Findi extends contract with Central Bank of India to deploy 638 new ATMs

Digital payments and financial services provider Findi (ASX:FND) announced a contract extension with the Central Bank of India.
 
The contract, handled by Findi's subsidiary Transaction Solutions International (India), entails the deployment of an additional 638 ATMs over the next five years, extendable for a further two years.

The new agreement increases the number of ATMs awarded to Findi by 25%, following the 2,550 ATMs awarded in March 2022.

The deployment, which includes supply, site preparation, installation, and ongoing maintenance, is expected to be completed by June 30, 2025.

Findi anticipates this expansion will boost their annual revenue by $5-6 million and annual EBITDA by $2-2.5 million.

Funding for the project will come from the company's free cash flow and bank facilities. "We are extremely pleased to be awarded these additional ATMs by CBI. Securing this contract extension is a vote of confidence in our ability to exceed expectations on the delivery of our ATM contracts with India's major banks," said Nicholas Smedley, Executive Chairman of Findi.

Findi remains a leading transactional banking provider in India, with services now available in over 59,000 locations across all States and Territories. 

Findi is a financial technology company that specialises in providing solutions in the payments, electronic surveillance, and managed services space.

It provides payments and digital banking solutions through its network of merchants facilitating banking services, utility payments, money transfers, e-commerce and train and airline ticket payments.

At the time of reporting, Findi's share price was $5.10.