Ann: Application for quotation of securities - FND, page-50

Hi Chair83,

I agree that this year appears to be lining up for a good year for Findi, with the recently announced ATM expansions and Findipay starting to gain some traction in the growing Indian market. The White Label ATM licence will allow for re-deployment of the older SBI ATM's and possible expansion into other White Lable ATM areas, so whilst I still consider important, in my mind, it does not appear to be material in the short term.

Not entirely sure how much of the recent capital raise (last years big placement) and the January option conversion money will go into the Findi frontline, as this will depend on how much the BOD decide to or need to reduce the company's current operational debt. Nevertheless, I feel it is looking like a big year, and this addition to the much improved balance sheet should allow the company to bid for additional ATM contracts. Some of these would have been out of range with a smaller company capitalisation prior to these additional funds being banked.

Also remember to watch out for the Findipay component of this company as it should scale exponentially this year and contribute to a greater proportion of the total income for the company, If I recall correctly from the last financials the ATM/epayments split was in the order of 90% to 10%.

The last announcement (6 Dec 23) by the company was stating a Gross transaction volume (GTV)was then tracking at an annualised rate of $160 Mn withfurther 25% growth expected by financial year-end (31 March 2024). At that time the company appeared to be adding approximately 2,000 new Findipay merchants each month. Hopefully, with the additional resources, the company target of having approximately 25,000 Findipay merchants by 31 March 2024 can be achieved and possibly exceeded.

I would expect this financial year (31 March 2024), we will probably see a greater portion allocated to the Findipay (electronic payments) part of the business.

Also of interest to some may be the increased activity on the LinkedIn site.. https://www.linkedin.com/showcase/tsifindipay/posts/?feedView=all

As always DYOR. https://findipay.in/

Cheers Anton