Findi to Seek Shareholder Approval for $72m Strategic Investment by Nova Global Opportunities Fund

Digital payments and financial services provider Findi (ASX: FND) will seek shareholder approval for a strategic investment of as much as $72 million by Nova Global Opportunities Fund to support the expansion of subsidiary company Transaction Solutions International (India).

The initial tranche of $26m was scheduled to be paid earlier this month, however the parties have since agreed the entire investment will now be subject to the approval at a general meeting and the execution of long-form documentation.

The initial tranche will be paid following satisfaction of these two conditions.

Strong ATM Performance

Findi’s brown label automatic teller machine portfolio continues to demonstrate strong operational performance across India, with the volume of transactions per day (TPD) increasing by approximately 18% over the past six months.

Performance across deployment phases is maturing as expected, with the Phase 1 installation of 76 ATMs in December 2024 now averaging approximately 192 TPD.

The Phase 2 installation of 1952 ATMs that commenced in January is currently averaging 183 TPD.

The broader fleet average is forecast to approach approximately 180 TPD by mid-February, reflecting ongoing transaction ramp-up across vintages.

While further rollout have been paused due to funding issues, management expects transactions per day to continue increasing across the current ATM network.

Increased Local Awareness

Findi said the uplift in performance had been driven by increased awareness of ATM locations across local areas; disciplined and optimal site selection by an experienced management team; and a broader uplift in cash usage across India.

“The continued ramp-up in transaction volumes provides confidence in the underlying business case and supports the rationale for securing funding to complete the remaining contracted ATM deployments,” the company said.

Recent data by Reserve Bank of India indicates that the nation’s rate of cash usage has grown at its fastest pace since the pandemic.

Currency in circulation – considered to be a key measure of cash demand – has increased this financial year, highlighting the continued role of cash within India’s economy and reinforcing the need for reliable, well-located ATM infrastructure.

As cash usage expands, demand for accessible withdrawal points in regional, semi-urban, and underbanked locations will continue to be served by Findi’s brown and white label ATM networks.