Announcement PDF Findi Market Update, White-Label Strategy & 1H FY25 Results 29 November 2024 ASX: FND IMPORTANT NOTICE & DISCLAIMER This presentation (Presentation) has been prepared by Findi Limited (Findi or the Company) and is authorised for release by its Directors. You must read and accept the conditions in this notice before considering the information set out in or referred to in this Presentation. If you do not agree, accept or understand the terms on which this Presentation is supplied, or if you are subject to the laws of any jurisdiction in which it would be unlawful to receive this Presentation or which requires compliance with obligations that have not been complied with in respect of it, you must immediately return or destroy this Presentation and any other confidential information supplied to you by Findi. 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All currency amounts are in Australian dollars unless stated otherwise. All current INR to AUD conversions have been performed at a constant FX rate of 55. 2 TABLE OF CONTENTS Section 1 – Overview of Findi Section 2 – White-Label Strategy 4 Business Overview 11 Key Strategic Milestone Achieved 5 Investment Themes 12 White-Label FY26 Forecast Financial Impact 6 Robust Market Opportunity 13 New Franchise & Funding Models 7 Diversified Operations 14 The Combined Ecosystem 8 Significant Market-expansion Opportunity 15 Findipay Platform and ATM Expansion 9 Strategic Horizon 16 Payments Bank Strategy Section 3 – 1H FY25 Update 18 1H FY25 Operating Results 19 1H FY25 Highlights & 2H FY25 Investment Objectives 3 BUSINESS OVERVIEW Findi is an ASX-listed fintech that provides customised, flexible, and scalable payment services for one of the world’s largest developing markets, driving India’s digital banking revolution. Findi aims to increase the breadth of its services and become a leading transaction banking services provider… WHAT WE DO WHERE WE ARE ATM Solutions FindiPay Deployment & Management Dynamic Payments & Digital Banking LARGE MARKET OPPORTUNITY 53,0006+ locations across all Indian States & Territories as of August 2024 New Delhi Jaipur 1.4+ billion ~350 million estimated India population at June 20241 unbanked people in India (25% of the adult population3) INR ~36 trillion ~12% cash of currency in circulation ($651bn) as of July 20242 payments as a percentage of GDP in 20242,4 ~15% CAGR INR518 trillion Lucknow Kolkata Surat Mumbai Pune Hyderabad HEADQUARTERS currency in circulation growth from 2017-243 1) 2) 3) United Nations Reserve Bank of India (RBI) The Economic Times forecast size of India’s digital payments market ($9.4tn) by FY275 4) 5) 6) Forbes India PwC India Retail merchant network of 45,000 and ATM network of 8,000. Bangalore Chennai MANAGED SERVICES CENTRE (1) SALES OFFICES (1) FINDIPAY & ATM PRESENCE (6) ATM PRESENCE (21) Major cities 4 INVESTMENT THEMES Findi possesses several compelling investment fundamentals that can be leveraged to drive sustainable & cash flow accretive earnings. Key drivers include growing our ATM portfolio, as well as strategic expansion & innovation within the White Label ATM (WLA), digital payments & banking markets… ROBUST MARKET OPPORTUNITIES DIVERSIFIED OPERATIONS CLEARLY DEFINED GROWTH STRATEGY SIGNIFICANT PIPELINE OF OPPORTUNITIES We support payment services for one of the world’s largest developing markets where cash continues to represent a significant proportion of transactions. As the country increases its use of digital banking it still retains a strong preference for cash. Findi specialises in the provision of bespoke ATM deployment & managed services, as well as digital payments & banking solutions servicing large financial institutions, small businesses and individuals. Building our ATM portfolio, expanding FindiPay offerings, and leverage our WLA strategy to create valuable cross-selling opportunities. In addition to our current portfolio of ~8,000 BLA, we anticipate adding 1,500 - 2,000 BLA and 4,600 WLA by Mar-25; and, a further 6,500 WLA by Mar-26. SCALE AND LEADING POSITION EXPANDING CUSTOMER BASE EXPERIENCED MANAGEMENT TEAM MEDIUM-TERM RE-RATE OPPORTUNITY Strategically positioned across 30+ States and Territories in Pan India, supported by over 650 employees servicing over 53,000 locations, including ~8,000 ATMs. With 350m unbanked adults and 1bn+ transactions processed in FY24, our objective is to attract >7m daily customers and deliver substantial growth in transaction volume by FY25, as we support customers’ transition into the banking system. Findi is led by a seasoned executive team in India supported by an active Board of Directors who together have delivered strong growth since the transaction settlement in January 2022. Listed comparable companies on the ASX, BSE & NSEI trade at an average EBITDA multiple of 34.7x. A key pillar to this strategy is the announced acquisition of Tata Communications Payment Solutions Ltd (TCPSL). The ongoing consolidation in the Indian ATM market is anticipated to present further opportunities. A medium-term re-rate opportunity is evident as Findi currently trades at an FY24 EBITDA multiple of 12.0x (forward EBITDA multiple of 10.1x). 5 ROBUST MARKET OPPORTUNITY In a deep Indian market, fuelled by a growing population, a vast group of unbanked individuals, the substantial circulation of cash, and a prevalent preference for cash transactions, Findi is well-positioned to both assist India in achieving its National Mission for Financial Inclusion (NMFI) objective & transition towards digital payment methods… 1.4bn+ ~12% 90% the world’s most populous country1 (25% of adults remain unbanked) 3 cash payments as a percentage of GDP in 20242,4 of e-commerce transactions in rural areas are settled in cash8 1) 2) 3) Australia on pcp) digital payments market 518tn projected size by FY27 (4YR CAGR: 32.9%) ($9.4bn) 5 518 333 241 418 Value of digital payments market (tn)5 35.7 33.8 31.3 28.5 24.5 306 INR of currency in circulation (tn)2 296 286 267 258 91 19 India 2 ($651bn) in the US)6 Number of ATMs in India (k)7 150 ATMs per 100k people6 of currency in circulation 35.7tn as of July 2024 (~6.5% increase 21.4 (incl. WLA) INR 166 per 100,000 people in India ~19 ATMs (vs. 91 in Australia and 150 276 A significant opportunity remains in the Indian ATM market as the number of ATMs per capita is more than 4.5x less than Australia and the US. US United Nations RBI The Economic Times 4) 5) 6) Forbes India PwC India Statista 7) 8) ReportLinker Management estimate 6 DIVERSIFIED OPERATIONS Findi specialises in bespoke ATM deployment & managed services, and digital payments & banking solutions. Our comprehensive offering caters for large financial institutions, small businesses, and individuals seeking fast & secure cash access and digital transactions… Findi’s traditional ATM Solutions division has market leading efficiency, catering to Indian’s current preference for cash transactions. This provides substantial cash flow to fund FindiPay’s (digital platform) development. The WLA strategy aims to leverage the NMFI objective, derisking the business model and creating valuable cross-selling opportunities for FindiPay. Through its comprehensive offerings, FindiPay is well-placed to play a pivotal role in India's transition into digital banking over the next 5-10 years, further driving financial inclusivity and reshaping the financial landscape. ATM SOLUTIONS (ATMs) Operates in a deep & robust market in India: • population surpassed 1.4 billion in 2023, with 25% of adults currently ‘unbanked’; and • a strong preference for cash transactions. FINDIPAY Fast growing digital payments & banking solutions: • supporting India’s transition towards financial inclusivity; and • capitalising on the growth and shift towards digital payments over the next 5-10 years. The business unit offers: • ATM deployment & management to large financial institutions; and We offer a range of innovative technologydriven solutions designed to: • facilitate fast & secure digital transactions; and • back-end services to WLA providers. • re-define the way people in India view the financial services sector. ATMS generates positive cash flows: FindiPay is projected to experience rapid top-line growth as a result of our strategic growth initiatives, merchant acquisition strategy and robust market dynamics. • strategic growth initiatives fully funded; and • fuel growth of FindiPay, our digital payments & banking solutions business. 7 SIGNIFICANT MARKET EXPANSION OPPORTUNITY Findi is on a pathway to offering a full-service finance hub that leverages its impressive ATM footprint, to scale its digital payments. FindiPay and the ATM business create an ecosystem of complementary financial solutions… WHAT WE DO NOW ATM Solutions Deployment & Management (~8,000 BLA locations) WHERE ARE WE GOING PROGRESS UPDATE - BC MAX CENTRES • Findi aims to deliver to the underbanked of India a full-service finance hub, creating an ecosystem between the ATM and merchant services space, and offering a wide array of financial products. • We are pleased to announce that we have made significant progress on our B2C strategy. FULL-SERVICE FINANCE HUB Bank accounts Lending services Money transfer Pension products Insurance products FindiPay Dynamic Payments & Digital Banking (44,000 locations) • Each BC Max Centre will become a one-stop banking services hub providing: Bill payments Wealth management FX services Government services • Branded as ‘BC Max’ Centres, Findi & CBI are piloting 25 co-branded banking correspondent branches, ahead of a broader roll-out of additional BC Max Centres across India. Loan applications • Access to a Findi-owned & operated CBI ATM; • 35 CBI products & services through dedicated onsite CBI staff; • Our existing FindiPay merchant service; • Extended hours, seven days a week; and • An option of self-service or customer service. • As Findi transitions to a B2C provider, it seeks to leverage its WLA licence to deploy ATMs, capture market data and bring the full-stack of basic financial services solutions to India’s under/unbanked. • This consumer-focused shift will enhance financial inclusion in India and enable Findi to maintain end-to-end customer relationships. • The agreement guarantees revenue from each BC Max Centre and will generate fees from banking transactions across all banking products & services offered by CBI. 8 STRATEGIC HORIZON Findi is positioned to bolster the evolving digital banking, payments and financial services landscape in India through its WLA strategy and flagship platform, FindiPay. This digitalisation drive aims to capture a greater proportion of the financial services ecosystem, supporting sustained and sustainable growth while unlocking shareholder value through the proposed TSI India IPO… Findi’s mediumterm strategic outlook aims to expand its footprint in conventional and digital markets, maximising synergies and cross-selling opportunities, whilst unlocking shareholder value through the proposed IPO of TSI India Value to Findi’s Shareholders TRADITIONAL ATM BUSINESS Stage 1 – Portfolio Diversification & Expansion • Foster organic expansion via deployment of ATMs at physical FindiPay stores. • Execute further earningsaccretive inorganic growth. • Implement new interchange rates. FND IS HERE DIGITAL GROWTH SEGMENT (FINDIPAY) Stage 2 – Digital Transformation • Accelerate FindiPay merchants' expansion to surpass 60,000 in FY25. • Execute on acquisition strategy including TCPSL • Enhance solution capabilities to capture B2C market, following obtainment of WLA licence. INITIAL PUBLIC OFFERING (TSI INDIA) Stage 3 – Unlock Shareholder Value (liquidity event) • Intended IPO of TSI India, by the conclusion of CY26 on Bombay Stock Exchange (BSE) providing a liquidity event for Findi’s shareholders. • Expand operations into other geographic regions, including Asia Pacific, leveraging Findi’s intellectual property and expertise. • Transform into a full-service finance hub – a full-stack financial services company. Growth stages 9 Section 2 – White Label Strategy Findi Market Update, White-Label Strategy & 1H FY25 Results 10 KEY STRATEGIC MILESTONE ACHIEVED Findi has announced it has acquired Tata Communications Payment Solutions Ltd (TCPSL or Indicash), a wholly owned subsidiary of Tata Communications Limited (Tata)… KEY STRATEGIC HIGHLIGHTS 1. Immediate White Label ATM (WLA) licence 2. Immediate Payments Switch1 – 1st WLA Switch in India 3. Low-capex, high-margin franchise model 4. 2nd largest White Label ATM business in India 5. 50% increase to FindiPay margins 1) A Payments Switch is a software platform that enables the routing of electronic payments between different payment methods and financial institutions. A Payments Switch acts as a hub connecting various payment methods, such as credit cards, debit cards and online wallets. Synergies The Acquisition completes the strategic objective of combining both sides of the business by linking and creating synergies between the physical cash ATM business and the digital FindiPay business 11 WHITE LABEL FY26 FORECAST FINANCIAL IMPACT The A$75.7 million1 Acquisition is to be funded from Findi’s existing balance sheet resources with A$19.7 million net2 initial cash settlement consideration to be paid at completion and a further A$4.2 million1 to be paid 12 months post completion, bringing total cash consideration to A$23.9 million... WLA FY26 FORECAST (A$m) INTERCHANGE FEE INDEXATION 70.0 Interchange fee: 60.0 ATM operators in India currently receive 17 Rs. for a financial transaction (FT) and 6 Rs. for a non-financial transaction (NFT). 50.0 40.0 30.0 The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) last raised the FT interchange fee from 15 Rs. to 17 Rs. in 2021. 58.3 54.5 20.0 10.0 15.1 Interchange fee indexation example: 10.8 10.1 Revenue EBITDA NPBT Franchisee fee receipts Capex Immediate scale: In addition to the 4,600 Indicash ATM network, the WLA license will enable Findi to redeploy underutilized Brown Label ATMs available with TSI. Self funding model: 6,400 of the 6,900 ATMs available for deployment are expected to be progressively deployed during FY26. Under a franchisee model (see next slide) these 6,400 sites are expected to generate ~A$58.3m in franchise fees and require a ~A$10.8m capital investment. Industry has been lobbying the RBI and the NPCI to increase interchange fees. If the RBI / NPCI increase the FT interchange fee by 2 Rs and the NFT interchange fee by 1 Rs the WLA FY26 forecast Revenue (A$54.5m), forecast EBITDA (A$15.1m), and forecast NPBT (A$10.1m) will all increase by approximately +A$6.9m ie the increase will drop directly to the bottom line. Any interchange fee indexation may be more or less than the above example. The above example is before any impact on the BLA business. 1.) Subject to interchange fee rate change and settlement adjustments. 2.) Net of cash on TCPSL balance sheet that transfers with the Acquisition. 3.) Transaction Solutions International (India) Pvt Ltd, Findi’s 80.60% owned subsidiary. 12 NEW FRANCHISE & FUNDING MODELS Findi’s new white-label ATM franchise model delivers a high-margin, low-capex, scalable approach. This model provides capital light opportunity for partners to enter regional markets quickly, leveraging Findi’s infrastructure for higher ROI than traditional BLA’s… NEW FRANCHISE MODEL FUNDING MODEL • Capital light, high-margin model generates higher ROI than traditional brown-label ATMs as there is limited Company capital locked up in franchisee sites. • Franchisee deposit: Franchisee invests ₹500,000 (A$9,000) in Findi for a share of the WLA Interchange Fee. • Fixed rental and electricity costs convert to variable transaction-based costs under the franchise agreements. This conversion from fixed to variable lowers the contribution margin threshold and reduces working capital lock up. • Capex contribution: Phase 1 rollout of ATM inventory (to Mar26) is anticipated to generate $58.3m in franchisee fees and require A$10.8m capital expenditure. • Variable cash logistics costs are also managed by the franchisee further enhancing the working capital equation. • The franchise structure is infinitely scalable as capex requirements are funded by the franchisee. FRANCHISE MODEL SUMMARY • No rental cost STRATEGIC GROWTH & MARKET EXPANSION • Strategic partner opportunities o Offers low-investment entry points for partners through franchising o Quick market entry leveraging Findi’s established infrastructure • No power cost • No cash logistics cost • 500,000-rupee franchise fee • Interchange fee sharing • Regional Market Expansion o Enables partners to penetrate regional markets with minimal upfront investment 13 THE COMBINED ECOSYSTEM The combined (physical cash + digital payments) ecosystem provides immediate scale, cost savings, and improved margins, positioning the business for market penetration… WHITE LABEL STRATEGY THE COMBINED ECOSYSTEM • The WLA strategy provides immediate scale and integration across physical cash and digital. PAYMENTS SWITCH Re-deployment of ATMs • Provides direct access to debt and credit card banking facilities across all Indian banks and enables Findi to connect directly with all integrated payments devices. • Improves margin by removing 3rd party switch costs, and allowing Findi to integrate high-margin products like; insurance, funds management, SME loans etc. BLA business • Current Base: 8,000 ATMs operational nationwide Co-located ATMs with FindiPay merchants WLA business • Current Base: 4,600 ATMs operational nationwide • Target Expansion: +7,000 additional ATMs to be deployed, focusing on hightraffic areas and underserved regions to FindiPay business drive financial inclusion • Current Base: 45,000 Merchants nationwide • MERCHANT NETWORK EXPANSION • Findi’s WLA licence enables the co-location of Findi-branded ATMs with FindiPay digital merchants increasing foot traffic to both profit centres and cross selling opportunities for merchants. Broaden footprint by growing the number of merchant partners, increasing both the transaction base and Findi’s visibility across more locations Payments Switch providing cost savings and increasing margins 14 FINDIPAY PLATFORM AND ATM EXPANSION Findi’s expansion strategy for both its merchant and ATM network aims to increase accessibility and support financial inclusion. The combination of a robust merchant network and growing ATM presence will enhance Findi’s market visibility and drive its position as a key player in the digital payments landscape... FINDI PLATFORM ATM NETWORK EXPANSION MERCHANT ACQUISITION ATM DEPLOYMENT • Current Base: 45,000 merchants onboarded • Current Base: 8,000 owned ATMs • Growth Target: Targeting 60,000 by March 2025, and further expand to 120,000 by March 2026, based on the current run rate • FY26 forecast Base (by Mar-26): ~21,000 ATMs. Including • Strategic Expansion: o Building a stable revenue stream and solidifying Findi’s footprint in the digital payments ecosystem o ~9,500 BLA; and o ~11,500 WLA strategically positioned in underserved and highdemand locations. o Offering additional financial services through strategic partnerships (i.e. SME loans, insurance, funds management / investment etc.) ATM Mix # Merchants 140,000 120,000 120,000 100,000 80,000 8,000 60,000 40,000 20,000 60,000 55% 21,000 45% Brown White 100.0% 45,000 Current Mar-25 Mar-26 Current FY26 FY end 15 PAYMENTS BANK STRATEGY Findi aims to become a full-service ‘Payments Bank’ providing a complete suite of financial service solutions tailored to India’s underbanked. This strategy leverages core banking products, extensive partnerships and a robust distribution network to position Findi as a one-stop financial services provider… CORE BANKING PRODUCTS PARTNERSHIP-DRIVEN GROWTH PAYMENTS BANK COMPONENTS DISTRIBUTION NETWORK • Primary offerings: • Scaling up by leveraging existing distribution channels and branch network (including CBI partnerships) o Issuance of ATM / debit cards o Provide payments services • Additional Roles: o Act as a business correspondent o Distribute mutual fund and insurance products MARKET POSITION PRODUCT INTEGRATION • Insurance: Partnership-based, accessible and affordable insurance offerings • Loans: Introduction of lending options to diversity revenue streams • Funds: Investment products to support the ecosystem and meet varied customer needs • Currently, only 6 Payments Banks operate in India, marking a great opportunity for Findi to capitalise 16 Section 3 – 1H FY25 Update Findi Market Update, White-Label Strategy & 1H FY25 Results 17 1H FY25 OPERATING RESULTS Findi is pleased to report its half year ended 30 September 2024 (1H FY25) operating results, which saw the Company achieve 1H FY25 Revenue of $30.7M and EBITDA of $12.9M. Findi remains on track to meet its FY25 revenue and EBITDA guidance range as our FY25 budget is heavily weighted to 2H FY25, driven by the SBI contract uplift and WLA revenue commencement. EBITDA2 TOTAL REVENUE $50M - $60M $80-$90M $59.3M $17M - $22M $30.7M 1H FY25 Actual Result $12.9M 2H FY25 Estimate range1 FY25 Forecast Findi reported revenue of $30.7M and EBITDA of $12.9M in 1H FY25. EBITDA was $0.6M ahead of internal budgets. Factors influencing the result include: • transactions per day softened temporarily during the half due to the Indian general elections that occur once every five years (19 April 2024 to 1 June 2024). Transaction volumes have now returned to trend. • SBI started surrendering on-site ATMs in the first half ahead of issuing the purchase order for the new off-site contract. The purchase orders have now been received. (1) (2) 2H FY25 represents half year ended 31 March 2025 EBITDA represents Earnings Before Interest Tax Depreciation & Amortisation 1H FY25 Actual Result $22.1M 2H FY25 Estimate range1 $30-35M FY25 Forecast The final requirements for Findi’s WLA licence application were lodged in August 2024 with an expectation the licence would be approved by the RBI in early 2H FY25. This application is now on hold as Findi will secure a WLA licence upon completion of the TCPSL acquisition. As a result, estimated WLA roll-out revenue has been deferred until the completion of the TCPSL acquisition, which is expected to complete by 31 December 2024. Overall, Findi remains on track to meet its FY25 revenue and EBITDA guidance range on the basis that the TCPSL acquisition is completed in line with management expectations of early CY2025. 18 1H FY25 HIGHLIGHTS & 2H FY25 INVESTMENT OBJECTIVES Findi has met its key investment objectives in FY25. Findi remains on track to meet its FY25 revenue and EBITDA guidance range as our FY25 budget is heavily weighted to 2H FY25, driven by the SBI contract uplift and WLA revenue commencement. FY25 REVENUE & EBITDA GUIDANCE KEY HIGHLIGHTS & INVESTMENT OBJECTIVES FY25 Guidance: Revenue: $80 - 90 million EBITDA: $30 - 35 million • Roll-out FindiPay across 6 new States • Accelerate FindiPay merchant acquisition run-rate • Welcome new C-Suite personnel across FindiPay, finance, and WLA teams • Implement new SAP ERP system across the Company • Appoint lead broker for TSI India’s IPO in late 2024 • Deploy Findi-branded WLAs in 2H FY25 • Lodge SEBI application in 2025 and obtain approval by mid 2026 • Announced acquisition of TCPSL (1) (2) Refer to ASX Announcement on 30 October 2023 Refer to ASX Announcement on 15 November 2024 FY25 Revenue and EBITDA budget is weighted to the second half of FY25, driven by State Bank of India (SBI) onsite-tooffsite ATM conversion ramp-up1, continued Central Bank of India (CBI) growth and the deployment of White Label ATMs (WLAs) – refer to WLA Strategy Update below. CONTINUED FINDIPAY EXPANSION & MOMENTUM FindiPay has continued its strong momentum into 1H FY25. Findi plans to expand its offering into six new States, increasing its presence to twelve States and Territories across India. Currently, FindiPay is acquiring 3,000 merchants per month and is expected to continue benefiting from favourable market conditions. STRATEGIC INVESTMENTS IN PEOPLE & SYSTEMS Findi continues to focus on strengthening the Company’s leadership team and enterprise systems to best position the business to integrate the Tata Communications Payment Solutions Ltd (TCPSL) acquisition2 and deliver operational growth objectives. ~$1.6m in ‘growth’ costs (investment) is included in the 1H25 Statement of Profit and Loss and OCI3.. UPDATE ON M&A ACTIVITY On 15 November 2024, Findi announced the a