Change Financial Revenue Up 21% on PaaS Platform Scale

Change Financial (ASX: CCA) closed FY26 with revenue of A$26.0m, up 21% from the prior year and within upgraded guidance. Underlying EBITDA reached A$4.7m, a 17-fold increase from the A$0.28m reported in FY25, also meeting upgraded guidance.

The fourth quarter alone brought in A$6.6m in revenue, up 16% year-on-year. Net cash flow from operations was positive at A$0.9m for the quarter and A$2.0m for the full year.

Change said its platform-as-a-service (PaaS) operations drove the result. Active cards on the Vertexon PaaS platform jumped 11% during the quarter and 104% over the full year, crossing 150,000. The number of transactions processed rose 23% against the prior corresponding period, while transaction volume increased 19%. June set a monthly PaaS revenue record of A$1.0m.

Recurring revenue streams accounted for 76% of fourth-quarter revenue and 73% of FY26 revenue. PaaS gross margins expanded by 600 basis points from 26% to 32% as the platform scaled.

Chief executive officer Tony Sheehan said the company had more than doubled revenue over three years, achieving a compound annual growth rate of 28%.

"The strong FY26 performance reflects the continued scale of our PaaS operations," he said. "We have more than doubled the size of the revenue of the company over the past three years."

Sheehan pointed to a pipeline of new deals and contracted clients currently onboarding. "As we look forward to FY27, we enter the year with strong momentum in the PaaS business, with clients already onboarded and growing, contracted clients currently onboarding, and a strong pipeline of new deals," he said.