Change Financial Ltd trends down on June Quarter 2018 report

stocks

Expects New Phase of Growth: Change Financial Ltd.’s (ASX: CCA) stock continues to fall further by 7.7% on August 2, 2018 after the company released the report for the June quarter 2018 and expects new phase of growth. During the June quarter 2018, CCA has appointed leadership and raised funds for the strategic acquisition of the Ivy Entities (‘Ivy’). The company has appointed Eric Bachman as CEO effective from 1 August 2018 as part of restructuring the company. CCA has  raised US$2.62 million in a heavily oversubscribed placement to fund working capital, acquisition of the Ivy call-option (US$250,000) and deployment of enterprise solution.

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The acquisition of Ivy Entities is subject to shareholder approval. The company has planned to integrate the Ivy platform into its enterprise solution and consumer product to evolve its unified payments platform. Further, Ivy during the quarter has signed a partnership with HiveEx, which is a leading cryptocurrency trading platform, to launch IvyPay, a platform that is expected to turn cryptocurrency into AUD instantly and allow it to be used to make payments. Moreover, CCA has finalised connectivity testing with Mastercard of innovative Software-as-a-Service enterprise solution and progressing closer for a  commercial launch. Additionally, CCA has achieved the 40% growth in the total transaction volume of US$35 million, deposits of US$11.9 million and record efficiency of cost of acquiring customers of just US$10 per customer in the company’s consumer product. At the end of the June quarter, the company has cash of $1.67 million. Meanwhile, CCA stock has fallen 54.95% in three months as on August 01, 2018.

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