• Acquisition of BankIT, a leading provider of last-mile banking and financial services in India
• Expands Findi's merchant network to over 200,000 across India
• Accelerates Findi's digital payments strategy by 18 months

Findi Ltd has agreed to acquire BankIT Services Private Limited (BankIT) for A$30 million, a leading provider of last-mile banking, financial, insurance and payment services in India. The acquisition is a pivotal strategic milestone for Findi, providing access to an extensive customer base with ~3M monthly transactions and ~A$3B annual Gross Transaction Value (GTV). It will also deliver an additional ~130,000 merchants across all Indian States and Territories, expanding Findi's payments strategy to Pan India with over 200,000 merchants. The acquisition accelerates Findi's digital payments strategy by 18 months and expands its access to a comprehensive suite of complementary financial solutions, enhancing cross-selling opportunities. BankIT's state-of-the-art tech stack supporting B2B and B2C products and services will also provide instant scale to FindiPay, Findi's digital business unit, making it self-funding and cash flow positive. The acquisition is a significant step towards Findi becoming a fully-fledged, integrated payments bank in India - a one-stop financial services marketplace, leveraging its expansive national ATM footprint and merchant network.

The acquisition of BankIT is expected to contribute A$33.6 million in revenue and ~A$1.9 million in EBITDA (5.6% margin) in the 12 months to 31 December 2024.

Following the BankIT acquisition, Findi is well-placed to capitalize on India's booming digital payments market, expected to reach A$10.5 trillion by 2029. Findi is on a pathway to offering a full-service finance hub that leverages its impressive ATM footprint to scale its digital payments, with a target of over 200,000 merchants by 31 March 2025.