Change Financial

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.

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

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

• Card issuing platform
• Payment processing software
• Payment testing simulation
• Payments as a service
• Fintech payment infrastructure

Headquarters

HQ city

Brisbane

HQ country

Australia

HQ region

Oceania

Offices5 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. 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.
2. 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
3. Transaction Processing: Revenue from processing card transactions across global networks including Mastercard, Visa, UnionPay and other schemes for over 150 clients in 40+ countries
4. Professional Services: Implementation, consulting, and training services for platform deployment and certification

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core 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

Named customers8 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Ten partnerships are on record, tiered core, strategic and minor.

• PaymentologycoreStrategic or Co-development Partner · 21 April 2026Strategic 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 ActuatorstrategicGTM or Marketing Partner · 1 August 2023Joint payments incubator program with Mastercard for Australian fintech startups. Change Financial and Fintech Actuator selected Doing Good Rewards as first participant.
• MastercardcoreOEM/ Whitelabel/ Licensing PartnerExclusive 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.
• FinzsoftcoreTechnology or IntegrationStrategic 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.
• MambustrategicTechnology or IntegrationPartnership with Mambu's SaaS cloud banking platform to provide integrated payment capabilities for clients using Mambu's composable banking platform.
• Amazon Web ServicescoreTechnology or IntegrationGlobal cloud provider for Change Financial's SaaS platform. Vertonon operates on AWS infrastructure across North American, Australian, and regional deployments.
• Thoughtworks (formerly itoc)strategicImplementation/ SI/ Consulting PartnerConsulting partner providing AWS architecture support for Change Financial's cloud infrastructure and platform development.
• ConcertostrategicChannel Partner/ Reseller/ DistributorLeading 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 AustraliaminorGTM or Marketing PartnerChange Financial is a proud member of the peak advocacy body for Fintech in Australia, supporting fintech industry growth and ecosystem development.
• DeloittestrategicImplementation/ SI/ Consulting PartnerIn 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

Direct 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

• LinkedInlinkedin.com/company/change-financial

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Change Financial