Fintech firm Findi raises Rs 243 Cr from institutional investors

Fintech company Findi Ltd has raised Rs 243 crore in funding through an institutional placement and share purchase plan, according to a release on Tuesday.

The proceeds will be used to enhance the technological capabilities of the majority-owned Indian subsidiary Transaction Solutions International India, scale merchant payment solutions, and drive the deployment of ATM and payment processing infrastructure across key Indian markets.

Australian stock exchange-listed Findi said the fundraising witnessed strong participation from institutional investors, reflecting confidence in its strategic vision and growth potential.

"Findi...has raised Australian dollars 45 million (Rs 243 crore) through an institutional placement and share purchase plan (SPP)," the release said.

TSI, operating under Findi's majority ownership, offers end-to-end payment and transaction processing solutions.

"With this fresh capital, TSI plans to significantly expand its operations and strengthen collaborations with banks and financial institutions, furthering its commitment to financial inclusion," it said. 

Deepak Verma, MD and CEO of Findi, said: "With this capital, we will accelerate our White Label ATM strategy, which includes expansion and monetisation of our franchisee network, and fortify our partnerships with financial institutions to enhance our product offerings, thereby empowering and enabling financial inclusion for millions of underserved and underbanked Indians."

Earlier this month, Findi completed the acquisition of Tata Communications Payment Solutions Limited (TCPSL) along with its Indicash brand, giving it immediate access to a white label ATM network, payment switch and white label ATM license, which will allow Findi to deploy white label ATMs to its existing merchant network, and offer payment solutions to existing Indicash White Label ATM franchisees.

Simply put, white label ATMs refer to automated teller machines (cash dispensing machines) managed and operated by non-banking entities, as authorised by the RBI.

Findi is also in the process of completing its acquisition of BankIT and its 120,000-plus merchant network.