Findi schedules shareholder vote for $72 million Nova investment as ATM network gains momentum
Findi Limited has scheduled an Extraordinary General Meeting for 31 March 2026 to seek Findi Nova Investment Shareholder Approval for a strategic capital injection totalling INR 418 crore (A$72 million) from Nova Global Opportunities Fund. The meeting comes as the company’s Brown Label ATM portfolio reports 18% transaction growth over the past six months, providing operational validation for the planned network expansion.
The investment structure comprises an initial tranche of INR 150 crore (A$26 million), with receipt now contingent on shareholder approval and execution of long-form documentation. Originally expected by 15 February 2026, the timeline has been adjusted following completion of due diligence. The meeting will be held at 10:00am AEDT on the scheduled date.
The dual announcement positions the shareholder vote as a near-term catalyst for (ASX: FND), with approval unlocking capital required to complete the company’s contracted ATM rollout across India’s underbanked regions.
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Brown Label ATM transactions surge 18% in six months
Findi’s deployed ATM network has demonstrated consistent transaction velocity growth, with daily volumes increasing approximately 18% over the past six months. Performance across deployment phases shows a clear maturation curve, with earlier installations achieving higher transaction rates as local awareness builds.
| Deployment Phase | ATMs Installed | Timing | Current Avg TPD |
|---|---|---|---|
| Phase 1 | 76 | Up to Dec 2024 | ~192 |
| Phase 2 | 1,952 | Jan-Mar 2025 | ~183 |
| Fleet Average | 2,590 total | — | ~180 (forecast mid-Feb 2026) |
The company attributes the uplift to increasing awareness of ATM locations, disciplined site selection by experienced management, and broader cash usage growth across India. While further rollout remains paused pending funding procurement, management expects transactions per day (TPD) to continue increasing across deployed units.
The continued ramp-up in transaction velocity provides confidence in the underlying business case, supporting the rationale for securing the Nova Global funding to complete remaining contracted deployments.
Early deployments outperforming newer vintages
Phase 1 ATMs installed through December 2024 are now averaging approximately 192 TPD, outperforming more recent installations. Phase 2 units deployed between January and March 2025 currently average approximately 183 TPD, with volumes continuing to trend upward as sites mature.
The performance differential reflects the natural maturation curve, where newer ATMs require time to build local awareness within their catchment areas. The fleet-wide average is forecast to approach approximately 180 TPD by mid-February 2026, demonstrating predictable, scalable economics as the network matures.
What is a Brown Label ATM and why does it matter for Findi?
Brown Label ATMs are owned and operated by non-bank entities but connected to a bank’s network for transaction processing. Unlike bank-owned ATMs or White Label ATMs (owned by non-banks but branded independently), Brown Label units carry the sponsoring bank’s branding whilst being managed by the third-party operator.
Findi’s business model centres on earning interchange revenue on each withdrawal transaction processed through its ATM network. The company owns and operates the physical infrastructure, handles site selection and maintenance, and receives a fee for each transaction completed. This creates a direct correlation between transaction velocity and revenue generation.
Transaction volume per day (TPD) serves as the key operational metric. Higher daily transactions translate directly to higher revenue per deployed ATM, making the 18% growth figure reported a leading indicator of earnings potential. For investors, understanding this revenue mechanism is essential when assessing the company’s financial trajectory.
India’s rural and semi-urban areas remain significantly underbanked, with insufficient ATM coverage creating persistent demand for accessible cash withdrawal infrastructure. Findi’s network targets these underserved locations, where transaction demand often exceeds expectations due to limited alternative access points.
India’s cash usage growing at fastest pace since the pandemic
Reserve Bank of India data indicates currency in circulation has increased by approximately INR 2.8 trillion during the current financial year through March. This represents a threefold increase compared to the same period last year, marking the fastest growth pace since the pandemic.
The acceleration in currency circulation highlights the continued structural role of cash within India’s economy, reinforcing the fundamental premise underpinning Findi’s business model. Despite rapid digital payment adoption in urban centres, cash remains essential in regional, semi-urban and underbanked locations where Findi’s ATM network operates.
As cash usage expands, demand for accessible withdrawal points in these underserved areas continues to grow. The macro trend provides a supportive backdrop for the company’s Brown Label and White Label ATM networks, validating the strategic rationale for completing the contracted rollout once funding is secured.
Director commentary on operational momentum
Nicholas Smedley, Executive Chairman
“We are encouraged by the 18% growth in daily transactions across our Brown Label ATM portfolio over the past six months, with performance tracking ahead of our original business case assumptions. The continued ramp-up across deployment phases reinforces the strength of the contracts we have secured and provides confidence in the underlying economics of the network.”
Smedley added that the momentum is being supported by strong growth in cash usage across India, stating: “The acceleration in currency circulation further validates the continued rollout strategy and the essential role our ATM infrastructure plays in meeting sustained market demand.”
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What happens next for Findi shareholders
The Findi Nova Investment Shareholder Approval process follows a defined timeline, with several key milestones ahead:
- Notice of Meeting released to ASX (25 February 2026)
- Extraordinary General Meeting scheduled for 31 March 2026 at 10:00am AEDT
- Long-form documentation execution to follow upon shareholder approval
- Initial A$26 million tranche to be received following satisfaction of conditions
The shareholder vote represents the immediate catalyst for (ASX: FND), with approval unlocking the first capital tranche and enabling the company to resume its contracted ATM rollout. The meeting provides shareholders with the opportunity to assess the strategic investment against the backdrop of operational performance data demonstrating 18% transaction growth and favourable macro trends in Indian cash usage.
For investors, the March meeting serves as a pivotal decision point on Findi’s growth trajectory, with the Nova Global capital injection positioned to fund completion of the remaining network deployment across India’s underserved regions.
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