31 January 2024

Need to know
- Listed exposure to growing Indian fintech market
- Large ATM footprint generating significant cashflow for returns and reinvestment in digital banking services
- New funding shows potential valuation read through
Direct exposure to a global emerging market: Findi is the only Australian listed company that provides direct access to the emerging Indian fintech market, which services 1.4 bn people (~25% remain unbanked) and remains heavily dependent on cash transactions. Findi’s strong ATM network is highly cash generative and supports its digital services growth, diversifying the business.
Key partnerships with major market players: Findi’s 20.5k ATM network is underpinned by two highly significant agreements – with the State Bank of India and the Central Bank of India. 80% of Findi’s revenue base is contracted, with the average contract length almost 5 years, aiding earnings certainty.
Recent funding agreement: Findi’s 100% owned Indian subsidiary, TSI India, raised A$37.6m via Compulsory Convertible Debentures (CCDs) from leading Indian investment group, Piramal Alternatives (owned by Canada’s largest pension fund, CDPQ). Upon an expected TSI IPO, the CCDs will convert to ~16.7% of equity, implying a total market cap for TSI India of ~A$225m…

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