Findi Ltd, through its majority-owned Indian subsidiary Transaction Solutions International (India) Pvt Ltd (TSI), has secured a significant agreement with the State Bank of India (SBI) to deploy an additional 2,293 ATMs across India. This expansion builds upon the 4,219 ATMs awarded to Findi in October 2023, marking a 54% increase in its engagement with SBI.
Structured over a seven-year term with an optional three-year extension, the agreement brings significantly improved pricing for Findi compared to previous third-party outsourcing arrangements. This strategic enhancement is expected to drive higher margins for Findi’s BLA operations while further solidifying its position as a key player in India’s financial services infrastructure. With this expansion, Findi remains at the forefront of ATM deployment, ensuring faster execution and greater accessibility to banking services nationwide.
Findi, through TSI, currently has over 11,000+ Brown Label ATMs in its portfolio, covering major Indian banks, including SBI, HDFC Bank, Central Bank of India and Union Bank of India. The latest expansion with SBI underscores Findi’s position as a trusted partner in financial services infrastructure, further bridging the gap in banking accessibility across India.
This agreement, the fourth such this year, is part of Findi’s continued expansion plans. 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 acquired Tata Communications’ White Label ATM business in Feb-25, providing it with 4600+ White Label ATMs, a Payment Switch, and a White Label ATM license, bringing Findi’s total managed and White Label ATM portfolio to 16,000+, and gaining the ability to deploy White Label ATMs to its network of merchants.
Deepak Verma, MD and CEO, Findi said, “This expansion of our agreement with State Bank of India validates our capabilities built over decades and highlights our commitment towards operational excellence. By expanding our ATM network, we are not only strengthening our relationship with India’s largest public sector bank but also ensuring that basic banking services become more accessible to underserved communities as part of our vision to drive financial inclusion in India.”
This expansion aligns with Findi’s vision of building a comprehensive financial services ecosystem by integrating ATMs with its extensive merchant network. By reinforcing its partnership with India’s largest public sector bank, Findi continues to advance financial inclusion and accessibility, ensuring essential banking services reach underserved communities nationwide
