Findi’s New SBI ATM Deal Worth $270M Over 10 Years; FY25 Revenue Cut to $70M
Findi Limited has expanded its ATM footprint with the State Bank of India by 54%, securing 2,293 additional ATMs and appointing Rothschild & Co for its 2026 Indian IPO. However, FY25 revenue guidance has been revised down due to delays in White Label ATM license commencement.
- Secured 2,293 additional ATMs with State Bank of India, increasing total to 6,512
- New contract valued at $250-$270 million revenue and $125-$135 million EBITDA over 10 years
- FY25 revenue guidance revised down to $68-$70 million due to White Label ATM license delay
- Rothschild & Co appointed as financial advisor for Findi India's 2026 IPO
- Indicash acquisition completion delayed but expected by end of February 2025
Findi Expands ATM Network with State Bank of India
Findi Limited (ASX: FND) has announced a significant expansion of its ATM deployment in India, securing an additional 2,293 ATMs with the State Bank of India (SBI). This new agreement represents a 54% increase over the 4,219 ATMs awarded in October 2023, bringing Findi’s total SBI ATM footprint to 6,512 units. The contract spans an initial seven years with a three-year extension option, expected to generate between $250 million and $270 million in revenue and $125 million to $135 million in EBITDA over the decade-long term.
The rollout is scheduled to commence in October 2025 and conclude by March 2026. Findi’s Executive Chairman, Nicholas Smedley, highlighted the company’s operational excellence and rapid deployment capabilities, which he claims are more than four times faster than competitors. This efficiency has been pivotal in securing new contracts and extensions valued at approximately $360-$392 million in 2025 alone.
IPO Ambitions and Strategic Advisory Appointment
In a strategic move to support its growth ambitions, Findi has appointed Rothschild & Co as the financial advisor for its planned 2026 IPO of Findi India. Rothschild’s global expertise in equity capital markets and IPO advisory is expected to play a critical role in positioning Findi for a potential billion-dollar listing. This appointment underscores Findi’s commitment to expanding its footprint in India’s burgeoning digital payments and financial services sector.
White Label ATM License Delay Impacts FY25 Guidance
Despite these positive developments, Findi has revised its FY25 revenue guidance downward to $68-$70 million from the previous $80-$90 million forecast. This adjustment stems from a delay in obtaining the White Label ATM (WLA) license, which is contingent on the completion of the acquisition of Tata Communications Payment Solutions Ltd (Indicash). Regulatory approvals are now in place, but the acquisition settlement is expected by the end of February 2025, pushing back the commencement of WLA revenue by approximately $15 million.
EBITDA guidance for FY25 remains relatively stable at $30-$32 million, albeit at the lower end of the prior range. The company attributes this resilience to strong operational momentum in its existing ATM business and the growing FindiPay platform, alongside disciplined cost management.
Looking Ahead: Growth and Market Positioning
Findi’s expanded ATM network and upcoming IPO position the company as a formidable player in India’s digital payments landscape. The company’s ability to secure large-scale contracts with major banks like SBI reinforces its market leadership and operational capabilities. However, the delayed White Label ATM license and Indicash acquisition introduce near-term revenue uncertainties that investors will be watching closely.
Executive Chairman Nicholas Smedley and CEO of Transaction Solutions International, Deepak Verma, are set to discuss these developments in an upcoming investor webinar, signaling Findi’s transparency and engagement with its shareholder base as it navigates this pivotal growth phase.
Bottom Line?
Findi’s expanded ATM footprint and IPO plans signal strong growth potential, but near-term revenue delays warrant close investor scrutiny.
Questions in the middle?
- How will the delayed White Label ATM license affect Findi’s longer-term revenue trajectory beyond FY25?
- What are the key milestones and risks associated with completing the Indicash acquisition?
- How might the IPO valuation reflect Findi’s expanded ATM network and evolving digital payments strategy?
