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Findi expands Indian ATM network with 900-machine Union Bank of India contract

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By Imelda Cotton - 
Findi ASX FND additional 900 ATMs Union Bank of India
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Digital payments and financial services provider Findi (ASX: FND) has secured a contract with Union Bank of India (UBI) for the nationwide deployment of an additional 900 automatic teller machines (ATMs).

The company made the deal, which is an extension of an original contract for 3,000 ATMs, through Local Findi subsidiary Transaction Solutions International (TSI).

The extension is for seven years with an option for an additional 12 months and is expected to deliver up to $80 million in revenue and up to $38m in EBITDA over the contract period.

Financial return

The deal will involve $12m in capital expenditure and boost the total number of ATMs in Findi’s portfolio to 8,900.

Findi expects it to deliver an 18% internal rate of return to TSI over the term of the contract.

The company is forecasting full deployment to contribute an additional $11m in annualised revenue and up to $5m in annual EBITDA.

Long-term relationship

Findi executive chair Nicholas Smedley said the contract is validation from a large Indian financial institution of the company’s capabilities and professionalism.

“We are delighted to deepen the long-term relationship we have with Union Bank of India and it is pleasing that we have again been entrusted by one of India’s largest banks to continue providing ATMs,” he said.

The company expects the six-month roll-out to commence by the third quarter of 2026.

Tata acquisition

Findi will also have 4,829 ATMs in operation across India on completion of a proposed $75m acquisition of Tata Communications Payment Solutions.

The company announced the deal in November as a strategic milestone for its ATM business that will involve the delivery of new machines plus a platform with a licence and payments switch.

Findi will deploy an additional 3,000 ATMs – currently warehoused – to immediately provide it with additional scale.

The Reserve Bank of India approved the Tata acquisition this week, paving the way for settlement within the next 60 days.