Change Financial posts a 22% increase to full year revenue to in excess of $15 million

ASX-listed Change Financial Limited have released the company’s full year results for the 12-month period ended 30 June 2024 (FY24).

Key highlights of the results include FY24 revenue of US$10.6m (A$15.8m), up 22% on the prior corresponding period (pcp) on the back of record revenue – driven by an increasing contribution from PaaS clients and an increase in professional services revenue.

Although Change Financial had an EBITDA loss of US$0.7m (A$1.0m), it was a 42% improvement on pcp driven primarily by increasing revenue and stable cost base.

Commenting on the full year results, Change Financial CEO Tony Sheehan (pictured), stated, “We ended FY24 with significant momentum demonstrated by our record revenue for the year but particularly in H2 FY24. Driven by the continued transition of our revenue composition to recurring PaaS services we now enter FY25 with strong tailwinds and business fundamentals. With more than 40,000 active cards across our three core regions generating transactional revenues, we are increasingly able to demonstrate the tangible benefits of our Vertexon PaaS platform to a wide variety of new and existing clients. As we have found, reference-ability is a key factor in the selection process for potential clients with Change now well positioned to take advantage of that.

“We have recently signed new PaaS clients, such as Unity Credit Union, which continues to demonstrate the value of our product and service offering and enables the business to scale with increased volume. More broadly, as the need for critical payments processing infrastructure increases, I feel we are well positioned to capitalise on opportunities in our target markets given our product suite, experienced team and increasing scale.

“Looking forward to FY25, we are targeting revenue growth in excess of 30% and a maiden EBITDA positive year.”