Findi (ASX: FND) Advances Expansion Through Strategic Partnerships and ATM Network Growth

Highlights

• Findi operates a growing network of approximately 12,800 ATMs across India, with plans to add 6,500 WLAs by March 2026.
• The company targets an IPO for its Indian subsidiary by the end of calendar year 2026.
• Findi’s FY25 EBITDA guidance remains at AUD 30 million to AUD 32 million, despite delays in WLA licence approval.
• Second-half FY25 revenue is forecast to grow over 21% compared to the first half, with EBITDA up approximately 25%.
• Findi anticipates more than doubling revenue in FY26 through organic growth and WLA expansion.

Findi Limited (ASX:FND), an ASX-listed fintech company, is rapidly carving a notable position in India’s digital banking and payments space. Through its suite of tailored services, including ATM deployment, digital payment solutions, and banking services, Findi is committed to enhancing access to financial services across one of the world’s fastest-growing economies.

Expanding Reach Through Strategic Acquisitions

Findi currently manages a portfolio of approximately 12,800 ATMs, spanning both Brown Label ATMs (BLA) and White Label ATMs (WLA). The company plans to bolster this network with the addition of 6,500 new WLAs by March 2026. With the recent acquisitions of Tata Communications Payment Solutions Limited (TCPSL) and BankIT, Findi has significantly expanded its operational capacity and footprint in the Indian market.

Multiple Growth Drivers Fuelling Revenue Expansion

With the integration of its recent acquisitions, Findi is also pursuing  additional targeted bolt-on opportunities to support the proposed IPO of its Indian subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI) India.

TSI India IPO targeting AUD 1 Bn+ Listing: Findi has set an ambitious target for TSI India’s IPO on the Bombay Stock Exchange by the end of the calendar year 2026. The proposed IPO aims to achieve a market capitalisation exceeding AUD 1 billion and may include a compulsory sell-down of Findi’s stake, representing a potential liquidity event.

Regulatory Tailwinds Boosting Profitability: Recent regulatory changes have added momentum to Findi’s growth. With the approval of an increase in interchange fees for domestic financial and non-financial ATM transactions by the National Payments Corporation of India (NPCI), Findi eyes a significant improvement in the profitability of its WLA network. The revised fee structure is projected to deliver an estimated Net Profit After Tax (NPAT) benefit of over AUD 5.5 million in FY26 and approximately AUD 10 million in FY27, further bolstering Findi’s earnings trajectory.

Despite delays in obtaining the WLA licence attributable to the Reserve Bank of India’s (RBI) approval process for the TCPSL acquisition, Findi remains confident in delivering FY25 EBITDA in the range of AUD 30 million to AUD 32 million and revenue between AUD 68 million and AUD 70 million.

The second half of FY25 is projected to outperform the first, with revenue increasing by over 21% and EBITDA by approximately 25%.

Outlook for FY26 and Beyond

Looking ahead, Findi expects to more than double its revenue in FY26, supported by:

• Organic growth from the core TSI business.
• Accelerated WLA rollout post-RBI approval.
• Synergies realised through TCPSL and BankIT integration.
• A renewed contract with the State Bank of India (SBI) and anticipated upgrades to key BLA agreements.

Findi is strategically positioned to capitalise on India’s rapidly expanding digital financial infrastructure, benefiting from recent regulatory changes. The company is focused on achieving major milestones, including the planned IPO of its Indian subsidiary and the expansion of its White Label ATM network.  

FND shares were trading at AUD 4.08 at the time of writing on 8 May 2025. The stock has given gains of over 25.5% in the last one year.