SYDNEY: Australian digital payments firm Findi Ltd said on Tuesday it has arranged a new A$30 million ($19.5 million) debt facility, agreed to acquire technology firm Sphere, and provided financial guidance for fiscal 2026, as it prepares for a planned Indian initial public offering.
The new funding will replace an existing A$9.5 million facility and is designed to help accelerate growth, including by unlocking up to A$40 million in restricted cash from the balance sheet of its Indian subsidiary, TSI India, the company said in a statement.
Findi also executed a share sale agreement to acquire 100% of Sphere (For Good) Holdings Pty Ltd, a loyalty, rewards and environmental, social and governance (ESG) technology platform, for up to A$6 million, payable in Findi shares.
The acquisition of Sphere will add “bank-grade” capabilities to Findi’s ecosystem, enabling features like carbon-linked rewards and micro-donations across its payment and merchant networks, the company said.
In a board refresh, Findi said Stephen Benton, former CEO of EFTPOS Australia, and Tineyi Matanda, an investment director at Salter Brothers, will join its board following the Sphere deal. Current director Simon Vertullo will step down before the end of fiscal 2026.
On the financial front, Findi forecast operating revenue of A$100 million to A$105 million for the full year to March 2026, up 60% from the previous year. It sees operating EBITDA at A$10 million to A$12 million, or A$18 million to A$20 million when excluding one-off items, after first-half earnings were hit by non-recurring costs.
“With operations stabilising, we expect a strong rebound in the second half,” said Executive Chairman Nicholas Smedley.
The company said it is building momentum toward an Indian IPO in fiscal 2027 and is targeting payments bank status. By March 2026, it expects to reach an annualised revenue run-rate of more than A$130 million.
($1 = 1.5384 Australian dollars)