Findi Limited · ASX:FND
Findi — Investor Presentation (March 2025)
40 slides from Findi's investor presentation, Mar 20, 2025
Slide 1: Equity Raising Presentation
For personal use only Equity Raising Presentation 20 March 2025 ASX: FND
Slide 2: Important notice and disclaimer
Important notice and disclaimer This presentation (Presentation) has been prepared by Findi Limited (Findi or the Company) and is NOT AN OFFER, INVESTMENT ADVICE OR RECOMMENDATION authorised for release by its Directors. You must read and accept the conditions in this notice before Each recipient of
Slide 3: Important notice and disclaimer
Important notice and disclaimer DISTRIBUTION OF PRESENTATION You should not place undue reliance on any non-IFRS financial information/non-GAAP financial The distribution of this Presentation in jurisdictions outside Australia may be restricted by law and you measures included in this Presentation.
Slide 4: Important notice and disclaimer
Important notice and disclaimer PAST PERFORMANCE To the maximum extent permitted by law and except to the extent caused by its fraud, gross negligence Past performance and pro forma historical information in this Presentation is given for illustrative or wilful misconduct (or that of its employees,
Slide 5: Important notice and disclaimer
Important notice and disclaimer Each Joint Lead Manager and its affiliates are a full service financial institution engaged in various activities, which may include trading, financing, corporate advisory, financial advisory, investment management, investment research, principal investment, hedging,
Slide 6: Table of Contents
Table of Contents For personal use only Executive Summary 7 Findi Overview 9 Recent Updates 16 New Piramal Investment 24 Transaction Details 27 Appendix 31 Key Risks & International Offer Restrictions 33 6
Slide 7: Executive Summary
For personal use only Executive Summary 7
Slide 8: Executive Summary
Executive Summary • Findi Limited (Findi or the Company) advises that Transaction Solutions International (India) Pvt Ltd (TSI), Findi’s majority owned subsidiary, has exercised its call option to buy Summary of back the Compulsory Convertible Debentures (CCDs) previously issued to Indian investment
Slide 9: Findi Overview
For personal use only Findi Overview 9
Slide 10: Business overview
Business overview Findi is an ASX-listed fintech that provides customised, flexible, and scalable payment services for one of the world’s largest developing markets, driving India’s digital banking revolution. Findi aims to increase the breadth of its services and become a leading transaction bankin
Slide 11: Investment themes
Investment themes Findi possesses several compelling investment fundamentals that can be leveraged to drive sustainable & cash flow accretive earnings. Key drivers include growing our ATM portfolio, as well as strategic expansion & innovation within the White Label ATM (WLA), digital payments & bank
Slide 12: Robust market opportunity
Robust market opportunity In a strong Indian market, fuelled by a growing population, a vast group of unbanked individuals, the substantial circulation of cash, and a prevalent preference for cash transactions, Findi is well -positioned to both assist India in achieving its National Mission for Fina
Slide 13: Strategic horizon
Strategic horizon We have made significant strides in achieving our strategic objectives in the past six months, moving us closer to Stage 3 of our Strategic Horizon – Unlock Shareholder Value. Our focus now shifts to consolidating recent acquisitions (TCPSL and BANKIT), executing our WLA and Paymen
Slide 14: Economics of Findi's ATM contracts compared
Economics of Findi’s ATM contracts compared Findi has commenced deploying WLA under its capital light franchisee model after completing its TCPSL acquisition. The WLA franchisee model is infinitely scalable when compared the BLA model as the franchisee is responsible for funding most of the upfront
Slide 15: Unlocking value & potential liquidity via TSI India's IPO
Unlocking value & potential liquidity via TSI India’s IPO The proposed listing of Findi subsidiary, TSI India on the Bombay Stock Exchange, with aspirations for a market capitalisation of A$1B+, will provide a potential liquidity event for Findi through a compulsory sell-down as part of the IPO proc
Slide 16: Recent Updates
For personal use only Recent Updates 16
Slide 17: Increase in Interchange ATM Fees
Increase in Interchange ATM Fees Estimated NPAT impact in excess of A$5.5 million in FY26 and A$10 million in FY271 for Findi’s White Label ATM Network. Changes effective from 1 May 2025 For personal use only • National Payments Corporation of India has approved an increase of White Label Impact ATM
Slide 18: TCPSL Update
TCPSL Update The acquisition of Tata Communications Payment Solutions Limited (TCPSL or Indicash)1 completed on 28 February 2025 following regulatory approval2 from the Reserve Bank of India (RBI) For personal use only KEY FINANCIAL HIGHLIGHTS 2 KEY STRATEGIC HIGHLIGHTS • FY26 Revenue of A$28m - A$3
Slide 19: BankIT with Findi update
BankIT with Findi update BankIT with Findi bridges the gap between traditional and digital banking, offering a range of financial services. The business continues to grow strongly, with revenue of ~A$33M in FY25 with strong growth expected in FY26 under the first year of Findi ownership For personal
Slide 20: SBI Contract Material Upgrade
SBI Contract Material Upgrade The number of ATMs to be deployed and managed under Findi’s 10-year contract with India’s largest bank, State Bank of India (SBI) has been increased by 54%. Under the contract upgrade, the number of Brown Label ATMs (BLA) will increase by 2,293 to 6,512. This also incre
Slide 21: India payments ecosystem
India payments ecosystem The combined financial payments ecosystem provides immediate scale, cost savings, and improved margins, positioning the business for significant addressable market of ~1 billion customers. Findi’s expansive distribution presence, complemented by a leading digital enabled pla
Slide 22: FY25 EBITDA within previous guidance range
FY25 EBITDA within previous guidance range Findi announces that it expects to record FY25 EBITDA in the range of A$30M to A$32M 1; and revenue between A$68M - A$70M2. This is despite the delay incurred in obtaining our White Label ATM (WLA) licence while securing RBI approval to acquire TCPSL For pe
Slide 23: Findi has line of sight of a step change in revenue
Findi has line of sight of a step change in revenue Findi expects to more than double revenue in FY26 compared to FY25, through a combination of organic growth in its traditional TSI business, rapid expansion of WLA business leveraging the licence secured through the acquisition of TCPSL as well as
Slide 24: New Piramal Investment
For personal use only New Piramal Investment 24
Slide 25: Piramal reinvest Crore @ A$500m post money valuation
Piramal reinvest 200 Crore @ A$500m post money valuation Piramal invested 200 Crore (~A$37.5M) into TSI in November 20231 in the form of convertible debentures. Following recent discussions with Findi, Piramal will now reinvest their fully repaid investment of 200 Crore in a new Debenture Agreement
Slide 26: New Piramal Compulsory Convertible Debenture Deed
New Piramal Compulsory Convertible Debenture Deed The redemption of the CCDs and the issue of New CCDs is subject and conditional upon TSI paying Piramal a termination coupon of Rs 947,386,365 Conditions precedent (approximately A$17.23 million) on or before 31 March 2025 For personal use only CCD M
Slide 27: Transaction Details
For personal use only Transaction Details 27
Slide 28: Equity Raising Overview
Equity Raising Overview Findi is undertaking a equity raising of ~A$45.0 million1 consisting of a ~A$40.0 million institutional placement (the Placement) and a ~A$5.0 million Share Purchase Plan (the SPP) (collectively the Offer or the Equity Raising) For personal use only Transaction Overview Appro
Slide 29: Sources & Uses of Funds
Sources & Uses of Funds1,2 For personal use only Sources of Funds A$m • Restructure of Piramal CCDs – Funds allocated to the restructure of CCDs Placement A$40.0 will cover the A$17.2 million termination coupon payable to Piramal, which includes accrued interest and an additional contractually oblig
Slide 30: Indicative Timetable
Indicative Timetable Key dates Trading halt and Placement bookbuild opens Pre-Market Tuesday, 18 March 2025 For personal use only Placement bookbuild closes 5.00 PM (AEDT) Tuesday, 18 March 2025 Record Date for SPP Wednesday, 19 March 2025 Announcement of Equity Raising & trading halt lifted Pre-Mar
Slide 31: Appendix
For personal use only Appendix 31
Slide 32: Pro forma Balance Sheet
Pro forma Balance Sheet Unaudited as at 2H FY25 CCD Impact of A$’000 Notes 27 Feb 2025 Acquisitions1 Redemption Equity Raising2 Pro forma Findi NOTES Current Assets Pro forma balance sheet (unaudited) Cash and cash equivalents 1 67,983 (50,280) (17,225) 45,000 45,478 presented as at 27 February 2025
Slide 33: Key Risks & Foreign Selling Restrictions
For personal use only Key Risks & Foreign Selling Restrictions 33
Slide 34: Key Risks (Operational Risks)
Key Risks (Operational Risks) This section sets out some of the key risks associated with any investment in Findi, which may affect the value of Findi shares. The risks set out below are not listed in order of importance and do not constitute an exhaustive list of all risks involved with an investme
Slide 35: Key Risks (Operational Risks)
Key Risks (Operational Risks) In addition to its existing operations, Findi operates a substantial network of ATMs in India. These ATMs are generally subject to leases with various landlords, which have a range of terms and option periods, although they are generally leases which Findi cannot readil
Slide 36: Key Risks (Operational Risks)
Key Risks (Operational Risks) Data risk Findi obtains and collects data in the ordinary course of its business. Findi will need to comply with differing requirements in connection with its collection of data in the jurisdictions in which it operates and into which it expands. Any change or amendment
Slide 37: Key Risks (General Investment Risks)
Key Risks (General Investment Risks) The Findi directors consider that, on receipt of funds under the Offer, Findi will have sufficient working capital to carry out its objectives. However, financial resources are limited and there is a risk that Findi may be required to raise additional funds from
Slide 38: Foreign Selling Restrictions
Foreign Selling Restrictions This document does not constitute an offer of new securities in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the new securities may not be offered or sold, in any country outside Australia except t
Slide 39: Foreign Selling Restrictions
Foreign Selling Restrictions NEW ZEALAND This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the "FMC Act"). The new securities are not being offered or sold in New Zealand (or allotted with a view to bei
Slide 40: For personal use only
For personal use only E investors@findi.co I P +61 8 6444 1798 Level 4, 90 William Street, Melbourne 3000 Australia FINTECH DIGITAL PAYMENTS INNOVATION findi.co