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Cuscal (ASX:CCL), the payments infrastructure provider, has become a top holding for value and quality managers since listing. In July 2026, Forager Funds said Cuscal is its fund's largest investment, sitting behind Australia's payments system and providing infrastructure for mostly smaller banks and fintechs. Investors Mutual reported Cuscal rose 26% in the quarter and has more than doubled since it participated in the IPO, rating it a buy as a reasonably valued digital infrastructure asset. Hayborough highlighted the Paymark acquisition as another accretive deal. Cuscal operates in the Financials sector within the Diversified Financial Services industry, and Thesis Tracker has captured 34 comments from 15 fund managers, including Forager, Investors Mutual and Hayborough. Founded in 1977 and headquartered in Sydney, Cuscal provides real-time payments, card issuing and acquiring, settlement, and Consumer Data Right services to banks, credit unions, fintechs and payment providers.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Ryder Capital, Ten Cap, Forager Funds, Katana Asset Management, Underwood Capital, HD Capital Partners, Tamim Funds Management, Smallco Investment Manager, QVG Capital, Investors Mutual Limited, Hayborough Investment Partners, Prime Value Asset Management, 1851 Capital, Wilson Asset Management and Yarra Capital Management have invested in Cuscal Ltd (ASX:CCL).
Managers highlight Cuscal's critical role in Australia's payments infrastructure, accretive acquisitions such as Indue and Paymark, strong share price performance since IPO and a reasonable valuation, according to Forager, Investors Mutual and Hayborough.
The available commentary is positive and does not set out specific risks, though Cuscal's growth depends on retaining smaller bank and fintech clients and integrating acquisitions.
Cuscal Ltd. is a Sydney-based provider of payments and regulated data services, established in 1977. The company specializes in real-time payments, issuing and acquiring solutions, and Consumer Data Right (CDR) technology. Cuscal also facilitates financial crime solutions, along with strategic enablement and support services for the financial sector. Acting as a critical infrastructure provider, the firm supports Australian businesses with secure, scalable payment processing and compliance frameworks.
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.