Digital payments and financial services provider Findi Limited (ASX: FND) has announced it has secured $9.5 million through the issuance of loan notes to professional and sophisticated investors. Findi provides innovative digital payment solutions and financial services, primarily focused on emerging markets. The company leverages technology to improve access to financial services for underserved populations.
The loan notes will carry an interest rate of 10% per annum and mature on 31 August 2027. These notes are secured over the assets of the company, but are not convertible into shares. As part of the agreement, Findi will issue four unlisted options for every 17 loan notes subscribed. The maximum number of options to be issued in connection with the loan notes is capped at 2,352,941, with each option having an exercise price of $4.25.
The proceeds from the loan note issuance will be used to accelerate the BC Maxx Centre model in partnership with the Central Bank of India, and to continue the expansion of Transaction Solutions International (India) Pvt Ltd’s Brown Label ATM fleet. Findi Executive Chairman Nicholas Smedley stated that the financing will provide the necessary funding to progress with the listing of TSI in India and to pursue other growth opportunities for TSI.
Further details regarding the proposed options will be outlined in an Appendix 3B, to be released on the ASX. The announcement was authorised for release by the Board of Findi Limited.
