Findi secures additional 900 ATMs with Union Bank of India
| Stock | Findi Ltd (FND.ASX) |
|---|---|
| Release Time | 6 Feb 2025, 9:07 a.m. |
| Price Sensitive | Yes |
Findi secures additional 900 ATMs with Union Bank of India
- New contract delivers $75 - $80 million revenue and EBITDA of $33 - 38 million over 7+1 years
- Full deployment to contribute additional $10 - $11 million annualised revenue and $4.5 - $5 million annual EBITDA
- Contract further validates TSI's capabilities and professionalism from another large Indian financial institution
Findi Limited (ASX: FND), a digital payments and financial services provider, has announced that its majority-owned subsidiary Transaction Solutions International (India) Pvt Ltd (TSI) has secured a contract with Union Bank of India (UBI) for the deployment of an additional 900 ATMs across India. The Contract is for 7 years with an option for an additional one year and is expected to deliver between A$75 - A$80 million in revenue and A$33 - A$38 million in EBITDA over the contract period. The roll-out is expected to commence during late Q2 or early Q3 FY26 and is anticipated to be completed within six months. This Contract is further validation of TSI's capabilities and professionalism from another large Indian financial institution. The win is significant from a pricing power perspective as the contract is awarded almost at an Interchange of Rs.17 per financial transaction. The Contract will boost the total number of brown label ATMs in the Findi portfolio to 8,900 and involve around $12 million in capital expenditure that is expected to deliver a c.18% IRR to TSI over the term of the contract. Findi will also have 4,829 white label ATMs across India on settlement of the Tata Communications Payment Solutions Ltd (TCPSL or Indicash) acquisition that has recently received regulatory approval from the Reserve Bank of India (RBI).
The new contract with Union Bank of India is expected to deliver between A$75 - A$80 million in revenue and A$33 - A$38 million in EBITDA over the 7+1 year contract period.
Findi is delighted to deepen the long-term relationship with Union Bank of India and looks forward to completing the deployment of UBI ATMs over the coming months, while also consolidating recent acquisitions and executing its white label ATM and payments bank strategies to deliver the full stack of basic financial services solutions to India's underbanked and enhance shareholder value.