Highlights

• Findi’s subsidiary has acquired Tata Communications Payment Solutions Ltd.
• The acquisition adds 4,829 ATMs with plans to deploy additional 3,000, scaling Findi’s presence in India.
• The in-house payment switch offers direct access to all Indian bank card networks and reduces reliance on third-party services and costs.
• The acquisition accelerates Findi’s growth towards becoming a full-service payments bank in India.

Findi Limited (ASX:FND) has completed the acquisition of Tata Communications Payment Solutions Ltd (TCPSL) through its subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI). As a result, TCPSL is now a wholly owned subsidiary of TSI. This acquisition scales up Findi’s presence in the Indian financial services market and accelerates its progress towards becoming a full-service payments bank.

Acquisition Expands FND’s ATM Network and Boosts Earnings

The acquisition grants Findi control over 4,829 Indicash ATMs as well as the White Label ATM network. Along with the existing machines, the deal includes plans to deploy additional 3,000 ATMs, providing Findi with immediate scale.

The company anticipates that the acquisition will generate revenue between AU$28 million and AU$30 million, with EBITDA expected to range from AU$5 million to AU$7 million, and NPAT estimated at AU$2 million to AU$4 million in the first full year of ownership. These projections are based on the acquisition alone, notaccounting for potential synergies, operational improvements, or any increases in interchange fees. Additionally, TSI is expected to benefit from future tax depreciation advantages of AU$32.9 million.

Ownership of India’s First White Label ATM Payment Switch

The acquisition also includes India’s first White Label ATM-integrated payment switch, now owned by Findi. This in-house payment switch connects Findi directly to all debit and credit card networks across Indian banks. The switch also enables direct connectivity with various payment devices, including Micro-ATMs, biometric payment systems, and UPI-based cash withdrawals.

By owning its own  payments switch, Findi eliminates the costs associated with using third-party services, allowing the company to expand its integrated ecosystem across Findi-branded ATMs and Findipay merchant businesses more quickly and efficiently. Combining the Findipay digital platform with its in-house switching capabilities positions Findi to support financial inclusion more effectively. This dual capability is expected to provide the company with a competitive edge as it scales operations and advances its financial inclusion strategy.

FND shares were trading at AU$5.100 per share at the time of writing on 3 March 2025.