Findi, an ASX-listed payment provider, is set to gain a licence that will allow it to deploy its own branded ATMs across India. The company's stock has seen a 430% increase over the past year, with significant Australian-based funds investing in the company. Findi's Indian subsidiary, TSI India, received a $37 million investment from Piramal Group, and has now been granted provisional approval for the licence.
Already a subscriber?ASX-listed payment provider Findi , backed by Wilson Asset Management and the Flannery family, is set to gain a licence enabling it to splash its name on thousands of branded ATMs across India .
People familiar with the matter said TSI India has now been granted provisional approval for the licence that will allow Findi to deploy its own branded ATMs across the economy. Findi said the contract will offer between $500 million and $620 million in revenue were it to last for 10 years. “Locking in significant revenue and earnings for the next 10 years means Findi is now even better placed to take advantage of India’s transition from the cash economy into the digital economy over the next decade and beyond,” Mr Smedley said.
The Piramal transaction valued TSI India at $190 million and the fund has captured investment from Canadian pension funds, according to Mr Smedley. “They did significant due diligence and this is an endorsement of our strategy,” he said.
Findi Payment Provider Atms India Licence Stock Investment TSI India Piramal Group
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