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Change Financial Ltd ASX:CCA

Fintech Payments Technology SaaS Operating Leverage

0 opened or increased3 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 3 managers in total.

Position history by manager 3 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

31 Oct 2024 to today

Commentary Showing 2 of 11

DateManagerActionSummary

31 Jul 2026Merewether CapitalHeldMerewether Capital continues to hold Change Financial because it expects the impact of legacy customer losses to be minimal. Solid FY26 results were overshadowed by FY27 uncertainty after several legacy on-premises customers said they would not move to its cloud-based payments processing and issuing platform. Management estimates the earnings impact at roughly $1.1 million, compared with nearly $5 million in FY26, though timing is uncertain. Merewether believes strong growth in the core business will offset the impact beyond FY27, attributing the share price fall to shortened investment horizons in micro and small caps.

Monthly Report, price recorded $0.05

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31 Jul 2026DMX Asset ManagementHeldDMX Asset Management notes Change Financial fell 33% after confirming FY26 guidance of $4.7 million, built on a three-year revenue CAGR of 28%, while flagging that FY27 performance would be impacted by churn among legacy on-premises clients migrating away from the platform. The manager states this client attrition is creating short-term revenue uncertainty tied to one-off and legacy Vertexon revenue, but does not consider it a thesis-breaking development, noting the fintech continues to grow its hosted customer base even as the churn has lowered near-term profit expectations.

FintechMonthly Report, price recorded $0.05

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9 more comments on CCAPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 3 managers first commented on CCA.

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Articles

About Change Financial Ltd

Financials, Diversified Financial Services

Change Financial (ASX:CCA) is a payments technology company that small-cap managers backed for its rapid growth, before a setback over a client loss. In July 2026, DMX Asset Management reported a 33% share price fall after Change Financial confirmed FY26 guidance but warned FY27 would be affected by the loss of a legacy client. Merewether Capital noted solid results were overshadowed by FY27 uncertainty despite strong momentum in its cloud-based payments processing and card issuing. Earlier, Merewether highlighted 70% growth in cards on its platform driving 94% EBITDA growth. Change Financial operates in the Financials sector within the Diversified Financial Services industry, and Thesis Tracker has captured 10 comments from 3 fund managers, including DMX and Merewether. Headquartered in Brisbane, Change Financial provides card issuing, payments processing and payments testing solutions to banks, credit unions and fintechs across Australia, New Zealand, the Americas and Asia.

Market cap: $25m
Price to earnings: 44.2x
Return on equity: 7.2%
Dividend yield: 0.0%
Price to book: 2.93x
Net margin: 2.7%
52-week range: $0.04 to $0.11

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Change Financial Ltd (ASX:CCA)?

Fund managers including Mereweather Capital, DMX Asset Management and Merewether Capital have invested in Change Financial Ltd (ASX:CCA).

What opportunities or catalysts do fund managers highlight for Change Financial Ltd?

Merewether and DMX highlight strong growth in cards on platform, sharply rising EBITDA and new customers being onboarded, with FY26 EBITDA guidance implying growth of more than 160%, supported by its cloud-based issuing and processing platform.

What are the key risks to the Change Financial Ltd investment thesis, according to fund managers?

DMX and Merewether point to the loss of a legacy client, which will weigh on FY27 performance and caused a 33% share price fall, creating uncertainty about the near-term earnings outlook.

What does Change Financial Ltd (ASX:CCA) do?

Change Financial Ltd. is a payment technology company specializing in the development and commercialization of payments management and testing solutions. Headquartered in Brisbane, Australia, and founded by Ashley Shilkin in 2011, the company provides core fintech products including the Vertexon payments platform and PaySim testing software. These solutions offer financial institutions and fintechs robust infrastructure for payment processing and system verification. Change Financial focuses on delivering scalable financial services technology to global markets, supporting essential payment ecosystem operations through its specialized software suite.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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