growth areas such as network, cloud, cybersecurity, IoT, interactions, and media services, enabling the Company to sharpen its core capabilities while unlocking greater value.

For Findi, this acquisition marks a strategic expansion of its financial services ecosystem, enhancing its capabilities in digital payments and ATM operations. The acquisition immediately equips Findi with a White Label ATM platform and license, a Payments Switch, and a network of over 4,600 ATMs. Additionally, it enables Findi to deploy ATMs across its extensive network of 180,000+ merchants (under its FindiPay and BankIT brands).

Kabir Ahmed Shakir, CFO, Tata Communications, said: “This divestment marks a significant milestone in our journey to streamline our portfolio and focus on areas that drive long-term growth and innovation. We are confident that TSI is well-positioned to drive the next phase of growth for TCPSL and will further strengthen and scale this business, ensuring continued value for customers and stakeholders.”

Deepak Verma, MD and CEO, Findi , said: “The acquisition of Tata Communications Payment Solutions Ltd is a critical piece in our journey to become the most trusted enabler of financial empowerment for India’s underserved. TCPSL’s current ATM portfolio, white label license and Payment Switch give us immediate scale, as well as the ability to deploy ATMs to our merchant network, transforming them to a full stack financial hub, and empowering them to expand their services and better serve underbanked communities.”

Both Tata Communications and Findi are committed to ensuring a seamless transition for employees, customers, and partners. This milestone represents a win-win opportunity, unlocking new growth avenues for both companies and delivering greater value to shareholders

About Findi/TSI

A majority owned subsidiary of the Australian listed entity Findi (ASX: FND), TSI financially empowers the underbanked and the underserved through its pan India network of 60,000+ services locations that provide access to cash and payment services. Keeping Trust, Accessibility and Technology at its core, TSI brings financial inclusion to Indians without access to digital services in collaboration with 12 major Indian banks.