Findi’s Growth Hinges on Nova Global Deal and Board Shake-Up

Strategic Capital Injection for Indian Growth

Findi Limited (ASX – FND) has taken a significant step forward in its Indian operations with its subsidiary, Transaction Solutions International (TSI), securing a binding term sheet for a strategic investment of up to A$72 million from Nova Global Opportunities Fund PCC. This capital injection is designed to underpin Findi’s ambitious plans to expand its ATM footprint and digital payments ecosystem across India.

The investment will be disbursed in tranches, with the first tranche of INR 150 crore (approximately A$26 million) expected to be received by 15 February 2026, subject to the completion of legal due diligence and execution of long-form documentation. The remaining funds will be released according to mutually agreed timelines, providing Findi with a robust financial platform to accelerate its growth initiatives.

Focused Deployment on ATM and Digital Expansion

The proceeds from Nova Global’s investment are earmarked primarily for capital expenditure related to the rollout of Brown Label and White Label ATMs, as well as supporting ongoing working capital needs. These deployments are critical to Findi’s strategy to scale its presence in India’s rapidly evolving payments landscape, where digital and cash access solutions remain in high demand.

Executive Chairman Nicholas Smedley highlighted the strategic nature of the partnership, noting Nova Global’s proven track record in pre-IPO investments within India. He emphasised that this alliance not only strengthens TSI’s balance sheet but also reinforces confidence in Findi’s long-term vision to become a leading payments bank and digital payments provider in the region.

Board Renewal Aligns Governance with Growth Ambitions

In tandem with the funding announcement, Findi has completed a structured board renewal process initiated in 2025. Two new non-executive directors, Stephen Benton and Tineyi Matanda, have joined the board, bringing extensive expertise in banking, payments, corporate finance, and investment management. Their appointments coincide with the retirement of Simon Vertullo and Jason Titman, marking a generational shift aimed at aligning governance with the company’s evolving strategic priorities.

Mr Benton’s background includes leadership roles at EFTPOS Australia and Westpac, where he drove payment strategies and digital innovation. Mr Matanda brings a wealth of experience from his tenure at Delta-G Capital and Salter Brothers Funds Management, with a strong focus on technology investments and corporate governance. Both directors have expressed enthusiasm about contributing to Findi’s mission of financial inclusion and innovation in India.

Looking Ahead

While the investment deal is subject to customary closing conditions, including no material adverse changes and satisfactory legal documentation, the partnership with Nova Global represents a pivotal moment for Findi’s Indian operations. The fresh capital and board expertise position the company well to navigate the complexities of scaling in a competitive market and to pursue its goal of becoming a payments bank listed in India.