Findi Faces FY26 EBITDA Pressure Amid ATM Delays but Eyes Strong Recovery

Findi’s Strategic Momentum in Indian Fintech

Findi Limited, an Australian-listed fintech company focused on bridging physical and digital banking in India, has provided a comprehensive business update outlining its FY26 financial guidance, recent acquisitions, and strategic progress towards an IPO on the Bombay Stock Exchange (BSE) in FY27. The company is positioning itself to become a Payments Bank in India, leveraging a growing ATM network and digital financial services to serve the country’s vast underbanked population.

FY26 revenue is forecasted to exceed A$100 million, a significant increase from FY25’s A$61.1 million, driven largely by the integration of recent acquisitions TCPSL and BankIT, as well as a new contract with the State Bank of India (SBI). Operating EBITDA is expected between A$10 million and A$12 million, down from FY25’s A$20.6 million, primarily due to non-recurring costs and delays in ATM rollouts during the first half of FY26. However, management anticipates a strong recovery in the second half, with an exit run rate EBITDA forecast of over A$30 million by March 2026.

Expanding Digital and Physical Footprint

Findi’s business model combines Brown Label ATM (BLA) operations, White Label ATM (WLA) franchises, and a fast-growing digital payments platform. The company now operates over 11,500 ATMs nationwide and a merchant network exceeding 163,000 agents, providing deep penetration across India’s 28 states and 8 union territories. Digital revenues have grown to represent nearly one-third of consolidated group revenue, reflecting the successful integration of BankIT and FindiPay platforms.

The company is actively expanding its ATM footprint, with plans to deploy an additional 6,750 ATMs by the end of FY26, focusing on high-traffic and underserved regions. The WLA portfolio is undergoing a strategic reset to improve transaction volumes and profitability, with recent franchise sales momentum indicating renewed growth potential.

Acquisition of Sphere, Loyalty, Rewards, and ESG Integration

In a move to differentiate its offering and enhance customer engagement, Findi has agreed to acquire Sphere (For Good) Holdings Pty Ltd, a bank-grade loyalty, rewards, and carbon offset platform. Sphere’s SaaS-based technology enables transaction-level emissions analytics, automated offset payments, and loyalty redemption programs, with existing partnerships including Visa APAC and Shopify. The acquisition, valued at up to A$6 million payable in Findi shares, is expected to unlock new revenue streams and strengthen Findi’s ESG credentials.

Sphere’s platform will be integrated across Findi’s ATM network, digital merchants, and co-branded banking centres, enabling innovative loyalty and green finance features. This strategic acquisition supports Findi’s ambition to become a full-service financial ecosystem and enhances its appeal ahead of the planned IPO.

Funding and Governance Updates

To support its growth initiatives, Findi has secured non-binding commitments for a scalable A$30 million debt facility, which will fund ATM expansion and accelerate rollout of its BC Max banking centres in partnership with the Central Bank of India. The facility also provides scope to release up to A$40 million of restricted cash on the TSI India balance sheet.

Governance changes include the planned departure of Simon Vertullo from the board by the end of FY26 and the appointment of Sphere’s directors, Stephen Benton and Tineyi Matanda, bringing significant fintech and emerging markets expertise to Findi’s leadership team.

IPO and Payments Bank Ambitions

Findi’s IPO advisors confirm that the company remains on track for a listing on the Bombay Stock Exchange in the second half of FY27, with brokers targeting a valuation multiple of 15x to 19x EBITDA, implying a market capitalization between approximately A$750 million and A$900 million. Post-IPO, Findi will be eligible to apply for Payments Bank status, enabling it to offer a broader range of financial products and deepen its presence in India’s semi-urban and rural markets.

The company’s integrated ecosystem, combining physical ATM infrastructure with digital banking services and loyalty programs, positions it well to capitalize on India’s large underbanked population and growing digital payments market, forecast to reach US$9.4 trillion by FY27.