Change Financial raises AU$5.7m and aims to accelerate its growth

By Leandra Monteiro


  • Australia
  • Financial Change
  • Debt

Henslow recently raised A$5.7 million, acting as Joint subscriber and co-manager alongside MST Financial Services. The raise was structured as an A$0.75 million placement and A$5.0 million rights offering, underwritten 1 for 4, with the proceeds being used to accelerate the product enhancement of their platform. -forms Vertexon PaaS, repaying A$0.75 million of debt and providing additional working capital flexibility.

The capital increase was carried out at an offer price of $0.05 per new share representing a discount of 13.8% compared to the last closing price on July 29, 2022.

Change Financial is an ASX-listed FinTech that provides global payment processing and card issuance services and technologies (virtual and physical) to banks, financial institutions (credit unions) and FinTechs.

The company reported unaudited revenue of $8.3 million for FY22 and is targeting double-digit revenue growth for FY23, which builds on a long-standing customer base with contract revenue as well as new contract customers expected to be commissioned throughout FY23. The company recently realigned the cost base to streamline operations to profitably achieve future growth. This will allow them to have a positive monthly EBITDA during H2 FY23.

This is the first transaction Henslow has advised Change on. The successful transaction provides another example of Henslow’s ability to partner with growing companies, particularly in the financial services industry.

Previous post

3 QR Code-based payment systems used in Africa

Read more

next article

YouHodler has received regulatory approval to operate in Italy

Read more

IBSi Daily News Analysis

Banks, client companies, sustainable development

August 04, 2022


Sustainability expectations vary between banks and corporate clients, study finds

Read more

IBSi FinTech Review

  • Most Trusted FinTech Journal Since 1991
  • Digital monthly issue
  • Over 60 pages of research, analysis, interviews, opinions and rankings
  • Global coverage

Subscribe now

About Joan Ferguson

Check Also

Marshall-Durbin Bill Would Repeat Durbin Amendment’s Problems | 2022-09-14

Meaning. Roger Marshall, R-Kan., and Dick Durbin, D-Ill. interfere with banking networks that protect financial …