Findi has raised A$45 million (Rs 243 crore) through an institutional placement and Share Purchase Plan (SPP) for the use of its majority-owned subsidiary in India, Transaction Solutions International (India). This marks one of the largest FinTech fundings secured in India over the past six months, a statement from the company notified.
The statement mentioned that the fundraise witnessed participation from institutional investors, demonstrating confidence in Findi’s strategic vision and growth potential. The proceeds will be utilised to enhance TSI’s technological capabilities, scale merchant payment solutions and accelerate the deployment of ATM and payment processing infrastructure across key Indian markets.
TSI, operating under Findi’s majority ownership, plays a pivotal role in India’s digital financial landscape by providing end-to-end payment and transaction processing solutions. These include ATM deployment, digital banking infrastructure and merchant acquiring services. 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, the statement added.
Further, according to the statement, this fundraise is the latest milestone in Findi’s journey this year. Earlier this month, Findi completed the acquisition of Tata Communications Payment Solutions along with its Indicash brand, giving it immediate access to a white label ATM network, payment switch and white label ATM licence, 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.
Findi is also in the process of completing its acquisition of BankIT, the statement concluded.