Findi Limited has secured a binding term sheet for up to INR 418 crore (A$72 million) strategic investment from Nova Global Opportunities Fund PCC into its Indian subsidiary, Transaction Solutions International (India) Private Limited (TSI). The first tranche of INR 150 crore (A$26 million) is scheduled to close on or before 15 February 2026, subject to completion of legal due diligence and execution of long-form documentation. The capital injection strengthens TSI’s balance sheet and provides a clear funding runway for Brown Label ATM completion, White Label ATM expansion, and digital payments ecosystem scaling across India.
The Findi $72M strategic investment marks a material inflection point for the company’s Indian operations, bringing institutional validation from an investor with proven expertise in pre-IPO opportunities. Alongside the funding announcement, Findi has confirmed two strategic board appointments: Stephen Benton, former CEO of EFTPOS Australia, and Tineyi Matanda, Co-Founder and Managing Director of Delta-G Capital. Both directors bring deep payments, banking, and capital markets experience aligned with TSI’s ambitions to transition toward a Payments Bank licence and potential Indian listing.
Nova Global’s Strategic Investment: Breaking Down the $72M Deal
Nova Global has executed a binding term sheet following satisfactorily completing preliminary due diligence. The up to INR 418 crore (A$72 million) investment will be deployed in tranches, with the first tranche of INR 150 crore (A$26 million) payable on or before 15 February 2026 upon completion and execution of long-form documentation. The remainder of the funds will be payable in tranches with timelines agreed between TSI and Nova Global.
Completion remains subject to standard conditions, including execution of definitive documents, no material adverse change, and representations and warranties being true and correct on the closing date. TSI has arranged a deposit whilst long-form documentation is completed, providing immediate financial security whilst legal processes conclude.
Executive Chairman Nicholas Smedley highlighted the strategic nature of the partnership: “We are pleased to welcome a key strategic partner who has a proven track record investing in pre-IPO opportunities in India as a committed long-term partner as we move into this next stage of delivery.”
He added: “Nova Global will significantly strengthen TSI’s balance sheet, support rapid scaling of both our ATM and digital businesses, and reinforce confidence in our long-term vision.”
Proceeds will primarily fund ongoing capital expenditure for Brown Label and White Label ATM deployments, alongside long-term working capital requirements to support operational scaling across India’s fragmented payments infrastructure landscape.
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What Does Nova Global’s Investment Mean for Findi Shareholders?
The Findi $72M strategic investment validates TSI’s business model and unit economics at the subsidiary level, de-risking execution for ASX-listed parent company shareholders. By securing institutional backing from an investor specialising in pre-IPO Indian growth opportunities, Findi has removed near-term funding uncertainty and established a clear 12 to 24-month deployment roadmap.
Capital enters TSI directly, strengthening the subsidiary’s balance sheet without immediate dilution at the Findi Limited parent level. This structure positions TSI as a self-funded growth entity within the broader Findi Group, supporting potential future value realisation events such as a Payments Bank licence or independent Indian listing.
Nova Global’s track record in identifying pre-IPO opportunities provides institutional credibility, potentially attracting follow-on capital as TSI scales its ATM network and digital payments platform. For retail investors in ASX: FND, the investment signals confidence in management’s ability to execute on India’s underpenetrated cash-to-digital transition opportunity whilst maintaining strategic control at the parent company level.
Understanding Nova Global Opportunities Fund
Nova Global Opportunities Fund PCC specialises in pre-IPO investments within India’s high-growth sectors, including financial services, technology, and digital infrastructure. As a strategic rather than purely financial investor, Nova Global’s involvement signals long-term commitment to TSI’s expansion trajectory. The fund’s expertise in navigating Indian regulatory frameworks and pre-listing capital structures aligns directly with Findi’s stated ambitions for TSI’s evolution toward an independent, listed payments entity.
How Will Findi Use the $72 Million Funding?
The capital will be deployed across three core areas: completing the Brown Label ATM rollout under existing bank partnerships, accelerating White Label ATM expansion into underserved regions, and scaling the digital payments ecosystem. Long-term working capital allocation ensures operational capacity to support rapid infrastructure deployment without funding constraints.
India’s fragmented ATM network presents significant opportunity in rural and semi-urban markets where cash remains the dominant transaction medium despite digital payment initiatives. TSI’s dual-model strategy addresses both immediate revenue generation through Brown Label partnerships and higher-margin infrastructure ownership via White Label expansion.
| Funding Allocation | Purpose | Strategic Impact |
|---|---|---|
| Brown Label ATM Completion | Finalise existing partnership deployments | Revenue generation from established network |
| White Label ATM Rollout | Expand proprietary ATM footprint | Higher margin infrastructure ownership |
| Digital Payments Expansion | Scale digital ecosystem | Future-proofs business model beyond cash |
| Working Capital | Support operational scaling | Enables rapid deployment without funding constraints |
The funding structure supports revenue-generating infrastructure with clear return-on-investment pathways across both cash-based ATM networks and emerging digital payment channels, positioning TSI to capture value across India’s evolving payments landscape.
Brown Label vs. White Label ATMs: What Investors Need to Know
Understanding the distinction between Brown Label and White Label ATM models is critical to assessing Findi’s revenue diversification strategy. Brown Label ATMs operate under bank partnerships, where TSI deploys and manages ATMs branded with the partner bank’s identity. Revenue is shared between TSI and the bank partner based on transaction fees, requiring lower upfront capital expenditure but generating lower per-unit margins.
White Label ATMs are owned, operated, and branded by TSI as a non-bank entity. This model captures 100% of transaction fee economics, offering superior margin profiles once deployment reaches scale. However, White Label requires higher initial capital investment and regulatory approval as an independent ATM operator.
India’s Reserve Bank permits non-bank entities to operate White Label ATMs specifically to address infrastructure gaps in underserved regions, where traditional banks face uneconomical deployment costs. TSI’s White Label focus targets rural and semi-urban markets with limited banking infrastructure, accessing untapped demand whilst avoiding direct competition with established bank networks in metropolitan areas.
The dual-model approach hedges execution risk. Brown Label partnerships provide immediate cash flow from established networks, whilst White Label expansion builds long-term margin expansion potential. As India’s digital payments infrastructure matures, TSI’s White Label footprint positions the company to integrate ATM services with digital wallet ecosystems, creating platform revenue opportunities beyond pure cash withdrawal fees.
Who Are the New Directors Joining Findi’s Board?
Findi has appointed Stephen Benton and Tineyi Matanda as Non-Executive Directors following a structured board renewal process commenced during 2025. The appointments coincide with the retirement of Simon Vertullo and Jason Titman, representing a strategic governance upgrade aligned with TSI’s growth phase and regulatory ambitions.
Both directors bring complementary expertise in payments infrastructure, banking regulation, and capital markets execution, directly supporting Findi’s transition toward a Payments Bank licence and potential Indian listing pathway. Executive Chairman Nicholas Smedley stated: “I am delighted that Stephen and Tineyi are joining the Board. They bring extensive experience and insight, and will be fully committed to supporting the Findi team as we continue to execute our strategy and deliver on our commercial objectives.”
The board renewal process prioritised continuity and strong governance whilst aligning director expertise with the company’s strategic priorities, including TSI’s regulatory pathway and long-term value realisation events.
Stephen Benton: Payments & Banking Veteran
Stephen Benton previously served as Chief Executive Officer & Managing Director of EFTPOS Australia, where he led the business responsible for Australia’s domestic electronic payments network and drove strategic initiatives to enhance acceptance and interoperability across retail and financial sectors and the digital identity business, Connect ID.
Prior to EFTPOS Australia, Benton held senior leadership roles at Westpac, including Head of Consumer Finance and Payments, where he was responsible for shaping and executing payment strategies across one of Australia’s largest banks and for driving customer-centric product and technology innovation. He currently holds positions across a range of listed and unlisted financial services businesses.
Benton’s experience in payments infrastructure, regulatory stakeholder engagement, and financial services governance directly supports Findi’s strategy to scale TSI’s ATM network whilst navigating India’s complex regulatory environment. His EFTPOS leadership demonstrates capability in managing national-scale payments infrastructure, relevant to TSI’s ambitions for widespread ATM deployment and digital payments integration.
Tineyi Matanda: Venture Capital & Growth Equity Specialist
Tineyi Matanda is Co-Founder and Managing Director of Delta-G Capital, an institutional-grade fund dedicated to secondary investments in leading global technology companies. He is an investor across a broad portfolio of high-growth technology and AI companies, including OpenAI, Anthropic, Groq, SpaceX, Marley AI, DisplaySweet, PelicanCorp, and SphereForGood, among others.
Prior to establishing Delta-G, Matanda spent 10 years as Investment Director at Salter Brothers Funds Management, a $4.5 billion alternative asset manager. There, he helped launch the private equity and venture capital business, running 4 equity funds focused on growth technology companies and led dozens of investments spanning early-stage, late-stage, and growth-stage opportunities.
Matanda’s earlier career included roles at PricewaterhouseCoopers working in mid-market Corporate Finance/Transaction Services (M&A, due diligence, operational strategy), after first training as an auditor focused on financial services, risk and compliance, where he worked with some of the world’s largest institutions including Goldman Sachs, BHP, AXA, AustralianSuper and Medibank.
Matanda’s capital markets expertise and exit execution experience are critical for TSI’s potential Indian IPO pathway. His track record in scaling growth-stage technology companies and structuring liquidity events aligns with Findi’s long-term strategy to realise value from TSI through an independent listing or strategic transaction.
Commenting on their appointment as directors, Mr Benton said: “We are honoured to join Findi Limited at such an exciting time in its journey. The company’s commitment to innovation and financial inclusion resonates deeply with our own values, and we look forward to contributing to its vision of empowering communities through accessible and sustainable solutions. Together with the board and leadership team, we are eager to help drive growth and create lasting impact.”
Investment Thesis: Why the Findi $72M Strategic Investment Matters
The Nova Global investment removes funding uncertainty and validates TSI’s unit economics at the subsidiary level, de-risking execution for parent company shareholders. With a clear 12 to 24-month deployment runway, Findi can accelerate Brown Label completions and White Label expansion without near-term dilution risk.
Institutional backing from an investor with proven pre-IPO Indian market expertise signals confidence in management’s ability to scale both ATM infrastructure and digital payments platforms. The capital structure strengthens TSI independently, positioning the subsidiary for potential value realisation events (Payments Bank licence approval, Indian listing) whilst the ASX-listed parent maintains strategic control.
Board appointments add payments infrastructure and capital markets depth precisely when TSI requires regulatory navigation expertise and exit pathway execution capability. Stephen Benton’s EFTPOS leadership provides governance credibility for Payments Bank applications, whilst Tineyi Matanda’s growth equity background supports listing preparation and investor relations strategy.
For ASX: FND shareholders, the Findi $72M strategic investment creates multiple value inflection pathways: operational scaling driving revenue growth, regulatory milestones unlocking new business lines (Payments Bank), and potential independent TSI listing establishing market valuation for the Indian subsidiary. The funding removes execution risk whilst board renewal enhances governance standards for institutional investor confidence.
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What Happens Next: Key Milestones & Timeline
Immediate next steps focus on completing legal due diligence and finalising long-form documentation ahead of the 15 February 2026 first tranche closing. The INR 150 crore (A$26 million) initial payment will trigger accelerated Brown Label ATM deployment and White Label expansion commencement in Q1 2026.
Subsequent tranches will be released on timelines agreed between TSI and Nova Global, tied to deployment milestones across both ATM models and digital payments platform scaling. New directors Stephen Benton and Tineyi Matanda are undergoing onboarding, with board integration supporting regulatory pathway execution and capital markets strategy development.
- January 2026: Legal due diligence and definitive documentation finalisation
- 15 February 2026: First tranche closing (INR 150 crore / A$26 million)
- Q1 2026: Brown Label ATM completion accelerates
- 2026 (phased): Remaining tranches released tied to deployment milestones
- Ongoing: White Label expansion and digital payments platform scaling
The structured timeline provides operational clarity and investor visibility on capital deployment, supporting near-term momentum whilst establishing foundations for long-term strategic initiatives including Payments Bank licensing and potential TSI listing preparation.
Ready To Discover Findi’s $72 Million Growth Catalyst?
Findi’s $72 million strategic investment from Nova Global strengthens its Indian subsidiary, fuelling ATM network expansion and digital payments scaling. This pivotal funding accelerates Brown Label and White Label ATM deployments, positioning Findi for future growth and potential landmark value events.
To explore how this capital injection and expert board appointments will drive Findi’s ambitious roadmap, visit the Findi investor centre for full details and updates. Unlock insights into their transformative projects and discover investment opportunities shaping India’s payments landscape.