Findi, an ASX-listed fintech company has raised ₹243 crores (A$45 million) through an institutional placement and share purchase plan (SPP) for the use of its majority-owned subsidiary in India, Transaction Solutions International (TSI).
The funds raised will be used to enhance its technological capabilities, scale merchant payment solutions and accelerate the deployment of ATM and payment processing infrastructure across key Indian markets.
TSI, operating under Findi’s majority ownership, plays a pivotal role in India’s digital financial landscape by providing end-to-end payment and transaction processing solutions. These include ATM deployment, digital banking infrastructure, and merchant acquiring services. With this fresh capital, TSI plans to significantly expand its operations and strengthen collaborations with banks and financial institutions, furthering its commitment to financial inclusion.
Deepak Verma, MD & CEO of Findi said, “This fundraise is a significant milestone for Findi as we continue to drive forward our expansion in India’s dynamic fin-tech space. The overwhelming investor confidence highlights our commitment to revolutionizing financial services and advancing financial inclusion. With this capital, we will accelerate our White Label ATM strategy, which includes expansion and monetization of our franchisee network, and fortify our partnerships with financial institutions to enhance our product offerings, thereby empowering and enabling financial inclusion for millions of underserved and under-banked Indians.”
Earlier this month, Findi completed the acquisition of Tata Communications Payment Solutions (TCPSL) along with its Indicash brand, giving it immediate access to a White Label ATM network, Payment Switch and White Label ATM license, which will allow Findi to deploy White Label ATMs to its existing merchant network, and offer payment solutions to existing Indicash White Label ATM franchisees.
Findi is also in the process of completing its acquisition of BankIT for ₹160 crore and its 120,000+ strong merchant network. In addition, Findi increased its presence in the Brown Label ATM space with a new contract worth ₹500 crore with UBI, as well as an expansion of its existing agreement with SBI, taking its total brown label ATM network to almost 12,000.
