Findi (ASX: FND) subsidiary Transaction Solutions International (India) will receive a strategic investment of up to $72 million from Nova Global Opportunities Fund to support its rapidly-expanding operations.
The company has secured a binding term sheet that will see Nova provide the funds to ++scale Findi’s ATM footprint++ and digital payments ecosystem throughout India.
The Nova investment will be split into staged payments with the first payment of $26m scheduled in February, on completion and execution of long-form documentation.
The remainder of the funds will be paid in tranches with timelines agreed between Transaction Solutions International and Nova.
Continued Digital Expansion
The rollout will include brown and white label ATM deployments, as well as a continuation of the company’s digital expansion throughout the region.
Completion of the investment will be subject to the satisfaction of a number of conditions including the execution of definitive documents, no material adverse changes, and representations and warranties being true and correct at the closing date.
“We are pleased to welcome Nova as a as a committed long-term partner with a proven track record investing in India’s pre-initial public offering opportunities,” Findi executive chair Nicholas Smedley said.
“Nova will significantly strengthen our subsidiary’s balance sheet, support rapid scaling of our ATM and digital businesses and reinforce confidence in our long-term vision.”
Board Restructure Underway
Findi has commenced a board restructure to further support its growth, appointing Stephen Benton and Tineyi Matanda in October as non-executive directors to replace retiring directors Simon Vertullo and Jason Titman.
Mr Benton is a seasoned executive with deep experience in payments, banking, and consumer finance.
He previously served as chief executive officer of EFTPOS Australia and held senior leadership roles at Westpac, including head of consumer finance and payments with responsibility for shaping and executing payment strategies across the bank.
Mr Benton currently holds positions across a range of listed and unlisted financial services businesses, and brings with him a track record of leadership, industry insight, commercial execution, and sound corporate governance.
Mr Matanda is a co-founder of institutional-grade fund Delta-G Capital and an investor across a portfolio of high-growth technology and AI companies including OpenAI, Anthropic, Groq, SpaceX, and Marley AI.
He previously held senior roles with Salter Brothers Funds Management and PriceWaterhouseCoopers.
