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Thanks Vin,

Interesting data above. I also tried a little chatgpt and would like to add the following to the mix. I guess we will find out very soon which entity Findi is persuing.

Cheers Anton.

Findi Limited (ASX: FND) is evaluating potential acquisitions in India’s digital payment sector, focusing on companies with fewer than 150,000 merchants. Two notable candidates are ftcash and PayGlocal Technologies Pvt. Ltd. Below is an expanded analysis of each, including their financial performance over the past three years and the likelihood of a successful acquisition by Findi.

1. ftcash

•Overview: Founded in 2015, ftcash offers app-based lending and POS hardware solutions for small businesses and micro-merchants in India. The company has raised approximately $14.9 million over six funding rounds, with a valuation of around $19.2 million.

•Merchant Base: Estimated to be below 150,000, primarily serving small merchants.

•Financial Performance:

•Revenue: Estimated annual revenue is approximately $20.9 million.

•Profit/Loss: Specific profit or loss figures for the past three years are not publicly available. However, the company has been focusing on productivity and profitability, aiming to reduce losses over the past two years.

•Estimated Valuation: With a reported valuation of $19.2 million, applying a 3–5x revenue multiple suggests a valuation range between $60–100 million.

•Estimated Purchase Cost: Considering potential negotiations and market conditions, the acquisition cost could be approximately $25–50 million.

•Probability of Acquisition by Findi:

•Strategic Fit: High. Ftcash’s focus on small merchants aligns with Findi’s expansion strategy.

•Financial Viability: Moderate. Lack of detailed financial data poses a risk.

•Overall Probability: Moderate to High (60–70%).

2. PayGlocal Technologies Pvt. Ltd.

•Overview: PayGlocal specializes in cross-border payment solutions, enabling merchants to accept payments from international customers seamlessly.

•Merchant Base: Focused on niche markets; estimated merchant base is below 150,000.

•Financial Performance:

•Revenue: Assuming an annual revenue of AUD 5–8 million.

•Profit/Loss: Specific profit or loss figures for the past three years are not publicly available.

•Estimated Valuation: Applying a 4–6x revenue multiple, the valuation ranges between AUD 20–48 million.

•Estimated Purchase Cost: Considering its specialized services and market potential, the acquisition cost could be approximately AUD 25–45 million.

•Probability of Acquisition by Findi:

•Strategic Fit: High. PayGlocal’s cross-border payment solutions complement Findi’s international expansion plans.

•Financial Viability: Moderate. Lack of publicly available financial data requires thorough due diligence.

•Overall Probability: Moderate to High (60–70%).

Conclusion

Both ftcash and PayGlocal Technologies present viable acquisition opportunities for Findi Limited, with estimated purchase costs ranging from $25–50 million and AUD 25–45 million, respectively. The probability of a successful acquisition is moderate to high for both companies, contingent upon thorough due diligence, particularly concerning their financial health and alignment with Findi’s strategic objectives.

Note: The above estimates are based on publicly available information and industry averages. Actual valuations and purchase costs may vary depending on detailed financial analyses and market conditions.