- Findi is an emerging provider of digital banking services in India.
- The company is targeting rural and remote areas of India.
- A series of positive announcements has sent the stock price into 52-week high territory.
The company operated in the Indian consumer payments space and previously provided ATM services to Indian banks under the name Transaction Solutions International. The company was rebranded as Findi and, in 2022, began to evolve to become a digital payments bank providing a wide range of digital payments and other financial offerings.
On 30 October, Findi Limited announced a ten-year contract with India’s largest bank – the State Bank of India (SBI) – to provide more than 4,000 ATMs nationwide. Revenue from the contract is estimated to be between $550 and $620 million.
Three days later, the company announced its existing arrangement with SBI via a third-party outsource had been extended through 2024.
On 15 November, the company announced a capital raising of $37.6 million from a leading Indian investment firm, Piramal Alternatives, with the backing of a major Canadian pension fund.
On 28 November, Findi announced its Half Year 2023 financial results, posting revenues rising by 28% and profit after tax from continuing operations up 352%.
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The stock price is up 107.62% year over year, with the price spiking upward beginning with the October announcement.
Source: ASX
An analyst at Red Leaf Securities has a BUY recommendation on Findi shares, highlighting its presence in the “fast-growing Indian economy” as well as the recent capital raising, commenting, “We believe FND offers plenty of upside from here.”
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