Tata Communications Divests Payment Solutions Arm to Findi

In a strategic move, Tata Communications has successfully divested its 100% stake in Tata Communications Payment Solutions Ltd (TCPSL) to Transaction Solutions International, a subsidiary of the Australian fintech company Findi. This transaction, which received the green light from the Reserve Bank of India (RBI), is valued at Rs 330 crore (A$59.1 million), with an additional Rs 75 crore (A$13.4 million) subject to interchange rate adjustments.

Findi's Expansion in India's Financial Services Sector

This acquisition marks a significant step for Findi in its quest to penetrate India's financial services sector, particularly targeting the underbanked population. By leveraging its ATM operations and digital payments expertise, Findi aims to transition into a full-fledged payments bank, enhancing its service offerings and expanding its footprint across India.

Strengthening Financial Access with Indicash ATMs

With the integration of over 4,600 operational Indicash ATMs and access to an additional 3,000 ATMs, Findi is set to become one of Asia's largest ATM operators. This expansion not only broadens Findi's network but also strengthens financial access for millions, aligning with its vision of financial empowerment for India's underbanked.

Deepak Verma on the Acquisition

Deepak Verma, MD and CEO of Findi, emphasized the critical role of TCPSL's acquisition in achieving the company's vision. He highlighted the potential of TCPSL's franchisee ATM network to accelerate FindiPay's growth and the added payment switch capability to enhance service delivery, marking a new chapter in India's digital payment landscape.