Findi (ASX:FND) completed the settlement of the first tranche of its AU$25 million placement, according to a Thursday filing with the Australian bourse.

Tranche one comprises the issue of 13.4 million new shares at AU$0.70 apiece, forming part of the total 35.7 million shares to be issued under the placement, the filing said.

Tranche two remains subject to shareholder approval, per the filing.

Shares fell 4% in midday trade on Thursday.