Findi secures $72m war chest for Indian expansion with Nova Global deal

After a year of juggling acquisitions, integration headaches and rollout delays, fintech-ATM hybrid Findi (ASX: FND) has landed a strategic lifeline in the form of a binding term sheet with Nova Global Opportunities Fund PCC for a $72 million (INR 418 crore) investment into its Indian operating subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI).

While subject to final due diligence and legal documentation, the capital injection couldn’t come at a more opportune time for the Melbourne-based operator. With the first tranche of $26 million due by mid-February and the remainder in agreed instalments, the funds will bankroll the ongoing rollout of both White Label and Brown Label ATMs across India, alongside digital banking initiatives targeting underbanked semi-urban and rural communities.

Executive Chairman Nicholas Smedley called it a “key strategic partnership with a proven pre-IPO investor in India,” saying the move would underpin the company’s next growth phase. “Nova Global will significantly strengthen TSI’s balance sheet, support rapid scaling of both our ATM and digital businesses, and reinforce confidence in our long-term vision,” he said.

Why this matters

The timing is critical. Findi’s FY26 guidance, presented in October, painted a picture of a business undergoing transformation — integrating two acquisitions (TCPSL and BankIT), coping with operational hiccups, and preparing for an Indian IPO in FY27.

Revenue is forecast to surge from $61 million in FY25 to over $100 million in FY26. However, EBITDA is expected to nearly halve to between $10-12 million due to one-off costs, delayed ATM rollouts, and additional investment in staff and systems.

Without new capital, that growth might have been stunted. The Nova investment not only alleviates short-term capital constraints but also gives Findi firepower to execute its strategy — particularly the completion of its high-margin Brown Label ATM contracts with banks like SBI and CBI, and the expansion of its low-capex, franchise-based White Label network.

At last count, TSI operated over 11,400 ATMs nationally, with plans to deploy an additional 2,200 BLA and 7,000 WLAs by end FY26. The average transaction volume per BLA ATM sits at a healthy 124 TPD, with SBI machines hitting 167 TPD — and expected to climb to 170.

Digital, too, gets a boost

Digital services now make up nearly one-third of revenue, bolstered by the April acquisition of BankIT and integration of FindiPay merchants. GTV hit $5.1 billion annualised by September, up 43% since April, with over 163,000 merchants onboard.

The capital from Nova will also assist in the rollout of Findi’s Unified Banking Centres — brick-and-mortar hubs offering full-service financial inclusion, including ATMs, insurance, pensions and government service facilitation — under the BC Max (in partnership with Central Bank of India) and Unnati (FindiBankIT-branded) banners.

A total of 500 centres are forecast by March 2026.

Nova Global: deep pockets, long view

Not just any cheque-writer, Nova Global is known for taking early-stage positions in Indian pre-IPO growth plays — a strong signal for Findi’s mooted 2027 listing on the Bombay Stock Exchange. That IPO remains on track, with brokers estimating a listing valuation of $750–900 million based on forecast earnings multiples.

The investment structure — staggered tranches tied to milestones — allows Nova to derisk its exposure while backing Findi’s ambition to become a licensed Payments Bank in India. The roadmap includes leveraging its ATM and digital agent network to offer deposits, remittances, microloans, and cross-sell financial products — all via an embedded phygital infrastructure.

Board refresh sets tone for institutional era

In parallel with the funding announcement, Findi has finalised a board shake-up that reflects its transition to a more institutionally governed outfit. Out go directors Simon Vertullo and Jason Titman; in come payments veteran Stephen Benton (ex-EFTPOS Australia and Westpac) and venture capitalist Tineyi Matanda (ex-Salter Brothers), whose firm Delta-G is also an investor in AI heavyweights like OpenAI and Anthropic.

Both are expected to add IPO readiness, governance muscle and global capital market savvy as Findi moves beyond founder-led execution into full-blown scale-up mode.

The bottom line

For a company that started life as an ATM operator, Findi is positioning itself as a gatekeeper to financial services for millions of underserved Indians. The Nova Global deal doesn’t just secure a balance sheet boost — it validates the strategy, lays a path to IPO, and, critically, keeps the momentum going after a year of heavy lifting.

With execution risk still on the table — particularly on the WLA reset and Sphere integration — Findi now has the cash, partners and ambition to deliver on what is shaping up to be a very Indian growth story, with a very Australian shareholder base watching keenly.