Findi boosts India FinTech presence with A$45m fundraise

By Gloria Methri

Findi Ltd has raised A$45 million (INR 243 Crore) through an institutional placement and share purchase plan (SPP) for the use of its majority-owned Indian subsidiary, Transaction Solutions International (India) Pvt Ltd, TSI.

Institutional investors showed strong interest in the funding, reflecting confidence in Findi’s growth plans. The funds will improve TSI’s technology, expand merchant payment solutions, and speed up the rollout of ATMs and payment processing infrastructure in key Indian markets.

TSI, a majority-owned subsidiary of Findi, is a key player in India’s digital finance sector. It offers payment and transaction processing solutions such as ATM deployment, digital banking infrastructure, and merchant acquiring services. With this new funding, TSI aims to expand its operations and strengthen partnerships with banks and financial institutions, reinforcing its commitment to financial inclusion.

Commenting on the development, Deepak Verma, MD and CEO of Findi, said, “This fundraise is a significant milestone for Findi as we continue to drive forward our expansion in India’s dynamic FinTech space. The overwhelming investor confidence highlights our commitment to revolutionising financial services and advancing financial inclusion. With this capital, we will accelerate our White Label ATM strategy, which includes expansion and monetisation 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 underbanked Indians.”

Morgans Corporate Limited, MST Financial Services, and Ord Minnett Limited acted as Joint Lead Managers for the capital raise, adding around a dozen new funds to Findi’s register.

This funding marks another milestone for Findi this year. Earlier this month, it acquired Tata Communications Payment Solutions Limited (TCPSL) and its Indicash brand, gaining access to a White-Label ATM network, Payment Switch, and White-Label ATM license. This will enable Findi to deploy White-Label ATMs across its merchant network and provide payment solutions to Indicash franchisees.

Findi is also finalising the acquisition of BankIT and its 120,000+ merchant network. Additionally, it has expanded its presence in the Brown Label ATM sector with a new INR 500 crore contract with UBI and an extended agreement with SBI, bringing its total Brown Label ATM network to nearly 12,000.