Findi

What Findi does

Findi Ltd (ASX: FND) is a Melbourne-headquartered, publicly listed fintech whose operating footprint is concentrated in India. The company runs three integrated product lines: FindiPay, a digital payments and merchant network offering banking, insurance, utility payments, money transfers, e-commerce and ticketing services in rural and regional India; the Findi ATM Network, Findi's own branded ATMs operated under an RBI-granted white-label licence; and a Bank ATM Network providing end-to-end ATM transaction processing and managed services to India's public and private sector banks. Findi's monetisation is built on a mix of regulated per-transaction ATM interchange fees (currently 17 rupees per transaction across an annual run-rate of roughly 1 billion transactions), multi-year managed-services contracts with banks (including a 7-year SBI contract with a 3-year extension option valued at A$500-$620 million over its life) and fees from the FindiPay merchant ecosystem.

The platform is anchored by an ~21,000 ATM infrastructure footprint (~8,000 Findi-owned and ~12,500+ supplied to BTI, India's largest white-label operator), giving Findi an 8% share of a fragmented ~250,000-machine Indian ATM market. Approximately 80% of revenue is contractually committed under multi-year agreements averaging close to five years in tenor. The April 2024 RBI provisional authorisation for branded white-label ATMs allows Findi to rebrand approximately 4,000 SBI-operated machines during FY25 under Findi's own name. Aggressive expansion has been executed through a series of acquisitions (Tata Communications Payments Solutions Ltd in November 2024, BankIT in January 2025, and the announced Sphere for Good transaction in October 2025) and a strategic A$37.6 million investment by Piramal Alternatives (backed by CDPQ) into TSI India, positioning the Indian subsidiary for an expected 2025 or 2026 Bombay Stock Exchange listing.

Name

Findi

Legal name

Findi Ltd

Website

https://findi.co

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Findi Ltd (ASX: FND) is an ASX-listed fintech operating in India, providing ATM network management and digital payments services to banks, rural merchants, and underbanked populations through its FindiPay, Findi ATM Network, and Bank ATM Network business lines.

Ownership category

akta.pro rank

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Technology or R&D, Supply Chain

Revenue model

1. ATM Transaction Fees: Revenue from ATM interchange fees charged per transaction (government-mandated fee of 17 rupees per transaction), generating approximately 1 billion transactions annually across the network
2. Bank ATM Managed Services: Complete end-to-end ATM transaction processing and managed services for Public and Private sector Banks in India, including deployment and maintenance
3. FindiPay Merchant Services: Digital payments and banking solutions through merchant network including utility payments, money transfers, e-commerce and ticketing services for regional and rural India
4. Multi-Year Bank Contracts: Long-term contracted revenue from major banks with 7-year contracts plus 3-year extension options, offering $500M-$620M in revenue potential over 10 years

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Findi operates an integrated ATM and digital payments platform in India, comprising FindiPay (a merchant-based digital payments and banking services network), the Findi ATM Network (Findi's own branded ATMs), and the Bank ATM Network (end-to-end ATM transaction processing and managed services for public and private sector banks). Together these offerings form a 'phygital' financial services ecosystem providing last-mile cash access, banking, utility payments, money transfers, e-commerce, and ticketing services to India's underbanked populations across approximately 21,000 ATMs and 160,000 digital payment locations.

Product overview

Findi is an ASX-listed fintech company (FND) that operates as a platform of financial services in India, consisting of three core product areas: FindiPay (digital payments and merchant network), Findi ATM Network (proprietary branded ATMs), and Bank ATM Network (ATM transaction processing and managed services for banks). FindiPay provides last-mile digital payments and banking solutions through merchant networks, while the ATM networks provide cash access and transaction processing. Together, these products create an integrated 'phygital' financial services ecosystem serving India's underbanked populations in rural and regional areas.

Differentiator

Problem solved

Functional benefit

Brands

• FindiPay: Digital payments and merchant network providing last-mile payments and digital banking solutions through network of merchants facilitating banking and insurance services, utility payments, money transfers, e-commerce and train and airline tickets payments.
• Findi ATM Network
• Bank ATM Network

Products and services

• FindiPay Digital payments and merchant network providing last-mile payments and digital banking solutions through merchants offering banking and insurance services, utility payments, money transfers, e-commerce, and train and airline ticket payments to underbanked populations across regional and rural India.
• Findi ATM Network Findi's own branded network of ATMs integrated with the payments and digital banking merchant business, creating a single-location ecosystem for cash and digital payments and a full-service finance hub for the underbanked in India.
• Bank ATM Network Transaction payment solutions for Public and Private sector Banks across India delivering complete end-to-end ATM transaction processing and managed services; Findi positions itself as one of the largest operators in the market and a preferred service provider to India's leading banks.

Quantifiable outcome

• 22% revenue growth to $66.5M in FY24
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered minor, flagship and core.

• Sphere for GoodminorStrategic or Co-development Partner · 1 October 2025Findi Group announced agreement to acquire Sphere for Good, an Australian climate fintech company focusing on climate and loyalty actions in financial transactions. The all-share deal aims to expand Sphere for Good's reach in India and other regions, with Sphere continuing to operate independently within the group.
• BankITflagshipStrategic or Co-development Partner · 1 January 2025Findi acquired BankIT for INR 160 crore (approximately $30 million AUD) through its subsidiary TSI to expand white-label ATM deployment across rural and semi-urban India. The acquisition fast-tracked Findi's growth strategy and strengthened FindiPay ecosystem.
• Tata Communications Payments Solutions LtdflagshipStrategic or Co-development Partner · 1 November 2024Findi acquired Tata Communications Payments Solutions Ltd to rapidly expand its ATM network and financial services reach across India, strengthening its presence in underbanked regions while accelerating growth in the FindiPay ecosystem.
• State Bank of India (SBI)flagshipStrategic or Co-development PartnerState Bank of India is Findi's largest bank customer with a 7-year ATM management contract plus 3-year extension option. Findi operates approximately 4,000 ATMs for SBI under this contract, with potential to rebrand them with Findi's own licence. The contract is valued at $500-$620 million over 10 years.
• Central Bank of IndiacoreStrategic or Co-development PartnerFindi provides ATM deployment and managed services for Central Bank of India, one of India's major public sector banks.
• BTI (White-Label ATM Operator)coreStrategic or Co-development PartnerFindi supplies approximately 12,500 ATMs to BTI, India's biggest white-label ATM operator, through its BTI partnership.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• CMS Info Systems: India's leading cash management and ATM deployment company, serving public and private sector banks. Direct competitor to Findi's Bank ATM Network in ATM managed services and cash logistics.
• Hitachi Payment Services: India-based ATM deployment, transaction processing, and payment services subsidiary of Hitachi. Direct competitor in white-label ATM operations and bank managed services, with similar RBI-licensed operations.
• Financial Software and Systems (FSS): India-headquartered payment processor and technology provider offering ATM driving, transaction switching, and merchant acquiring. Comparable in payment processing infrastructure serving Indian banks.
• Prizm Payment Services: Indian ATM managed services and payment processing company serving public sector banks. Direct competitor in Bank ATM Network and white-label ATM deployment, with comparable customer profiles.
• Euronet Worldwide: Global ATM operator and payment processor with significant India presence through Euronet Services India. Directly comparable ATM deployment, managed services, and digital payment offerings serving banks and merchants in India.

Emerging players

• BharatPe: Indian merchant-focused fintech offering QR-based payments and merchant lending. Competes with FindiPay for the same SMB merchant base, particularly in tier-2 and tier-3 cities.
• PhonePe: India's largest UPI-based digital payments platform with extensive merchant network. Emerging player in the same digital payments space as FindiPay, but with a mobile-first rather than phygital approach.
• Paytm (One97 Communications): Leading Indian digital payments and mobile wallet company. Competes with FindiPay in the digital payments and merchant services space, particularly for underbanked consumers adopting UPI-based payments.

Broad incumbents

• Diebold Nixdorf: Global ATM manufacturer and services provider offering hardware, software, and managed services to banks worldwide. A broader incumbent with similar bank-customer relationships and ATM managed-services capabilities.
• NCR Atleos: Spun off from NCR Corporation as a pure-play ATM and self-service financial services provider. Operates the Allpoint ATM network and provides ATM-as-a-Service to banks, overlapping with Findi's managed services model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/findigroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Findi