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Findi awarded $6m extension to ATM supply contract with Central Bank of India

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By Imelda Cotton - 
Findi ASX FND Central Bank India ATMs deal
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Digital payments and financial services provider Findi (ASX: FND) has been awarded a $6 million extension to an automated teller machine (ATM) contract with the Central Bank of India (CBI).

The deal was made through Findi subsidiary Transaction Solutions International (India) and will allow for an additional 638 new machines to be installed across the country.

It represents a 25% increase to the original CBI contract awarded in March 2022 for the supply of 2,550 ATMs nationwide, which netted Findi up to $30m in added revenue and $13m inEBITDA.

Contract extension

The contract extension will be rolled out over a nine-month period and includes supply, site preparation, commissioning, e-surveillance and ongoing servicing and support.

It will be fulfilled by June 2025 and is expected to generate annual revenue of $6m and as much as $2.5m in EBITDA.

The agreement is for a term of five years ending in September 2029 and is extendable for a further two years by CBI.

‘Vote of confidence’

Findi executive chair Nicholas Smedley welcomed the opportunity to supply additional ATMs for CBI.

“Findi is one of India’s largest leading transactional banking providers and securing this contract extension is a vote of confidence in our ability to exceed expectations in the delivery of our ATM contracts in the region,” he said.

“We look forward to deploying these machines in the coming months as we work to deliver the full suite of basic financial services solutions to India’s underbanked market.”

Payment services

Findi is helping to drive India’s digital banking revolution by providing flexible and scalable payment services to more than 350 million customers at over 59,000 locations nationwide.

Mr Smedley said the company is well-positioned to service one of the world’s largest developing markets, which is underpinned by a growing population, a vast group of unbanked individuals and a substantial circulation of cash.

The number of ATMs per capita in India is currently 4.5 times less than in Australia and the US, equating to approximately 19 machines per 100,000 people.