Findi secures agreement with Central Bank of India for additional ATMs

Findi Limited (ASX:FND) has announced that its subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI), has secured an agreement with the Central Bank of India (CBI) for the deployment of an additional 638 ATMs over a 5-year term, extendable for a further 2 years. The deployment is expected to increase annual revenue by A$5-6 million and annual EBITDA by A$2.0-2.5 million, funded from company free cash flow and bank facilities.

Executive Chairman's Commentary on Agreement with CBI

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. Findi is one of India's largest leading transactional banking providers, with its services now available in over 59,000 locations across all States and Territories in India. We look forward to deploying these ATMs in coming months as we work to deliver the full suite of basic financial services solutions to India's underbanked.

Summary of Findi's Agreement with Central Bank of India

Findi's subsidiary, TSI, has secured an agreement with the Central Bank of India for the deployment of an additional 638 ATMs over a 5-year term, extendable for a further 2 years. The deployment is expected to increase annual revenue by A$5-6 million and annual EBITDA by A$2.0-2.5 million, funded from company free cash flow and bank facilities. The roll-out will commence immediately and is anticipated to be completed by 30 June 2025. Findi's Executive Chairman, Mr Nicholas Smedley, expressed the company's pleasure in securing the additional ATMs and highlighted the confidence it instills in their ability to exceed expectations. Findi aims to deliver the full suite of basic financial services solutions to India's underbanked through this deployment.