Change Financial posts quarterly revenue of $5.6 million

ASX-listed Change Financial Limited have released an update on the company’s business activities for the quarter ended 31 December 2024 (Q2 FY25, Q2 or the Quarter).

Key highlights of Q2 FY25 include customer receipts of $5.9 million, up 103% on prior corresponding period (pcp) and revenue of A$5.6 million, up 53% on pcp.

Change Financial CEO Tony Sheehan (pictured) commented, “We have continued our positive start to FY25 as we grow revenue and scale our operations, delivering improved top and bottom-line performance. We are excited to have signed our first BIN sponsorship client in NZ – a leading personal wealth management platform with more than 500,000 customers across NZ and Australia. Change will be supporting the client’s launch of a debit card initially into the New Zealand market.

“During the Quarter we made the pragmatic decision to withdraw from the US market. The challenging US regulatory environment would have continued to drag on Change’s overall business for the foreseeable future. With our continued focus on delivering profitable growth, exiting the US enables Change to prioritise Australia and NZ PaaS operations, as well as PaySim, while also reducing overheads from H2 FY25 onwards.

“We look forward to the continued execution of our strategy and business plan in H2, with a clear focus on sales and operational efficiency. As such, we remain on track to deliver our FY25 targets of revenue growth in excess of 30% and a maiden EBITDA positive year.”