Findi, a Sydney-based fintech providing last-mile payment and digital banking solutions primarily to merchants in India, has agreed to acquire Sphere For Good for an implied value of up to AUD 6 million (approximately $2.93 million), payable entirely in Findi shares.
Sphere is a climate technology start-up founded by former PayPal executive Jeroen van Son in 2024, and was set up to help merchants, banks, and payment gateways integrate carbon emissions calculators, automate carbon offset processes, and generate relevant emissions reports.
The company’s flagship Carbon platform features bank-grade payment tools, loyalty and reward schemes, and additional ESG functions, with clients including Liv, the digital bank subsidiary of Emirates NBD, which first launched in 2017, with payment solutions provided by van Son’s former company Verrency.
The transaction with Findi is structured with AUD 2.7 million paid upfront in Findi shares, plus up to AUD 3.3 million in performance payments over the following 18 months.
The first performance payment of AUD 1.5 million is due in mid-2026 if Sphere maintains current revenue levels, while the second AUD 1.5 million requires the company to hit AUD 1.8 million in revenue and AUD 1.6 million in recurring revenue by the end of 2026.
Completion is subject to a number of closing conditions, including Findi board approval, which must be satisfied or waived on or before 31 December 2025.
Findi previously acquired the white label ATM business of Tata Communications for around AUD 70 million last year, followed by a AUD 30 million deal for BankIT in January 2025.
Both divisions will now integrate Sphere’s Carbon platform, alongside Findi’s digital payments platform, FindiPay, and its BC Max correspondent banking centres, operated in partnership with the Central Bank of India. Sphere will operate as a subsidiary of Findi, and will continue to be led by CEO and director Shaun Lordan.
The close of the deal will also see Simon Vertullo retire as non-executive director of Findi after over four years in the role. He will be succeeded by Stephen Benton, former CEO and managing director of EFTPOS Australia and previously head of consumer finance and payments at Westpac, and Tineyi Matanda, investment director at Salter Brothers.
The acquisition supports Findi’s broader growth strategy as the company prepares for a planned IPO on the Bombay Stock Exchange in FY27 and works toward obtaining Payments Bank status in India.
Findi has also arranged a new AUD 30 million debt facility to replace existing AUD 9.5 million notes, which will help accelerate the rollout of its BC Max branch programme and expand its brown label ATM network. The benefactor of this facility has not been disclosed.
Source: https://www.fintechfutures.com/
