I've known Jason Titman for many years, thanks to a mutual friend. Jason has had a notable career, moving from his time at Neto to his current role as CEO of Swyftx. His journey reflects a deep understanding of both technology and business.
In our recent conversation, Jason (who i shared insights into his career and his involvement with Findi, an ASX-listed company with a unique market position. Jason's journey with Findi began as an investor and later saw him take on a significant role (now Non-executive Director) in guiding the company through a critical transformation.
At Neto, Jason helped expand the e-commerce platform to 14 countries before its acquisition by a North American company. This experience was instrumental in his current role at Findi, where he brought valuable expertise in technology and business strategy. When asked to join the board, Jason's tech knowledge was particularly needed as the company sought to navigate new challenges.
Findi's story is complex but engaging. Initially focused on the Indian ATM market, the company identified a substantial opportunity in a country with a large unbanked population. This market allowed Findi to bridge traditional banking methods and the emerging digital economy in India. Jason detailed how the acquisition of 8,000 brown label ATMs and a strategic move into digital transactions positioned Findi uniquely within the market.
The digital transformation in India, particularly in financial services, is noteworthy. Jason emphasised the differences between Western economies and India, especially concerning the use of cash and digital transactions. In India, a significant portion of e-commerce transactions is still conducted in cash, even in urban areas.
Looking to the future, Jason and his team have been strategic in seeking both organic and inorganic growth opportunities. They have expanded their network to 49,000 locations across India, offering ATM and Findi Pay services. This expansion is driven by India's young population and the government's push for financial inclusion.
One critical aspect of Findi's strategy has been the importance of having a strong management team on the ground in India. Jason highlighted how crucial it is to have local leadership with deep understanding of the market's dynamics, regulatory environment, and cultural nuances. This local presence has been key to navigating regulatory challenges and building strong relationships with partners and stakeholders. The management team's insights and experience are invaluable in shaping Findi's strategies and ensuring they are well-aligned with the local market needs.
Another significant factor in Findi's growth has been the widespread adoption of mobile phones in India. While not all Indians have smartphones, mobile phone penetration is substantial, with over a billion users. However, the adoption of smartphones is uneven, with higher penetration in major cities like Bangalore, Mumbai, and Delhi. Findi has strategically focused on serving tier-three and tier-four cities, where a large portion of the population still relies on feature phones. This demographic is crucial for Findi as it bridges the gap between cash-based transactions and the digital economy. The company's initiatives, such as the Findi Pay service, are tailored to meet the needs of these users, facilitating digital transactions even in less tech-savvy areas.
Jason's frequent travels to India have been crucial in understanding the market and building relationships with local stakeholders. He shared how these trips have provided valuable insights into the Indian market, regulatory environment, and cultural nuances, helping Findi navigate its business challenges and opportunities.
As Jason sees it, this is just the beginning of Findi's journey. The company's strategic vision and adaptability position it well to capitalise on India's evolving market dynamics. Jason is confident that Findi's growth story is far from over and that there are many more opportunities to explore in the years ahead.
ASX Code: FND
