BANKIT

What BANKIT does

BANKIT (legal entity: BANKIT Services Pvt. Ltd., CIN U72501MH2019PTC329868, now operating under the FindiBANKIT brand following its January 2025 acquisition by ASX-listed Findi for INR 160 crore) is an Indian fintech operating a last-mile digital banking and financial services distribution network of 258,000+ retail outlets across all 36 Indian states/Union Territories and 12,000+ PIN codes. The platform aggregates 13+ financial services — including Aadhaar Enabled Payment System (AePS) biometric cash withdrawal, Domestic Money Transfer via IMPS/NEFT, MicroATM cash withdrawal, Bharat Connect (formerly BBPS) bill payments, prepaid mobile/DTH recharges, IRCTC-authorized train/flight/bus/hotel bookings, insurance distribution (LIC, SBI General, Aditya Birla), PAN card services, Cash Management Services, Aadhaar Pay, and a White Label ATM (Findi ATM) franchise — into a single retailer portal accessible via web and the BANKIT Agent mobile app.

The business model is a multi-tier channel-partner model: local Kirana store owners, entrepreneurs, and shop operators are recruited as BANKIT agents (registration from Rs. 350) and franchisees (Findi ATM franchisees earning up to Rs. 25,000/month), who in turn serve end consumers in rural and semi-urban India. BANKIT monetizes primarily through per-transaction fees on AePS, DMT, and MicroATM services (37.2 million+ annual transactions, 2.6 million+ monthly customer walk-ins), supplemented by affiliate/referral commissions on insurance, travel, and recharge, hardware sales (MicroATM at Rs. 1,799), and franchise/registration fees. The company also operates 15+ company-owned experience stores in NCR and exposes its services via an API partner program. Post-acquisition, BANKIT functions as Findi's Indian distribution arm focused on scaling White Label ATM (Findi ATM) infrastructure across underserved markets.

Name

BANKIT

Legal name

BANKIT Services Pvt. Ltd.

Website

https://bankit.in

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

BANKIT (FindiBANKIT) is an Indian fintech operating a 258,000+ outlet last-mile distribution network offering AePS, DMT, MicroATM, bill payments, insurance, travel, and White Label ATM services to rural and semi-urban consumers and small retailer agents across India.

Ownership category

akta.pro rank

Product category

Digital Banking & Payment Services

NAICS

Depository Credit Intermediation (5221), Commercial Banking (52211)

SIC

Functions Related To Depository Banking, Nec (6099), Finance Services (6199)

akta.pro primary industry

Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)

akta.pro secondary industries

BaaS Platforms & Sponsor Bank Enablement (FSAGALAA), Alternative Payment Methods (APM) Enablement (Wallets, A2A, Local Rails) (FSAGABAJ)

Keywords

• Digital banking services
• Aadhaar payment services
• Domestic money transfer
• Utility bill payments
• White label ATM

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Transaction Fees — AePS, DMT, MicroATM: BANKIT earns a per-transaction fee on each AePS cash withdrawal, domestic money transfer, and microATM transaction processed through its network of agents and franchisees. Agents earn commissions per transaction, and BANKIT retains a portion of each transaction fee.
2. Insurance Distribution Commission: BANKIT operates as a corporate insurance agent (IRDAI license CA0837) for LIC and SBI General Insurance, earning commissions on each insurance policy sold through its agent network.
3. Travel & Ticket Booking Commission: BANKIT earns commissions on train tickets (via authorized IRCTC agent ID), flight bookings, bus tickets, hotel bookings, and holiday packages facilitated through its travel portal for retailers.
4. Prepaid Recharge & Bill Payment Services: BANKIT acts as a reseller/distributor for prepaid mobile, DTH, and data card recharges, earning a margin on each recharge. It also earns commissions through the Bharat Connect platform for utility bill payments.
5. White Label ATM Franchise Fee: BANKIT charges franchise fees for its Findi ATM white-label ATM program. The MicroATM/MiniATM device is available at Rs. 1,799. Franchisees can earn up to Rs. 25,000 per month through the ATM outlet.
6. PAN Card Center Services: BANKIT provides PAN card application services through its retailer network, generating revenue from processing fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

BANKIT operates a digital banking and financial inclusion platform that delivers banking, payment, and financial services through a network of 258,000+ retail agent outlets across India. Its core offerings are Domestic Money Transfer (IMPS/NEFT), AePS (Aadhaar Enabled Payment System for biometric cash withdrawal), and MicroATM services, supplemented by prepaid recharges, Bharat Connect bill payments, travel booking, insurance distribution, PAN card services, cash management, Aadhaar Pay, and white-label ATM franchise opportunities. The platform converts local Kirana stores into neighborhood digital banking hubs serving rural and semi-urban populations.

Product overview

FindiBANKIT is a financial inclusion platform operated by BANKIT Services Private Limited (BSPL), offering a comprehensive suite of digital banking, payment, and financial services targeting rural and semi-urban India. The platform follows a hub-and-spoke model where local shop owners (retailers/agents) become BANKIT points-of-presence. The core offerings include Domestic Money Transfer (IMPS/NEFT), AePS (Aadhaar Enabled Payment System), and MicroATM services, supplemented by add-on modules for prepaid recharges, bill payments (Bharat Connect/BBPS), travel bookings (IRCTC, flights, buses, hotels), insurance (via LIC, SBI General partnerships), PAN card processing, Cash Management Services, Aadhaar Pay, and White Label ATM franchise opportunities. The FindiATM Centre concept transforms shops into branded digital banking hubs combining multiple services. The platform claims 258,000+ outlets across 36 states/UTs, 2.6 million+ monthly customer walk-ins, and 37.20 million+ annual transactions.

Differentiator

Problem solved

Functional benefit

Brands

• FindiATM Centre: A branded digital banking hub with White Label ATM (WLA) offering cash withdrawals, deposits, AEPS, bill payments, loans, insurance, and travel bookings.

Products and services

• Domestic Money Transfer (DMT) Service enabling customers to transfer money to any bank account in India instantly using IMPS and NEFT technology. Targeted at retail customers and migrant workers who need to send money to any bank account across India.
• AePS (Aadhaar Enabled Payment System) Biometric authentication-based banking service enabling cash withdrawal, balance enquiry, and mini statement through Aadhaar-linked bank accounts without needing a debit card. Targeted at unbanked and underbanked rural customers who may not have debit cards.
• MicroATM / MiniATM Portable handheld POS device service enabling customers to withdraw cash and check balance using debit cards, available at Rs. 1,799. Targeted at customers in areas without traditional ATM infrastructure.
• Findi ATM Franchise (White Label ATM) White Label ATM (WLA) franchise opportunity that enables entrepreneurs and business owners to deploy bank-agnostic ATM machines at their locations. Franchisees pay a device/activation fee and earn per-transaction commissions with potential earnings up to Rs. 25,000 per month per outlet.
• Prepaid Recharges Multi-recharge service for prepaid mobile phones, DTH, and data cards with commissions for retailers. Targeted at consumers seeking convenient neighborhood recharge services and retailers looking for high-commission income streams.
• Bharat Connect (Bill Payments) Unified bill payment service (formerly BBPS) enabling customers to pay electricity, water, gas, telecom, DTH, and insurance premium bills through a single platform. Targeted at consumers seeking convenient neighborhood bill payment services.
• Travel & Stay Online travel portal enabling retailers to become travel agents for booking rail (IRCTC), air, bus tickets, and hotels. Targeted at retailers/agents seeking commission income from travel bookings, and consumers seeking local access to travel booking services.
• Insurance Insurance distribution service offered through partnerships with LIC, SBI General Insurance, and Aditya Birla Insurance, operating under IRDA license CA0837. Targeted at rural and underserved customers seeking affordable life, health, and general insurance plans with simple claims.
• PAN Card Center Service enabling customers to apply for and process PAN cards through BANKIT outlets. Targeted at retail consumers who need assistance with PAN card applications and processing.
• Cash Management Service (CMS) Authorized Cash Management Service portal and app providing cash management services with attractive commissions for retailers. Targeted at retailers/agents seeking to offer cash management services to local businesses and customers.
• Aadhaar Pay Aadhaar Payment Service from app and portal enabling merchants to accept payments from customers using biometric devices. Targeted at merchants and retailers seeking to accept Aadhaar-based payments.
• Prepaid Cards Financial services product allowing customers to use prepaid card facilities for transactions. Targeted at retail consumers seeking prepaid card services.
• FindiATM Centre (Bankit Unnati Centre) Branded digital banking hub combining White Label ATM with in-store branding, offering cash withdrawals, deposits, AEPS, bill payments, loans, insurance, and travel bookings. Targeted at retailers seeking a fully branded banking outlet format.

Quantifiable outcome

• 37.20 million+ annual transactions processed through the BANKIT network
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Five partnerships are on record, tiered core and minor.

• LIC (Life Insurance Corporation of India)coreChannel Partner/ Reseller/ Distributor · 1 January 2023BANKIT operates as a corporate insurance agent (IRDAI license CA0837) for LIC, enabling BANKIT agents to sell life insurance policies to rural and underserved customers. This partnership was announced in 2023 and allows BANKIT to bring insurance products to the last mile through its network of 258,000+ outlets.
• SBI General InsurancecoreChannel Partner/ Reseller/ Distributor · 1 January 2023BANKIT serves as a corporate insurance agent for SBI General Insurance alongside its LIC partnership, expanding the range of insurance products available through its agent network in rural India.
• Aditya Birla Insurance (Aditya Birla Health Insurance)minorChannel Partner/ Reseller/ DistributorBANKIT offers health and general insurance products from Aditya Birla through its insurance agent services, complementing the LIC and SBI General Insurance partnerships.
• NSDL Payments Bank LimitedminorChannel Partner/ Reseller/ DistributorNSDL Payments Bank is listed as a partner, suggesting a banking/correspondent relationship for cash management and deposit services.
• IRCTC (Indian Railway Catering and Tourism Corporation)minorChannel Partner/ Reseller/ DistributorBANKIT enables authorized IRCTC agent IDs through its platform, allowing BANKIT agents to book train tickets and earn commissions. Commission is approximately Rs. 40 per train ticket booking.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Fino Payments Bank: Fino Payments Bank operates a comparable BC-led agent banking network across India offering AePS, DMT, microATM, bill payments, and insurance. It is one of BANKIT's closest direct competitors in the rural agent banking space and shares the same regulatory framework and target customer base.
• India1 Payments: India1 Payments runs an ATM and BC agent network targeting Tier 2-6 India, offering white-label ATMs, AePS, money transfer, and bill payment services. Its combined ATM-plus-agent model closely parallels BANKIT's Findi ATM + retailer footprint.
• Suvidhaa Infoserve: Suvidhaa Infoserve runs a pan-India retail/distributor network offering AePS, money transfer, bill payments, insurance, and travel services. It targets the same rural and semi-urban customer base through a similar Kirana agent-led model.
• Spice Money: Spice Money runs a large retail agent network offering AePS, money transfer, microATM, bill payments, and travel services to rural India. It directly competes with BANKIT for the same Kirana store agent pool and end customers in Tier 3+ geographies.
• Eko Financial Services: Eko operates a neo-banking platform for small merchants and agents across India, enabling AePS, DMT, bill payments, and account services through a partner network. It is a direct functional peer in BC-led digital banking infrastructure.
• PayPoint India (PayPoint One): PayPoint India operates an integrated retail banking and payments platform with a network of franchisees offering AePS, DMT, BBPS, travel, and insurance services. Its mini-bank franchise model directly mirrors BANKIT's agent/retailer structure.

Broad incumbents

• India Post Payments Bank: India Post Payments Bank leverages the postal network to offer banking, AePS, money transfer, and bill payments to rural India. Its unmatched physical reach makes it a major incumbent in the same financial inclusion segment BANKIT addresses.
• Airtel Payments Bank: Airtel Payments Bank is a licensed payments bank with millions of merchants and a wide distribution network offering banking, AePS, and bill payment services. It is a much larger incumbent serving overlapping use cases for unbanked and underbanked customers.

Others

• Findi (formerly TSI): ASX-listed Findi acquired BANKIT for INR 160 crore in January 2025 and operates white-label ATMs and merchant payment services in India and Australia. It is the parent company and adjacent provider of ATM infrastructure that BANKIT's agent network now plugs into.

Emerging players

• CSC e-Governance Services India: CSC operates a network of Common Service Centres offering government-to-citizen and financial services (AePS, bill payments, insurance) through village-level entrepreneurs. It is an emerging public-sector channel with overlapping service offerings and customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/BankIT_India
• YouTubeyoutube.com/c/BANKITIndia
• Facebookfacebook.com/bankit.in
• LinkedInlinkedin.com/company/bankit_india
• Instagraminstagram.com/bankit_india

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BANKIT