Hi Vin123

I agree that there will be a few (or more) opportunities to trade for the next few months, and the Findi share prices moves around a lot. I disagree with much of what you have written. In short, the utilisation of the TATA Payments Switch to effectively support the integration of the ATM and digital payments components of the business (plus cost reductions) are just one of the important buffers and growth drivers that management appear to be getting into place (ie: such as the cross pollination of Findipay to Bankit services and visa versa and Bankit customers being able to cardless withdraw from their accounts).

If management can continue to execute efficiently as, so far in my opinion, they have done, and the operating environment remains supportive. I believe this company could be that Unicorn. This time next year the digital payments merchants on the Findi network could be somewhere between 250,000 - 300,000 on my estimates of the current trend. Some recent points below explain in more detail some of my reasons for this view.

Just my own research with AI help. As always DYOR and I am not your investment advisor.

Cheers. Anton.

Findi Limited (ASX:FND) – Comprehensive 2025 Developments Report

Findi Limited (ASX:FND), an Australian-listed fintech company, has made significant strides in 2025, cementing its position as a key player in India’s financial services sector. With a focus on expanding ATM networks and digital payment solutions, Findi has leveraged strategic acquisitions, regulatory support, and market opportunities to drive growth. This report provides an in-depth analysis of Findi’s recent developments, including its financial performance, merchant network expansion, BankIT integration, regulatory advancements, and the impact of shifts in the Indian ATM sector.

Findi Limited – Recent Company Developments

Findi Limited has pursued an aggressive growth strategy in 2025, driven by two major acquisitions and robust operational performance. The company’s focus on financial inclusion in India, particularly in rural and semi-urban areas, has positioned it as a leader in the region’s fintech ecosystem.

Financial Performance

Findi’s FY2025 financial results, announced on May 30, 2025, reflect significant growth:

Metric	FY2025 Value	FY2024 Value	Change
Total Revenue	AU$75.5 million	AU$66.5 million	+13.5%
EBITDA	AU$31.4 million	AU$27.4 million	+14.4%
Underlying NPBT	AU$6.0 million	AU$3.9 million	+54.5%
Statutory Net Loss After Tax	AU$11.2 million	-	-
Net Cash from Operating Activities	AU$27.5 million	-	-
Net Cash Position (March 31, 2025)	AU$30.2 million	-	-
Total Cash Balance	AU$115.9 million	-	-

The revenue growth was driven by the acquisitions of Tata Communications’ ATM business (Indicash) and BankIT, which added significant scale to Findi’s ATM and merchant networks. The statutory net loss was primarily due to AU$19.3 million in Piramal finance costs, including AU$17.2 million for convertible debenture redemption. However, the underlying profit before tax (NPBT) of AU$6.0 million highlights improved operational efficiency. Findi’s strong cash position supports its ongoing capital expenditure and growth initiatives.

Source: Findi FY25 Results Announcement

Strategic Acquisitions

• Tata Communications’ ATM Business (Indicash): In February 2025, Findi acquired Indicash for ₹330 crore (approximately AU$60 million), plus up to ₹75 crore based on performance conditions. This acquisition added 4,600+ operational ATMs and access to 3,000 more for deployment, bringing Findi’s total ATM network to over 12,000. This scale positions Findi as one of Asia’s largest ATM operators, with a mix of brown-label and white-label ATMs.

• BankIT Acquisition: In January 2025, Findi acquired BankIT, a digital payments provider, for AU$30 million through its Indian subsidiary, Transaction Solutions International (TSI). BankIT added approximately 130,000 merchant outlets, significantly expanding Findi’s digital payment network.

These acquisitions were funded through a AU$40 million capital raising in March 2025, enabling Findi to rapidly scale its operations and revenue base.

Source: Findi Expands Footprint in India

Market and Regulatory Developments

Findi faced a brief ASX trading suspension on July 1, 2025, due to late financial reporting but resumed trading on July 2, 2025, after lodging its annual report. The company is also preparing for an Indian IPO of its subsidiary TSI in 2026, targeting a valuation exceeding US$500 million. TSI is reportedly on track to achieve ₹700–800 crore in annual revenue with approximately ₹250 crore in EBITDA, positioning Findi as a rare fintech entering public markets with positive earnings.

Source: Intelligent Investor - FY2025 Results Summary

Future Outlook

Findi’s strategic focus includes continued digital innovation, market expansion, and delivering shareholder value. The company aims to further penetrate rural and semi-urban markets, leveraging its integrated ATM and merchant network to drive financial inclusion. The planned Indian IPO and new RBI licenses are expected to enhance Findi’s position as a leading payments bank in India.

FindiPay Digital Merchant Network – Expansion and Updates

Findi’s merchant network, operating under the FindiPay and FindiBANKIT brands, is a cornerstone of its strategy to provide last-mile financial services in India. The network serves as a network of micro-banking hubs, offering services such as cash deposits, withdrawals via micro-ATMs, money transfers, bill payments, and lending products to underbanked communities.

Network Growth

The acquisition of BankIT in January 2025 added approximately 130,000 merchants, bringing the total network to 189,609 touchpoints across 12,000+ pin codes by April 2025. Findi also onboarded 32,094 additional FindiPay merchants during FY2025, reflecting rapid expansion. The company had targeted a network of 200,000 merchants by March 2025, and while it fell slightly short, the current scale significantly boosts transaction volumes.

Source: Findi FY25 Results Announcement

Strategic Integration

The integration of BankIT’s technology has enabled Findi to offer a broader suite of services through its merchant network, including ATM cash-outs, remittances, and lending products. The network is now often branded as FindiBANKIT, though “FindiPay” continues to denote digital payment services. By mid-2025, Findi’s integrated platform spans over 200,000 service points (ATMs and merchants), positioning it to introduce new digital financial products tailored to underserved markets.

Source: FindiPay Update - Merchant Acquisition

Financial Inclusion Focus

Findi’s merchants act as micro-banking hubs, particularly in rural and semi-urban areas, where access to traditional banking is limited. The synergy between Findi’s ATM operations and merchant network allows merchants to host ATMs or offer ATM-like cash services, extending the reach of cash infrastructure. This model supports Findi’s mission to drive financial inclusion by turning small merchants into key financial service providers.

BankIT – Expansion, Integration, and Regulatory Developments

The acquisition of BankIT, completed in April 2025 for AU$30 million, has been a pivotal step in Findi’s digital payment strategy. Now operating as FindiBANKIT, the platform has been fully integrated into Findi’s India business, enhancing its digital and physical payment ecosystem.

Integration Progress

BankIT’s nationwide network of approximately 130,000 merchants has been merged with Findi’s existing FindiPay outlets, resulting in a total of 189,609 merchants by April 2025. The integration has focused on combining BankIT’s technology with Findi’s cash infrastructure, enabling merchants to offer a wide range of services, including:

• ATM cash withdrawals

• Remittances

• Bill payments

• Lending products for consumers without easy bank access

The rebranding to FindiBANKIT aligns the platform with Findi’s broader identity, creating a cohesive network that includes TSI’s ATM operations, FindiATM (white-label ATMs), and FindiBANKIT (merchant agents).

Source: Findi Takes Over BANKIT

Regulatory Developments

In July 2025, Findi announced that its Indian subsidiary is seeking two new RBI licenses:

• Prepaid Payment Instrument (PPI) Issuer: To issue digital wallets and prepaid cards.

• Payment Aggregator/Payment Gateway: To provide online payment processing services directly to merchants.

These licenses, once obtained, will enhance Findi’s compliance, revenue capture, and ability to offer seamless digital payment solutions across sectors like education, healthcare, and e-commerce. Previously, BankIT likely operated under partners’ licenses, and securing its own will strengthen Findi’s position in India’s digital commerce landscape.

Source: FND India Seeks Two New Licences from RBI

Expansion Plans

FindiBANKIT continues to onboard merchants, particularly in rural areas, and is rolling out additional services. The platform’s integration with Findi’s ATM switch (acquired from Tata Communications) allows agents to facilitate cardless cash withdrawals and other fintech services, further enhancing Findi’s value proposition.

RBI & Regulatory Developments Impacting Findi (Licenses and Fees)

Regulatory support from the Reserve Bank of India (RBI) has been instrumental in Findi’s 2025 growth. Key regulatory developments include:

Licensing Achievements

• Perpetual White Label ATM (WLA) License: In June 2025, Findi’s subsidiary received a perpetual WLA license, one of only five granted in over a decade. This license eliminates renewal requirements, providing long-term certainty for ATM deployment in underserved areas.

• New License Applications: In July 2025, Findi applied for PPI issuer and Payment Aggregator/Payment Gateway licenses to expand its digital payment offerings. These licenses will allow Findi to issue digital wallets and process online transactions directly, aligning with India’s evolving fintech regulations.

Source: FND India Seeks Two New Licences from RBI

Fee Changes

Effective May 1, 2025, the RBI increased ATM interchange fees by ₹2, from ₹17 to ₹19 per cash transaction and from ₹6 to ₹7 for non-cash transactions. The maximum ATM withdrawal surcharge for customers was also raised from ₹21 to ₹23 per transaction beyond free limits. This change directly benefits Findi by increasing revenue per ATM transaction and triggered an additional ₹75 crore payment in the Tata Communications acquisition deal, linked to interchange rate adjustments.

Source: RBI Increases ATM Interchange Fees

Broader Regulatory Context

The RBI’s supportive stance, including its oversight of the ATM sector following AGS Transact’s troubles, has favored credible operators like Findi. The central bank’s meetings with banks in March 2025 ensured continuity of ATM services, indirectly benefiting Findi’s expansion efforts.

Indian ATM Sector Tenders and AGS Transact Updates

The Indian ATM sector experienced significant disruption in 2025 due to the financial collapse of AGS Transact Technologies, creating opportunities for Findi to expand its market share.

Findi’s Contract Wins

Findi capitalized on the sector’s turmoil by securing several large ATM deployment contracts in early 2025:

Bank	ATMs Deployed	Contract Details
State Bank of India (SBI)	2,293	7-year contract (3-year extension option)
Union Bank of India	900	7-year contract (12-month extension option), expected to generate AU$80 million in revenue and AU$38 million in EBITDA
Central Bank of India	638	5+2-year contract, completed by June 30, 2025

These contracts expanded Findi’s managed ATM network to over 11,000 brown-label ATMs by March 2025. Combined with 4,600 white-label ATMs from the Indicash acquisition, Findi’s total ATM count exceeded 16,000, making it a leading player in India’s ATM sector.

Source: Findi Secures Additional 638 ATMs with Central Bank of India

AGS Transact’s Collapse

AGS Transact Technologies, once a major player in India’s ATM sector, defaulted on ₹7.26 billion of debt in March 2025, leading to insolvency proceedings and credit downgrades. This caused service disruptions for approximately 35,000 ATMs, prompting banks to reallocate contracts to stable providers like Findi. By March 2025, SBI had migrated over half of its 7,000 AGS-managed ATMs, while Union Bank of India reassigned nearly all of its 2,000 ATMs. As of July 2025, AGS Transact’s stock price had plummeted to $0.07, with a market cap of $9.1 million, reflecting ongoing challenges.

Source: AGS Transact Faces Insolvency

Market Impact

The collapse of AGS Transact has led to a consolidation in the ATM managed services sector, with Findi emerging as a key beneficiary. The company’s ability to deploy ATMs rapidly, including at its merchant outlets, and its perpetual WLA license provide a competitive edge. Findi is expected to pursue additional ATM outsourcing tenders, particularly those aimed at expanding rural ATM infrastructure.

Conclusion

Findi Limited’s strategic initiatives in 2025, including acquisitions, regulatory advancements, and capitalizing on market disruptions, have positioned it as a leader in India’s fintech sector. With a robust financial performance, an expanding merchant and ATM network, and plans for an Indian IPO, Findi is well-equipped to drive financial inclusion and deliver shareholder value in the coming years.

Final Citations:

• Findi FY25 Results Announcement

• Intelligent Investor - FY2025 Results Summary

• FND India Seeks Two New Licences from RBI

• Findi Secures Additional 638 ATMs with Central Bank of India

• AGS Transact Faces Insolvency

Key Points - Recent July 2025 Licence Applications.

• It seems likely that the RBI may approve Findi's PPI and PA-PG license applications within 1-2 months from July 2, 2025, potentially by early September 2025.
• The approval timeline is based on standard regulatory processes, which typically take 30-60 days, but actual timing may vary.
• As of July 15, 2025, there are no official announcements confirming the approvals, indicating the process is still ongoing.

Expected Approval Timeline

Findi Limited applied for two new licenses from the Reserve Bank of India (RBI) on July 2, 2025: one for Prepaid Payment Instruments (PPI) and another for Payment Aggregator/Payment Gateway (PA-PG). These licenses aim to expand Findi's digital payment capabilities in India, supporting its goal of enhancing financial inclusion. Based on standard regulatory timelines, it is estimated that the approvals could take between 30 to 60 days from the application date, suggesting a potential approval by early September 2025. However, the exact timeline may vary depending on the completeness of the application and any additional scrutiny by the RBI.

Current Status

As of July 15, 2025, there have been no official announcements from Findi or the RBI confirming the approval of these licenses. Recent news articles and ASX announcements indicate that Findi is still in the waiting period, with no updates since the application was made.

Factors Influencing Approval Time

The RBI's Citizen’s Charter outlines indicative timelines for regulatory approvals, such as 30 days for certain Payment Aggregator-related approvals and up to 60 days for others under specific conditions. While PPI licenses are not explicitly listed, they fall under the same regulatory framework, suggesting a similar timeline. The use of the RBI's PRAVAAH platform, mandatory since May 1, 2025, streamlines the process but does not necessarily shorten approval times.

Survey Note: Detailed Analysis of RBI License Approval Timeline for Findi Limited

Findi Limited (ASX:FND), an Australian fintech company focused on expanding financial services in India, applied for two new licenses from the Reserve Bank of India (RBI) on July 2, 2025. These licenses include one for Prepaid Payment Instruments (PPI) and another for Payment Aggregator/Payment Gateway (PA-PG), aimed at enhancing its digital payment offerings and supporting financial inclusion, particularly in rural and semi-urban areas. This survey note provides a comprehensive analysis of the expected timeline for RBI approval, drawing on regulatory frameworks, recent examples, and Findi's operational context.

Application Details and Context

On July 2, 2025, Findi announced through an ASX release that its Indian subsidiary, Transaction Solutions International (TSI), had applied for these licenses to tap into India's fast-growing digital payments market, projected to reach USD 135 billion by 2028 with margins of 11-13%. The licenses are intended to make digital payments more accessible, targeting the 550 million Indians without easy access to formal banking, leveraging Findi's existing network of over 4,400 White Label ATMs and partnerships with more than 200,000 merchant outlets. The application was made through the RBI's PRAVAAH platform, mandated for all regulatory applications since May 1, 2025, which streamlines the process but does not guarantee faster approvals.

Regulatory Framework and Timelines

The RBI's approval process for payment system licenses is governed by the Payment and Settlement Systems Act, 2007, and outlined in the Citizen’s Charter, effective from July 1, 2025. This charter subsumes all services to regulated entities under a single framework, rationalizing timelines for 204 services. While specific timelines for PPI and PA-PG licenses are not explicitly detailed in the accessible sections, related categories provide insight:

• For Payment Aggregator-Cross Border (PA-Cross Border) approvals, the timeline is 30 days, as per the Citizen’s Charter ([URL: https://rbi.org.in/Scripts/CitiChart.aspx]).
• For the issue of Certificate of Authorisation (CoA) for Payment System Operators (PSOs), which includes Payment Aggregators, the timeline is 30 days after receipt of the System Audit Report (SAR), or 60 days if there are subsequent changes such as changes in promoters or directors ([URL: https://rbi.org.in/Scripts/CitiChart.aspx]).

Given that PPI licenses fall under the same regulatory umbrella, it is reasonable to infer a similar timeline of 30-60 days, depending on the completeness of the application and any additional due diligence required. The Citizen’s Charter notes that timelines are indicative and may extend if additional information is needed or if approvals involve external agencies, such as government bodies under the Foreign Exchange Management Act (FEMA), 1999.

Recent Examples and Industry Benchmarks

Recent approvals for similar licenses provide context for expected timelines. For instance:

• Cashfree Payments secured a PPI license on October 29, 2024, but the application date is unknown, making it difficult to determine the exact processing time ([URL: https://bfsi.economictimes.indiatimes.com/news/fintech/cashfree-payments-secures-ppi-license-from-rbi/114718163]).
• Jio Payments Solutions received an online Payment Aggregator license on October 28, 2024, again with an unknown application date ([URL: https://www.medianama.com/2024/10/223-rbi-grants-ppi-licenses-cashfree-jio-payments-solutions/]).
• BharatPe’s Resilient Payments received final approval for a Payment Aggregator license on April 9, 2025, suggesting a process that can take several months, though specific application dates are not publicly available ([URL: https://entrackr.com/snippets/bharatpes-resilient-payments-gets-rbi-approval-for-payment-aggregator-license-8942360]).

Historical data, such as the RBI granting in-principle approval to 50 Payment Aggregators in February 2023, indicates that the process can vary, with some applications returned and others approved within 120 days for reapplication ([URL: https://www.india-briefing.com/news/indias-central-bank-grants-in-principle-license-to-50-payment-aggregators-key-details-27239.html/]). This variability suggests that new applications like Findi's may take 1-2 months, aligning with the 30-60 day estimate from the Citizen’s Charter.

Current Status and Lack of Updates

As of July 15, 2025, at 09:54 AM AEST, there have been no official announcements from Findi or the RBI confirming the approval of the PPI and PA-PG licenses. Recent news articles, such as one dated July 10, 2025, titled "FINDI Secures RBI License to Boost Digital India" ([URL: https://colitco.com/findi-rbi-licence-digital-payments-india]), appear to be misleading, as the content focuses on the application rather than approval, discussing the potential benefits and market statistics. Similarly, ASX announcements and financial news platforms like Intelligent Investor and The Market Online show no updates beyond the July 2, 2025, application announcement ([URL: https://www.intelligentinvestor.com.au/shares/asx-fnd/findi-limited/announcements], [URL: https://themarketonline.com.au/asx-fnd/]).

This lack of updates suggests that the applications are still under review, consistent with the estimated 30-60 day timeline. Given that only 13 days have passed since the application (from July 2 to July 15, 2025), it is early in the process, and approvals are not expected imminently.

Factors Influencing Approval Time

Several factors could influence the approval timeline:

• Completeness of Application: The RBI requires a complete set of documents, including net worth certificates, System Audit Reports, and compliance with the Companies Act, 2013. Any gaps may delay processing ([URL: https://www.corpseed.com/service/ppi-license-ppi-license-rbi]).
• Regulatory Scrutiny: Given the sensitive nature of payment systems, the RBI may conduct additional due diligence, especially for foreign-owned entities like Findi, potentially extending the timeline.
• External Dependencies: If approvals require inputs from government bodies or other regulators, the timeline may exceed 60 days, as noted in the Citizen’s Charter for cases under FEMA, 1999.

Estimated Approval Window

Based on the above, it is estimated that the RBI may approve Findi's PPI and PA-PG license applications within 30 to 60 days from July 2, 2025, placing the potential approval window between August 1, 2025, and September 1, 2025. This estimate aligns with industry benchmarks and the Citizen’s Charter, though actual timelines may vary. Given the current date of July 15, 2025, it is likely that Findi will receive updates in the coming weeks, with approvals possibly by early September 2025 if the process follows the upper end of the timeline.

Conclusion

Findi Limited's recent applications for PPI and PA-PG licenses are part of its strategy to expand digital payment services in India, targeting underserved populations and leveraging its extensive ATM and merchant network. As of July 15, 2025, the approvals are pending, with an expected timeline of 1-2 months, potentially by early September 2025. This estimate is based on the RBI's Citizen’s Charter, recent industry examples, and the lack of updates indicating ongoing review. Stakeholders should monitor Findi's ASX announcements and RBI publications for official confirmation, as actual timelines may vary due to regulatory complexities.

Table: Summary of Estimated Approval Timeline