Findi (ASX:FND) has announced that its Indian subsidiary, Transaction Solutions International (India) Private, has entered into a binding term sheet with Nova Global Opportunities Fund PCC for a strategic investment of up to 4.18 billion Indian rupees.
The investment, subject to legal due diligence and long-form documentation, will be disbursed in tranches, with the first 1.5 billion expected by Feb. 15.
Proceeds will primarily support the rollout of Brown Label and White Label ATMs, digital expansion, and long-term working capital requirements, strengthening TSI's capital base and enabling Findi to scale its ATM footprint and digital payments ecosystem across India.
In conjunction with the investment, Findi has completed a board renewal, appointing two new non-executive directors, Stephen Benton and Tineyi Matanda, while Simon Vertullo and Jason Titman have retired.
Benton brings extensive experience in payments and banking, having led EFTPOS Australia and held senior roles at Westpac, while Matanda is a co-founder of Delta-G Capital and has a track record in high-growth technology and AI investments.
Executive Chairman Nicholas Smedley welcomed Nova Global as a committed long-term partner and expressed confidence that the strengthened board and strategic investment will support Findi’s next phase of growth and its transition toward becoming a Payments Bank and listed Indian entity.