Findi Raises $9.5M at 10% Interest to Expand Indian ATM Fleet

Findi’s Strategic Capital Raise

Findi Limited (ASX, FND), a digital payments and financial services provider, has successfully completed a $9.5 million capital raise through the issuance of secured loan notes to professional and sophisticated investors. This move is designed to fuel the company’s ambitious expansion plans in India, particularly the rollout of its BC Maxx Centre model in partnership with the Central Bank of India, alongside the growth of its Brown Label ATM (BLA) fleet.

Loan Note Terms and Investor Incentives

The loan notes carry a fixed interest rate of 10% per annum and mature on 31 August 2027. They are secured against Findi’s assets, providing investors with a degree of protection. Notably, these notes are non-convertible, meaning they do not automatically convert into shares. However, Findi is sweetening the deal by issuing four unlisted options for every 17 loan notes subscribed, allowing investors to purchase shares at an exercise price of $4.25 within a two-year window, extendable by six months under certain conditions.

Growth Focus, BC Maxx and ATM Expansion

The capital injection is earmarked primarily for accelerating the BC Maxx rollout, a key initiative in collaboration with the Central Bank of India. This partnership underscores Findi’s commitment to embedding its financial services within India’s evolving digital payments landscape. Concurrently, the funds will support the expansion of the Brown Label ATM fleet operated by Transaction Solutions International (India) Pvt Ltd, a subsidiary focused on increasing ATM accessibility and transaction solutions across the region.

Market Implications and Future Outlook

Executive Chairman Nicholas Smedley highlighted that the financing will also underpin the planned listing of Transaction Solutions International in India, a move that could unlock further growth and investor interest. The issuance of options linked to the loan notes provides investors with potential upside exposure to Findi’s equity, aligning interests as the company pursues its strategic objectives. While the loan notes add debt to Findi’s capital structure, the secured nature and defined maturity offer a balanced risk profile.

Overall, this capital raise signals Findi’s confidence in its Indian market strategy and its readiness to scale operations. The next 24 months will be critical in demonstrating the success of these initiatives and the company’s ability to convert investment into sustainable growth.