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Change Financial Limited (ASX:CCA), the Brisbane-based fintech firm, has confirmed it met its upgraded FY26 revenue and Underlying EBITDA targets, posting unaudited FY26 revenue of US$18.2 million (A$26.0 million), marking a 21% increase over FY25. The company achieved a significant Underlying EBITDA milestone of US$3.3 million (A$4.7 million), a 17-fold rise from the previous year, driven by strong momentum in its Platform-as-a-Service (PaaS) segment across Australia and New Zealand. Market participants are closely monitoring Change Financial’s FY27 outlook as it manages the phase-out of legacy on-premises clients while expanding its PaaS customer base.
Key Points
- Change Financial Limited (ASX:CCA) recorded FY26 revenue of US$18.2m (A$26.0m), up 21% from FY25, achieving a 28% compound annual growth rate (CAGR) over three years to FY26
- FY26 Underlying EBITDA surged to US$3.3m (A$4.7m), a 17-fold increase from FY25, building on the company’s first positive Underlying EBITDA in FY25
- June 2026 set new records for active cards, transaction volumes, gross transaction value (GTV), and PaaS revenue
- Change Financial anticipates being net cash flow positive in FY27 but has withheld formal revenue and Underlying EBITDA guidance due to uncertainties in onboarding new PaaS clients and legacy on-premises client wind-down
- Effective 1 July 2026, the company will transition its financial reporting currency from USD to AUD to better align with its operational and investor base
FY26 Revenue and EBITDA Growth Driven by Accelerated PaaS Expansion
Change Financial achieved a major financial milestone in FY26, delivering total revenue of US$18.2 million (A$26.0 million), reflecting 21% year-over-year growth compared to FY25. This performance aligns with the company’s upgraded guidance issued on 27 January 2026 and reaffirmed on 29 April 2026. The growth underscores Change Financial’s successful pivot towards higher-margin, recurring revenue through its PaaS offerings amid a competitive fintech landscape. The fourth quarter of FY26 contributed US$4.6 million (A$6.6 million) in revenue, highlighting sustained momentum into the fiscal year-end.
Profitability also improved sharply, with FY26 Underlying EBITDA reaching US$3.3 million (A$4.7 million), a 17-fold increase from FY25. This builds on the company’s inaugural positive Underlying EBITDA result in FY25, indicating a structural shift toward sustainable profitability. Over the three years to FY26, Change Financial delivered a 28% CAGR in revenue, demonstrating consistent execution and growing market adoption of its payment solutions. Q4 FY26 Underlying EBITDA of US$0.8 million (A$1.1 million) reflects enhanced operational leverage as the business scales.
June 2026 Marks Record-Breaking Performance for PaaS Segment
In June 2026, Change Financial’s PaaS division achieved multiple operational records, including highest active card counts, transaction volumes, gross transaction value (GTV), and PaaS revenue. These milestones indicate strong customer adoption and utilization of the Vertexon card solutions. The record PaaS revenue underscores the commercial traction the company is gaining with its cloud-based payment platform.
The robust June performance sets a solid foundation for FY27. Existing PaaS clients continue to expand usage, while a pipeline of contracted clients currently onboarding is expected to contribute incremental revenue. Several additional PaaS contracts are in advanced negotiation stages, reflecting successful conversion of prospects into multi-year agreements with financial institutions and fintech firms across Australia and New Zealand seeking modern payment infrastructure.
Legacy On-Premises Client Wind-Down Creates FY27 Revenue Transition
Change Financial anticipates a strategic challenge in FY27 stemming from expected churn among legacy On-Premises clients, primarily in the Latin American market, as customers migrate away from older Vertexon codebase versions. This shift is causing short-term revenue impacts and uncertainty regarding one-off and legacy Vertexon revenue for FY27. The transition aligns with the broader industry move from on-premises software to cloud-based subscription models.
The company is actively engaging remaining key on-premises clients in South-East Asia to migrate to the Vertexon PaaS platform, with one client partially transitioned. However, the final outcomes remain uncertain, prompting Change Financial to withhold FY27 revenue and Underlying EBITDA guidance until clarity improves on new PaaS client ramp-up and legacy client wind-down trajectories.
FY27 Net Cash Flow Positive Outlook Despite Guidance Suspension
Despite withholding revenue and EBITDA guidance, Change Financial expects to achieve net cash flow positivity in FY27. This outlook excludes funds reserved for PaaS-related security deposits or potential strategic initiatives. The positive cash flow projection reflects improving operational leverage and the company’s focus on high-margin recurring PaaS revenue, which should support cash generation once legacy revenue declines stabilize and new client ramps complete.
The caveat regarding security deposits and strategic initiatives highlights the company’s retained strategic flexibility, including potential M&A activities actively under consideration.
Global Payment Solutions Powered by Vertexon and PaySim Platforms
Change Financial provides global fintech payment solutions through its Vertexon platform, enabling banks and fintechs to issue and manage physical, digital, and virtual cards. The company currently manages over 45 million credit, debit, and prepaid cards across more than 150 clients in over 40 countries, showcasing its extensive technology infrastructure.
Complementing Vertexon, the PaySim payment systems testing platform allows clients to simulate full transaction lifecycles, supporting reliability and performance testing. PaySim is the default testing standard for Australia’s eftpos network, reinforcing Change Financial’s leadership in the domestic payments ecosystem. Together, these platforms position the company as a comprehensive payments infrastructure provider serving financial institutions at multiple technology stack levels.
Agentic AI Integration Accelerates Product Development and Market Delivery
Change Financial leverages agentic artificial intelligence to accelerate product development cycles and reduce time-to-market for new features. This technology adoption enables faster release of innovative solutions, enhancing competitive differentiation in payments software through capabilities like AI-driven fraud detection and machine learning-based risk assessment.
The company’s FY27 strategic priorities emphasize accelerating product roadmap delivery alongside new PaaS client acquisition, positioning innovation as a key competitive advantage in a crowded fintech infrastructure market.
Active M&A Exploration Signals Potential Inorganic Growth
Change Financial is actively pursuing merger and acquisition opportunities aligned with its growth strategy to enhance shareholder value. While details on target profiles, deal sizes, and timelines remain undisclosed, this approach indicates a willingness to supplement organic growth with strategic acquisitions of complementary technologies or customer bases.
The company’s expected net cash flow positivity in FY27 supports financial flexibility for potential acquisitions. Investors should anticipate updates on strategic initiatives as opportunities develop.
Transition to AUD Reporting Reflects Operational and Investor Base Realignment
Following the wind-down of its US operations, Change Financial will shift its financial reporting currency from USD to AUD effective 1 July 2026. This change aims to better reflect the company’s operational footprint and investor base, which predominantly reside in Australia and New Zealand.
The final USD report will be included in the Q4 FY26 activities report and Appendix 4C in July 2026, with the FY26 Annual Report expected in late August 2026. This administrative adjustment aligns with the company’s strategic focus on the Asia-Pacific region and simplifies financial analysis for Australian investors.
Investor Webinar Scheduled to Discuss FY26 Results and FY27 Strategy
Change Financial invites investors and analysts to a live webinar on Friday, 24 July 2026 at 10:30am AEST, hosted by CEO Tony Sheehan and Executive Director Tom Russell. The session will provide insights into FY26 performance and strategic plans for FY27. Investors are encouraged to register and submit questions via the company’s investor relations portal at investors.changefinancial.com.
The webinar offers a platform for direct engagement on the company’s transition away from legacy revenue streams and its forward-looking growth strategy.
