Change Financial (ASX: CCA) partners with US-based Axiom Bank

Highlights

  • Change Financial, a provider of fintech solutions, has partnered with Axiom Bank.
  • Axiom is one of the fastest-growing community banks in the US.
  • Backed by this announcement, the stock CCA traded 4.347% higher on ASX at 1.51 PM AEST.

In a latest development, ASX-listed Software development company Change Financial Limited (ASX: CCA), which offers banking and payments solutions to businesses and financial institutions, has announced its partnership with the US-based Axiom Bank.

Post this announcement, the shares of Change Financial jumped by over 4% to trade at AU$0.120 per share on ASX during the intraday trading.

Under this partnership, CCA will onboard US clients with Axiom as the issuing bank leverages Change’s Mastercard registered processor and payments platform (Vertexon). The fintech company reveals via the announcement that Change’s solutions will allow clients to provide their customers' feature-rich products and functionality such as physical and virtual cards, access to ATM networks and Buy Now Pay Later (BNPL) payment options. CCA has a pipeline of potential clients in the US to onboard with Axiom Bank and it expects the first client to begin onboarding in second quarter of FY22. Clients in the US will contribute to drive growth in CCA’s recurring revenue.

About Axiom Bank

Headquartered in Central Florida Axiom Bank is a nationally chartered community bank. Axiom provides retail banking services, including savings, money market, checking, and CD accounts. Other services provided by Axiom bank include - commercial banking, treasury management services and commercial loans for both real estate and business purposes.

Bottom Line:

The three-year partnership with Axiom extends CCA’s reach in the US and will be a crucial relationship when onboarding fintech’s in the region. The partnership with Axiom highlights the company’s ability to deliver on its FY22 growth strategy by engaging with banks and fintech companies to drive future growth. Moreover, the partnership establishes a solid foundation for the future growth of the company.

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