In a nation where 350 million people remain unbanked and cash still dominates 90% of e-commerce transactions in semi-urban and rural areas, Findi Limited (ASX: FND) has positioned itself at the epicentre of India’s financial inclusion revolution. While Silicon Valley fintechs chase billion-dollar valuations with digital-only solutions, Findi is quietly building something far more valuable, the physical infrastructure that actually connects money to people in the world’s most populous nation. As of 12th June 2025, Findi trades at AUD 3.78 per share, The Company’s expansive digital and ATM infrastructure network, which powers over 1 billion transactions annually across India, not only underscores its financial success but also its significant social impact, cementing its position as a market leader.
Building India’s Financial Backbone
Findi began as an Australian-led venture, Transaction Solutions International (India) Pvt Ltd(TSI), co-founded by two entrepreneurs who foresaw India’s impending digital payment revolution. In partnership with senior Indian banking and payments executives, the Company evolved from operating ATMs to building a comprehensive digital finance platform, now deployed across urban centres, semi-rural communities, and remote hinterlands.
The founders are no longer involved in the business and the current Board of Directors comprises Executive Chairman Nicholas Smedley and Non-Executive Directors Simon Vertullo and Jason Titman
Today, the Company operates through three synergistic verticals:
- Payments & Digital Banking: Over 189,609 merchant outlets serve as financial service points for banking transactions, insurance, ticketing, and e-commerce.
- Branded ATM Network: 14,000+ ATMs enable withdrawals, deposits, balance inquiries, and transfers across cash-dependent regions.
- Bank ATM Managed Services: Provides full-stack ATM operations—including hardware maintenance, uptime monitoring, cash handling, and backend reconciliation—enabling India’s top banks to scale efficiently.
This tri-vertical strategy anchors Findi as a systemic enabler of India’s financial infrastructure, earning both policy alignment and business rewards.
FY25 Performance: A Testament to Findi’s Stability and Growth Potential
Figure 2: Financial performance of Findi Ltd
Findi’s financial performance in FY25 is a testament to the success of its expansion and strategic consolidation efforts:
- Revenue: $75.5 million, up 13.5% YoY from FY24, led by higher transaction volumes and an expanded merchant network.
- EBITDA: $31.4 million, a 14.4% increase, supported by operational efficiency.
- Underlying NPBT: $6.0 million, growing 54.5% YoY.
- Operating Cash Flow: $27.5 million, enabling debt-free expansion.
- Net Cash Position: $30.2 million as of March 2025, including a successful $45 million equity raise and $36.3 million reinvestment by Piramal Alternatives.
These aren’t just numbers on a spreadsheet – they represent the successful execution of a multi-pronged strategy that combines traditional ATM infrastructure with cutting-edge digital payment solutions.
Strategic Acquisitions: A Testament to Findi’s Growth Trajectory
Findi’s strategic growth is underscored by significant acquisitions and transactions in the past year, transforming it from a mid-sized operator to a category leader.
These deals marked a defining period for Findi, as it made extraordinary progress toward its ambition of becoming a full-service digital bank.
Tata Payments Solutions (TCPSL)
In a landmark $75.7 million carve-out deal, Findi acquired significant ATM and transaction infrastructure through its majority-owned subsidiary TSI from Tata CommunicationsPayments Solutions Ltd. This bolstered its branded ATM footprint and gave Findi access to Tata’s white-label partnerships and contracts, expanding its influence across banking and government channels.
BankIT (January 2025)
Findi acquired BankIT through TSI to improve its transaction processing, user interface, and merchant services.The deal added 127,405 new merchants, scaling the total to 189,609 and offering wider regional penetration across Tier 2 to Tier 6 towns.
Together, these deals bring network synergies, reduce marginal onboarding costs, and create a platform for additional monetisation, such as credit scoring, insurance distribution, and loyalty programs.
Nicholas Smedley: Steering Findi’s Strategic Evolution with Visionary Leadership
Figure 3: Nicholas Smedley – Executive Chairman
Nicholas Smedley is a seasoned investment professional and corporate leader with a strong background in mergers and acquisitions, capital markets, and business development. A Monash University alumnus, he has held executive and board roles across various industries, including investment banking, property, and healthcare. Known for his strategic acumen and results-driven approach, Smedley currently serves as Chairman of Findi Limited, bringing decades of leadership experience to the helm of a Company operating at the intersection of technology and financial services.
At Findi, Smedley has played a transformative role, guiding the Company through a critical growth phase. His leadership has been central to the successful acquisitions of TCPSL and BankIT, significantly accelerating Findi’s expansion strategy and positioning it as a pan-India operator with scale in both physical and digital financial infrastructure. By strengthening the Company’s balance sheet and overseeing the growth of its merchant network to nearly 190,000 locations, he has laid the foundation for sustainable value creation. Under his chairmanship, Findi is now strategically preparing for the initial public offering (IPO) of Transaction Solutions International (India) Pvt Ltd (TSI) in 2026, marking a new chapter in its evolution.
Market Outlook: Catalysts for Growth in a Trillion-Dollar Economy
India is undergoing an unprecedented transformation in how financial services are accessed and delivered. Findi’s expansion is synchronised with key macroeconomic and regulatory trends:
1. Rising Rural Digitisation
Government schemes, such as Digital India, Jan Dhan Yojana, and PM-Gati Shakti, are driving rural connectivity. With over 500 million Indians still reliant on cash, Findi’s hybrid model of ATMs and digital touchpoints provides critical bridging infrastructure.
2. Explosive Fintech Market
India’s fintech market is projected to reach USD 1.5 trillion by 2030. As UPI, e-wallets, and interoperable platforms gain ground, Findi’s merchant network and backend processing capabilities position it to serve as both an infrastructure provider and strategic partner for banks, NBFCs, and payment startups.
3. IPO Preparation for Indian Markets
Findi’s planned Indian IPO in 2026 and Rothschild & Co appointed as financial adviser.
The company has also appointed DAM Capital Advisors Limited and Ambit Private Limited as co-lead brokers for the IPO.
A domestic listing will enhance visibility and provide local investors with access, and fuel regional merger and acquisition activities. The dual listing model enables the Company to tap both ASX investors seeking exposure to emerging markets and Indian investors looking for local champions.
4. Analyst Sentiment & Coverage
Recent analyst reports have branded Findi “growing, profitable, and catalyst-rich.” Buy-side analysts praise its:
- Proven execution post-acquisitions
- Margin stability amid scaling
- Entry barriers are built via licensing, infrastructure, and government relationships.
- Organic cash flows supporting non-dilutive growth
With strong top-line and bottom-line growth, low churn, and high compliance standards, Findi is rapidly becoming a top-tier fintech infrastructure stock in the Asia-Pacific region.
Structural Advantages: Why Findi is Uniquely Positioned
Findi’s investment case rests on a combination of structural and strategic strengths:
- ASX-listed, governed by international accounting and transparency standards
- Operating in India, the world’s largest underbanked market
- No direct competitor with the same depth across ATM, digital, and managed services.
- Strong balance sheet with over $30M in net cash
- Revenue-generating infrastructure, not dependent on venture burn models
- Policy-aligned, with relevance across multiple Indian government initiatives
These attributes provide downside protection while offering significant upside via organic growth and potential regional expansion.
Impact Beyond Numbers: Driving Meaningful Change
Every Findi terminal, whether an ATM in Bihar or a merchant kiosk in Tamil Nadu—represents more than a transaction. It’s a doorway to formal savings, micro-credit, health insurance, digital identity, and economic resilience.
In FY25 alone, Findi enabled over 1 billion financial transactions, contributing directly to India’s vision of inclusive economic growth. For many users, Findi is the first point of formal financial contact, bridging gender divides, closing rural access gaps, and digitising cash economies.
Key Metrics: Driving Growth and Scale
As of June 2025, Findi Limited (ASX: FND) is trading at AUD 3.78, with a market capitalisation of approximately $247.20 million. The Company processes around 1 billion transactions annually, underpinned by a robust network of over 14,000 branded ATMs and an expansive merchant base of 189,609 active locations across India. For FY25, Findi reported $75.5 million in revenue, $31.4 million EBITDA, and an underlying NPBT of $6.0 million. With $27.5 million in operating cash flow and $30.2 million in net cash on hand, Findi remains financially resilient. Strategic acquisitions of Tata Communication and Payments Solutions and BankIT in FY25 added 127,405 new merchants, reinforcing its leadership in India’s digital payments landscape. The combination of defensive ATM infrastructure assets with high-growth digital payment capabilities creates an investment profile that could appeal to both growth and value-oriented investors.
