Change Financial Limited has reported a record revenue quarter driven by its Vertexon platform growth and new client wins, prompting an upgrade to its FY26 financial guidance.
- Q2 FY26 revenue hits US$4.7 million, up 34% year-on-year
- Recurring revenue accounts for 70% of total income
- Underlying EBITDA reaches US$0.9 million, showing operating leverage
- Active cards on Vertexon platform grow 66% to over 110,000
- Upgraded FY26 revenue guidance to US$17.5–18.5 million and EBITDA to US$3.1–3.8 million
Record Revenue and Strong Earnings Momentum
Change Financial Limited (ASX – CCA) has delivered a standout performance in the second quarter of fiscal 2026, posting record revenue of US$4.7 million, a 34% increase compared to the same period last year. This surge was primarily driven by the continued scaling of its Vertexon Payments as a Service (PaaS) platform and successful new client acquisitions across key international markets.
Underlying EBITDA for the quarter reached US$0.9 million, underscoring the company’s operating leverage as it manages to grow earnings while maintaining a stable cost base. The first half of FY26 saw an EBITDA of US$1.8 million, reflecting a positive inflection point in profitability.
Recurring Revenue and Platform Growth
Recurring revenue streams, including support, maintenance, and transaction fees from the Vertexon platform, now represent approximately 70% of total revenue, highlighting the company’s shift towards more predictable income. The number of active cards on the Vertexon platform has expanded by 66% year-on-year to over 110,000, with a 24% increase quarter-on-quarter, driven by strong demand from existing clients and new fintech partnerships.
New client wins include a fintech partner in the South Pacific focused on financial inclusion, and a PaySim partnership in the Middle East, both of which extend Change’s geographic footprint and reinforce its strategy of leveraging partner ecosystems for scalable growth. Additionally, Change secured a BIN Sponsorship partnership with a global payment processor to support client expansion into the Australian market.
Cash Position and Financial Outlook
Change Financial ended the quarter with a robust cash position of US$2.6 million and no debt, supported by additional cash-backed security guarantees of US$1.4 million required for its PaaS operations. While cash receipts from customers were slightly impacted by delayed payments over the festive season, the company expects these to be collected in the following quarter.
Reflecting confidence in its growth trajectory, Change upgraded its FY26 revenue guidance to a range of US$17.5 million to US$18.5 million and underlying EBITDA guidance to between US$3.1 million and US$3.8 million, representing a 15% increase at the midpoint compared to prior forecasts. The company also anticipates being net cash flow positive for the full year.
Strategic Focus and Market Position
CEO Tony Sheehan emphasised the company’s focus on expanding its client base in Oceania and Southeast Asia, driving operational efficiencies, and scaling its fintech platform to capture profitable growth. The onboarding of a significant embedded finance client, expected to contribute to PaaS revenue from Q3 FY26, further bolsters the company’s growth prospects.
With a growing ecosystem of partners and a technology platform that integrates seamlessly with banks and fintechs, Change Financial is well positioned to capitalise on the increasing demand for flexible, digital payment solutions in high-growth international markets.
Bottom Line?
Change Financial’s upgraded guidance and expanding platform footprint signal a fintech on the cusp of sustained growth, but execution on new client launches will be key to maintaining momentum.
Questions in the middle?
- How will the onboarding of the embedded finance client in Q3 impact revenue and margins?
- What are the risks associated with delayed customer payments and their effect on cash flow?
- How effectively can Change scale its partner ecosystem to accelerate international expansion?