Change Financial
Change Financial is an ASX-listed Brisbane fintech operating the Vertexon payments-as-a-service platform and PaySim testing software, serving 150+ banks, fintechs, credit unions, and corporates across 40+ countries as a Mastercard Principal Issuer in Australia and New Zealand.
- Company typePublic
- Founded2015
- HeadquartersBrisbane, Australia
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
What Change Financial does
Change Financial is a Brisbane-based, ASX-listed (ASX: CCA) fintech that operates two integrated platforms: Vertexon, a cloud-native Payments-as-a-Service (PaaS) platform for physical, digital, and virtual card issuing and transaction processing; and PaySim, a payment testing and certification platform with over 15 years of development. The company serves banks, credit unions, fintechs, corporates, and government programmes in more than 40 countries, processing over 45 million cards across 150+ clients. Its infrastructure includes direct connectivity to all major card schemes (Mastercard, Visa, UnionPay, JCB, AMEX, Diners, Discover) and Mastercard Principal Issuer licensing in Australia and New Zealand, which enables BIN sponsorship and direct card issuance for prepaid, debit, and credit products. Vertexon also supports embedded BNPL, digital wallet provisioning (Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay), multi-currency, and full programme management services.
The Vertexon platform runs as a multi-tenant SaaS architecture on AWS with an API-first design (including a free developer sandbox and the PaySim API for automated regression testing), supported by integrations with Finzsoft's Sovereign core banking platform, Mambu's composable banking, and Concerto for system integration. Revenue is predominantly recurring (70% of H1 FY26 from subscriptions) generated through PaaS subscriptions, PaySim licensing, transaction-based processing fees, and professional services, with pricing on a quote-based annual subscription model tailored to client volumes. The go-to-market combines enterprise field sales targeting banks, fintechs, and financial institutions with strategic channel partnerships (Mastercard direct issuing, Paymentology, Finzsoft) and developer-led self-service onboarding through the API sandbox. PaySim is the default standard for eftpos testing in Australia, a regulatory requirement for scheme participants.
Change Financial reported record H1 FY26 revenue of US$9.3 million (up 29% year-on-year) and its maiden half-year profit of US$600,000, with full-year FY26 guidance of US$17.5-18.5 million revenue and US$3.1-3.8 million underlying EBITDA. The company operates with no debt and held US$2.6 million in cash as of December 2025, with a 2023 A$6.9 million placement funding US market expansion and a 2026 strategic partnership with Paymentology aimed at accelerating fintech card programme launches in Australia. Recent leadership changes include the March 2026 departure of substantial shareholder Michael Giles as a non-executive director and the full exit of FinTech HQ Pty Ltd, with new institutional and sophisticated investors entering the register.
Change Financial firmographics
Firmographics- Name
- Change Financial
- Legal name
- Change Financial Limited
- Website
- https://changefinancial.com
- Company type
- Public
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Change Financial is an ASX-listed Brisbane fintech operating the Vertexon payments-as-a-service platform and PaySim testing software, serving 150+ banks, fintechs, credit unions, and corporates across 40+ countries as a Mastercard Principal Issuer in Australia and New Zealand.
- Ownership category
- akta.pro rank
Change Financial industry classification
Industry- Product category
- Payment Processing Software
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Credit Card Issuing (522210), Activities Related to Credit Intermediation (5223)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE)
- akta.pro secondary industries
- Card Issuing & Virtual Cards (lodge cards, single-use, tokenization) (THALAHAB), Processor Back-End & Switch Providers (Issuer/Acquirer Processing Infrastructure) (FSAMABAJ), Accounts Payable Automation & Invoice Payments for Travel Suppliers (THACAJAI), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)
Keywords
Where Change Financial is headquartered
LocationHeadquarters
- HQ city
- Brisbane
- HQ country
- Australia
- HQ region
- Oceania
Offices5 records
Markets served
Change Financial business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- Payments as a Service (PaaS) Subscriptions: Subscription-based revenue from Vertexon platform for card issuing, transaction processing, and program management services. 70% of H1 FY26 revenue came from recurring income streams.
- PaySim Testing Platform: Subscription and usage-based licensing for payment testing and simulation software used by banks, processors, and fintechs for certification and regression testing
- Transaction Processing: Revenue from processing card transactions across global networks including Mastercard, Visa, UnionPay and other schemes for over 150 clients in 40+ countries
- Professional Services: Implementation, consulting, and training services for platform deployment and certification
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Custom enterprise pricing based on client requirements and transaction volumes |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels7 records
Change Financial product offering
Product offeringCore offering
Change Financial operates a cloud-native Payments-as-a-Service platform (Vertexon) that delivers end-to-end physical and digital card issuing, transaction processing across all major card schemes, and Mastercard BIN sponsorship in Australia and New Zealand. Complementing this is PaySim, a modular payment testing and certification platform simulating the full transaction lifecycle across ATMs, POS, switches and networks for automated regression and stress testing.
Product overview
Change Financial operates a platform-plus-modules architecture built around two core products: Vertexon (payments-as-a-service platform) and PaySim (payment testing and simulation). Vertexon handles the full card lifecycle including issuing, processing, BIN sponsorship, digital wallets, and BNPL features, while PaySim provides complementary testing and certification capabilities. Both products are delivered as SaaS via cloud infrastructure and share a common API layer, allowing banks, fintechs, and programme managers to access end-to-end payment solutions from a single provider.
Differentiator
Problem solved
Functional benefit
Brands
- Vertexon: Payments as a Service (PaaS) solution delivering physical and digital card issuing, transaction processing and more
- PaySim
Products and services
- Vertexon Payments-as-a-Service (PaaS) platform delivering physical and digital card issuing, transaction processing, programme management, and BIN sponsorship services. Supports prepaid, debit, credit, and private label cards across multiple global card schemes including Mastercard, Visa, UnionPay, JCB, AMEX, Diners, and Discover. Includes Apple Pay, Google Pay, Samsung Pay, BNPL features, multi-currency, and digital wallet provisioning for banks, fintechs, and corporates.
- PaySim Modular, end-to-end payments testing and certification platform simulating the full transaction lifecycle across ATM, POS, switches and payment networks. Supports over 60,000 transaction variations, stress testing at 10,000+ TPS, automated regression testing and CI/CD pipeline integration. The default standard for eftpos testing in Australia and used by banks, processors, and fintechs for certification.
Quantifiable outcome
- 45 million+ cards processed globally
- +6 more outcomes
Companies that use Change Financial
Customer profileNamed customers8 records
Segments6 records
Ideal customer profiles4 records
Change Financial technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature5 records
Change Financial partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core, strategic and minor.
- PaymentologycoreStrategic partnership combining Paymentology's cloud-first processing platform with Change Financial's local BIN sponsorship, regulatory expertise, and Mastercard Principal Issuer status. Enables fintechs, digital banks, and programme managers to launch and scale debit, credit, and prepaid programmes in Australia more efficiently.
- Fintech ActuatorstrategicJoint payments incubator program with Mastercard for Australian fintech startups. Change Financial and Fintech Actuator selected Doing Good Rewards as first participant.
- MastercardcoreExclusive six-year direct issuing partnership for prepaid and debit cards in Australia and New Zealand. Change Financial is a Mastercard Principal Issuer enabling direct card issuing and BIN sponsorship. Partnership includes US market collaboration.
- FinzsoftcoreStrategic collaboration with Finzsoft's Sovereign core banking platform to deliver card issuing solutions to banks, building societies, and credit unions across Australasia. Enables unified debit card issuing programs for consortium partners.
- MambustrategicPartnership with Mambu's SaaS cloud banking platform to provide integrated payment capabilities for clients using Mambu's composable banking platform.
- Amazon Web ServicescoreGlobal cloud provider for Change Financial's SaaS platform. Vertonon operates on AWS infrastructure across North American, Australian, and regional deployments.
- Thoughtworks (formerly itoc)strategicConsulting partner providing AWS architecture support for Change Financial's cloud infrastructure and platform development.
- ConcertostrategicLeading player in payment solutions with Electronic Transaction Processing and Transaction Security as core competencies. Provides system integration capabilities and professional services for complex payment environments.
- Fintech AustraliaminorChange Financial is a proud member of the peak advocacy body for Fintech in Australia, supporting fintech industry growth and ecosystem development.
- DeloittestrategicIn 2021, Change engaged Deloitte to develop and validate product roadmaps and go-to-market strategy which is being executed in key markets.
Scale indicators12 records
Recent moves6 records
Expansion highlights6 records
Change Financial competitors and assessment
Company assessmentDirect peers
- Marqeta: US-listed card-issuing platform that powers modern card programs via a single API. Directly comparable to Change Financial's Vertexon platform as a payments-as-a-service / issuing infrastructure competitor; Marqeta is the named benchmark referenced in Change Financial's own Mastercard certification history.
- Galileo Financial Technologies (SoFi): Issuer-processor acquired by SoFi providing card issuing, transaction processing, and program management to fintechs and banks. Competes head-to-head with Vertexon in the card-issuing and processing infrastructure layer.
- i2c Inc: Global payments and card-issuing SaaS platform supporting credit, debit, prepaid, and BNPL programs across multiple schemes. Closely comparable to Vertexon on multi-scheme processing, BIN sponsorship, and fintech/bank client base.
- Paymentology: Cloud-native issuer-processor with whom Change Financial signed an April 2026 strategic partnership. Operates as both partner and competitor in adjacent markets, offering processing infrastructure to fintechs and programme managers globally.
- Stripe Issuing: Embedded card-issuing API from Stripe enabling platforms to create and manage physical/virtual cards. Competes with Vertexon for fintech and platform clients seeking API-first issuing, particularly in the US and Europe.
Broad incumbents
- Adyen: Global payments processor offering unified acquiring, processing, and increasingly issuing-adjacent capabilities. Broader incumbent that competes with Change Financial's processing business across all major schemes.
- Fiserv: Large incumbent payments and financial technology provider with issuing, processing, and core banking capabilities. Competes with Change Financial in the bank and credit union segment for card-issuing modernization.
- Global Payments: Global payments technology provider where Change Financial's CFO Tony Sheehan previously served as COO/CFO of the Australia/NZ division. Competes broadly with Vertexon in card processing and issuing across APAC.
Emerging players
- Enable (issuer-processor): Fintech-focused issuer-processor offering card issuing, BaaS, and embedded finance capabilities. Competes with Vertexon for digital-first fintech clients seeking faster API-driven program launches.
Regional players
- Stanchion / CardAccess: Payment technology firm focused on card issuing, switching, and transaction processing in Africa and select emerging markets. Comparable to Vertexon's emerging-market positioning and core banking integration approach.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Change Financial social profiles
Digital presenceChange Financial compliance and trust
Trust signalCompliance2 records
Change Financial financial estimates
Financial estimateRevenue estimate
Valuation estimate
Change Financial leadership team
Management profileNumber of profiles
Profiles1 record
Change Financial subsidiaries and ownership
Company hierarchySubsidiaries3 records
Change Financial funding detail
Funding detailFunding overview
Funding rounds3 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Change Financial M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Change Financial
What does Change Financial do?
Change Financial operates a cloud-native Payments-as-a-Service platform (Vertexon) that delivers end-to-end physical and digital card issuing, transaction processing across all major card schemes, and Mastercard BIN sponsorship in Australia and New Zealand. Complementing this is PaySim, a modular payment testing and certification platform simulating the full transaction lifecycle across ATMs, POS, switches and networks for automated regression and stress testing.
Is Change Financial a public or private company?
Change Financial is a public company. It is classified as public and is currently operating.
When was Change Financial founded?
Change Financial was founded in 2015. It employs 51 to 100 people.
Where is Change Financial based?
Change Financial is headquartered in Brisbane, Australia, in the Oceania region.
How does Change Financial make money?
Four revenue lines are on record. Payments as a Service (PaaS) Subscriptions are the primary driver. The others are paySim Testing Platform, transaction Processing and professional Services.
Who are Change Financial's main competitors?
Direct peers on record are Marqeta, Galileo Financial Technologies (SoFi), i2c Inc, Paymentology and Stripe Issuing. Broad incumbents are Adyen, Fiserv and Global Payments. Enable (issuer-processor) is listed as an emerging player. Stanchion / CardAccess is listed as a regional player.
Does Change Financial have an API?
Yes. Change Financial offers two REST APIs: the Vertexon API provides cardholder services including customer management, card management, products, account transactions, authorisations, and system functions, available via a free-to-use sandbox environment at apivertexon.change.financial; the PaySim API enables banks, payment processors and fintechs to automate load and regression testing for financial transactions, supporting CI/CD and QA platform integration. Developer documentation is at apivertexon.change.financial.
What industry is Change Financial in?
Change Financial's product category is Payment Processing Software. Its primary akta.pro industry code is FSAGABAE, Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure, with a secondary code of THALAHAB, Card Issuing & Virtual Cards (lodge cards, single-use, tokenization). Its NAICS code is 52232 and its SIC code is 6199.