Fund Manager Summary
The fund managers believe that Change Financial Ltd presents a significant investment opportunity, particularly given its recent performance. In their opinion, the company’s first quarter revenue growth of 69% demonstrates strong demand for its Vertexon payment processing and card issuing platform. With management maintaining guidance for 30% revenue growth for the full year, the fund managers anticipate a potential upgrade in February, especially considering the successful rollout to Unity Credit Union which is expected to contribute to a projected ~50% growth in the upcoming results. This positive outlook reflects confidence in the company’s trajectory and market position.
Source: Trading View
Commentary From The Managers
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Mereweather Capital
31 Oct 2025
$0.08
Summary
- Mereweather Capital notes that Change Financial (CCA) reported first quarter revenue of $7.1m, reflecting a 25% increase.
- EBITDA for the quarter stood at $1.4m.
- A significant highlight is the 22% increase in active debit cards on their payment platform compared to the end of FY25.
- With a growing customer base and the upcoming seasonally strong spending during the Christmas period, CCA is positioned to exceed their guidance.
- The guidance for the full year stands at $27.7m revenue and $5.4m EBITDA.
- Mereweather Capital continues to hold because of these positive trends and growth potential.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Mereweather Capital
31 Oct 2025
$0.08
- Mereweather Capital notes that Change Financial (CCA) reported first quarter revenue of $7.1m, reflecting a 25% increase.
- EBITDA for the quarter stood at $1.4m.
- A significant highlight is the 22% increase in active debit cards on their payment platform compared to the end of FY25.
- With a growing customer base and the upcoming seasonally strong spending during the Christmas period, CCA is positioned to exceed their guidance.
- The guidance for the full year stands at $27.7m revenue and $5.4m EBITDA.
- Mereweather Capital continues to hold because of these positive trends and growth potential.
Summary
Mereweather Capital
31 July 2025
$0.09
- Change Financial (CCA) announced fourth quarter results, with revenue of $6.2m, a 26% increase.
- Generated approximately $850k in cash during the quarter.
- Management provided a positive outlook for FY26, guiding for revenue of $25.4-27.7m (up 9-19%).
- Expected EBITDA for FY26 is $3.8-5.4m from a negligible base in FY25.
- After adjusting for $2.5m in capitalised development costs, CCA trades around 20x cash earnings.
- This multiple is at the higher end for positions in the Fund, reflecting CCA's status as a scaling payments provider.
- FY26 guidance indicates that over 60% of incremental revenue will contribute to EBITDA.
- Management targets more than 20% revenue growth over the medium to long term.
- As the business grows, the trading multiple is expected to decline sharply.
Summary
Mereweather Capital
30 Apr 2025
$0.06
- Change Financial (CCA) reported record revenue of $6.1m and $900k EBITDA for the quarter.
- After adjusting for $400k in capitalised development costs, CCA is now generating a solid operating profit.
- Mereweather Capital continues to hold because of CCA's potential for future growth.
- Operationally, CCA secured its first Australian “Payments as a Service” client, enhancing its market position.
- This client is a global payments company expanding into Australia, indicating a strong demand for CCA's services.
- The recent New Zealand fintech client acquisition supports continued growth in active cards.
- CCA is building its sales capability to establish a foundation for long-term growth.
Summary
Mereweather Capital
31 Oct 2024
$0.07
- Mereweather Capital continues to hold due to CCA's strong first quarter revenue growth of 69% compared to last year.
- Growth is driven by increased usage of their Vertexon payment processing and card issuing platform.
- Management has reiterated guidance for 30% revenue growth over the full year.
- The first quarter performance is likely to result in a reported growth of ~50% thanks to the recent roll-out to Unity Credit Union.
- Expectations of an upgrade at the half-year results in February.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a staggering 69% revenue growth and a strong rollout to Unity Credit Union, it appears Change Financial is poised for a significant upgrade come February. Investors should keep a close eye on this potential breakout opportunity."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Change Financial Ltd (ASX:CCA)?
Fund managers including Mereweather Capital have invested in Change Financial Ltd (ASX:CCA).
Why do fund managers invest in Change Financial Ltd?
Fund managers are investing in Change Financial Ltd due to its impressive first quarter revenue growth of 69%, driven by heightened usage of its Vertexon payment processing and card issuing platform. With management maintaining a guidance of 30% revenue growth for the year and the successful roll-out to Unity Credit Union, expectations for further upgrades at mid-year results are strong.
What happened to Change Financial Ltd (ASX:CCA)?
Fund managers are investing in Change Financial Ltd due to its strong revenue growth, with Q4 results showing a 26% increase to $6.2 million and a positive outlook for FY26, projecting revenues between $25.4 million and $27.7 million. The company is also generating cash, with $850,000 reported, and a growing customer base evidenced by a 22% rise in active debit cards. With management targeting over 20% revenue growth in the medium to long term, the investment is seen as a strategic opportunity in a scaling payments provider.