Findi Limited (ASX:FND) Secures $80 Million ATM Contract with Union Bank of India
Contract Details
Findi Limited’s majority-owned subsidiary, Transaction Solutions International (India) Pvt Ltd, has secured a contract with Union Bank of India (UBI) to deploy an additional 900 ATMs. The seven-year agreement, with an option for an extra year, is valued between A$75 million and A$80 million in revenue and A$33 million to A$38 million in EBITDA over the contract period.
Financial Impact
The deployment is expected to generate an additional A$10 million to A$11 million in annualised revenue and A$4.5 million to A$5 million in annual EBITDA. Funded through internal funds and bank facilities, the project involves approximately A$12 million in capital expenditure and is projected to deliver an 18% IRR over the contract term.
Operational Deployment
The ATMs will be deployed across India within six months, commencing in late Q2 or early Q3 FY26. This contract will increase Findi’s brown label ATMs to 8,900 and complement its existing 4,829 white label ATMs following the recent TCPSL acquisition approved by the Reserve Bank of India.
Executive Comments
Findi Executive Chairman Mr Nicholas Smedley stated, “Findi is delighted to deepen the long-term relationship we have with Union Bank of India, and it is pleasing that we have again been entrusted by one of India’s largest banks to continue providing ATMs.” He added, “We look forward to completing the deployment of UBI ATMs over coming months, and in parallel, consolidating recent acquisitions and executing our white label ATM and payments bank strategies to deliver the full stack of basic financial services solutions to India’s underbanked and enhance shareholder value.”
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