Findi to acquire Sphere for Good, driving climate fintech in India

Sphere for Good, an Australian company specialising in integrating climate and loyalty actions into financial transactions, has announced it has entered into an agreement to be acquired by Findi Group.

The acquisition is structured as an all-share deal and will see Sphere for Good become a subsidiary of Findi Group, a fintech and payments company with an established presence in the Indian market.

Market expansion

Under the terms of the agreement, Sphere for Good's solutions will be rolled out across India, supported by Findi's resources and network.

The move is expected to broaden Sphere for Good's reach and is seen as a step towards expanding its impact significantly, given India's population of more than 1.5 billion people.

Sphere for Good will operate with continued autonomy, pursuing its market opportunities across the Asia-Pacific (APAC) and Central Europe, Middle East, and Africa (CEMEA) regions while benefitting from being part of a larger, listed entity.

Leadership and board changes

After the acquisition, Shaun Lordan will remain as Chief Executive Officer and Director of Sphere for Good. Stephen Benton, currently Independent Chairman, and Tineyi Matanda, Non-Executive Director, are expected to join the Findi board, subject to final terms being concluded.

"We are thrilled to join the Findi Group and embark on this exciting new chapter," said Shaun Lordan, CEO of Sphere for Good.

"This acquisition validates our vision of integrating climate action into every transaction and provides us with the resources and platform to reach millions more customers. Together with Findi, we will accelerate our mission to create a more sustainable future with commercial outcomes at the core."

Synergies and business integration

Findi Group plans to integrate Sphere for Good's application programming interface (API) platform into its existing fintech infrastructure. This integration targets technology sharing across the BankIT platform, FindiPay, BC Max Centres, and WLA business. Through these channels, Sphere for Good's solutions such as carbon-linked rewards, micro-donations, and pay-with-points capabilities will be introduced to Findi's merchant base of more than 125,000.

The collaboration is expected to generate both cost and revenue synergies. Planned initiatives include cross-selling services using Findi's established client relationships to promote the adoption of Sphere for Good's climate and loyalty rewards solutions. Operational efficiencies are also expected, achieved by sharing resources and infrastructure between the companies.

The roll-out aims to drive climate action and provide market-leading rewards and loyalty options to merchants and consumers in India. According to the companies, integration with Findi's fintech ecosystem will enable development of solutions that benefit both the environment and their clients' commercial interests.

Planned outcomes

Findi Group stated that the acquisition would support its environmental, social and governance (ESG) and loyalty credentials as it plans for an initial public offering (IPO) in India. The transaction is also anticipated to create incremental transaction-based revenue for Findi.

Sphere for Good's API platform offers functionality for carbon features, loyalty and rewards schemes, and directed funding. These services are designed to be used by banks, payment gateways, and merchants.

The acquisition marks a milestone for both companies as Sphere for Good seeks to accelerate its growth and extend its ambitions in India and beyond. Findi, for its part, will deepen its fintech portfolio in one of its core markets and enhance service offerings for its merchant base and broader client network.