H1 FY26 Investor Presentation
Released
Released
Announcement PDF
H1 FY26 Investor Presentation
26 February 2026
Payment solutions
provider driving
innovation in the
banking ecosystem
2
Delivering Innovative & Scalable Payments Solutions
Payments as a Service Payment testing
Full payment
simulation
Treasury, Fraud
& Compliance
Transaction
processing – all
major schemes
Physical & digital
cards (inc. Apple
& Google Pay)
ATM & POS
emulation
All major scheme
validation
Change provides tailored payment solutions, card issuing & testing to 150+ banks & fintechs across 40+ countries
Two core proprietary technology platforms owned & developed in-house
Mastercard &
regulatory licences
(AFSL & FSP)
Processing
(Global)
Processing & Issuing
(Australia & NZ)
Deployed Software & APIs
85%
of H1 FY26 Revenue
Supports Prepaid, Debit & Credit
15%
of H1 FY26 Revenue
Platform offers innovative
capabilities to rival the major banks
in a capital efficient manner
Processing capabilities/services plus
client leverages Change’s licences &
issuing capabilities
Default standard for EFTPOS testing in Australia
Global customer base incl. 5 of top 10 global digital payment companies
Embedded into
core processes
Core based on global messaging standard ISO 8583 & ISO 20022
Payment Schemes & Standards
Record revenue half driven by strong Vertexon performance (PaaS & On-premises clients)
Growth driven by increasing PaaS revenue & delivery of one-off licence sales & professional services revenue
Operating leverage inflection point driving significant Underlying EBITDA growth and maiden profit
US$299m
$ VALUE OF PaaS TRANSACTIONS
PROCESSED4 IN H1 FY26
12%
PCP
Record revenue half –
3-year revenue CAGR of
25%
3
Key Highlights
1. AUD/USD = 0.70, all AUD amounts are converted for representation purposes to assist the reader
2. Underlying EBITDA excludes interest included as revenue & share-based payments included as an expense in statutory accounts
3. Includes Support & Maintenance & PaaS transaction fee revenue
4. Transactions are denominated in local currencies & have been converted to USD, Change’s reporting currency, for reporting purposes
US$9.3m
(A$13.3m)1
H1 FY26 REVENUE
29%
PCP
9.8m
NO. OF PaaS TRANSACTIONS
PROCESSED IN H1 FY26
16%
PCP
110k+
NO. OF CURRENT ACTIVE PaaS CARDS
ON PLATFORM
66%
PCP
70%
OF REVENUE FROM RECURRING
INCOME STREAMS3 H1 FY26
US$1.8m
(A$2.6m)1
H1 FY26 UNDERLYING EBITDA2
US$2.3m
PCP
H1 FY26 Financial Results
FY24
-
50
100
150
200
Q1 Q2 Q3 Q4
-
1.0
2.0
3.0
4.0
5.0
6.0
Q1 Q2 Q3 Q4
-
20
40
60
80
100
120
Q1 Q2 Q3 Q4
5
Vertexon PaaS Metrics & Revenue Model
PaaS platform scaling
with volume increasing
as card numbers
continue to grow
Active Cards (thousands)
1.Transactions are denominated in local currencies & have been converted to USD, Change’s reporting currency
Transactions Processed (millions)
110k+ cards active in AU & NZ
Growth in existing client base – particularly fintech clients –
significant new cards added September to December
Prepaid cards as a portion of active cards has increased from 20%
at June 2025 to 41% at Dec 2025
Prepaid cards have a different use case to debit cards.
Generally, debit cards drive higher transaction activity
NZ personal wealth management platform client launched in early
October – volumes have increased strongly since launch
Focus on growing PaaS platform to drive scale benefits (e.g. margin
expansion), particularly in Australia
Transaction Volumes (US$m1)
PaaS – Revenue Types Description
Platform Fees Recurring platform fees (e.g. access & feature ‘flag
fall’ fees) & recurring monthly minimums
Fixed Transaction Fees Flat fee per transaction
Variable Transaction Fees Depending on transaction type, an additional
variable fee may be applied
Value-Added Services Additional fees for fraud protection, digital
capability, analytics, chargeback handling, etc.
Interchange Fee paid by the merchant acquirer to the issuer to
compensate the issuer for the value & benefits
merchants receive when they accept electronic
payments
FY25 FY26
Embedded Finance Fintech
(AU & NZ )
(Processing & Issuing)
Target launch Q3 FY26
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
3.2
3.4
Accelerating PaaS Growth
Program launch
timelines reducing
given PaaS platform
fully live & operational
Quarterly
PaaS
Revenue
(US$)
PLATFORM LIVE
NEW ZEALAND
FY24 FY25
PLATFORM BUILD PHASE
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2x Credit Unions (NZ)
1x Building Society (NZ)
(Processing & Issuing)
6 FY23 FY26
PLATFORM LIVE
AUSTRALIA
Credit Union (NZ)
(Processing & Issuing)
Fintech (AU)
(Processing & Issuing)
Fintech (NZ)
(Processing & Issuing)
Credit Union (NZ)
(Processing & Issuing)
Fintech (NZ)
(Processing & Issuing)
Fintech (NZ)
(BIN Sponsorship - Issuing)
Launched Q2 FY26
Global Fintech (AU)
(BIN Sponsorship - Issuing)
Target launch H2 FY26
Currently onboarding
two new PaaS clients to
the Vertexon Platform
Change is powering the payments of leading financial institutions & fintechs across Australia & NZ
Description
New licence sales to
new clients
Licence sales for
additional features,
functionalities or tiers
c.20% p.a. of licence &
module sales
Fees for customisation
– new features or
functionality
Revenue type One-off upfront One-off upfront Recurring One-off
Vertexon On-Premises & PaySim Revenue Model
Vertexon On-Premises
Client hosts the Vertexon platform in their own environment
Current Change clients manage & process more than 45 million credit, debit, & prepaid cards worldwide
Revenue model – typically a licence plus ongoing support & maintenance – can include volume tiering arrangements which trigger
additional licence fees (plus associated support & maintenance)
Card & transaction volumes have limited correlation to resulting revenue
PaySim
Software deployed to client’s environment – can be sold globally
Revenue model – licence fee per module plus ongoing support & maintenance to receive scheme mandate updates & support
Initial Licence
Modules &
Licence Tiers
Maintenance
Vertexon On-Premises & PaySim – Revenue Types
Vertexon & PaySim are
trusted by leading
financial institutions &
fintechs globally
7
Professional Services
Scaling Revenue with Discipline & Focus
8
Revenue (US$m) – H1 vs H2
PaaS now the largest
contributor of revenue
3.8 4.3 4.4
7.2
9.3
4.5 4.4
6.2
7.9
FY22 FY23 FY24 FY25 FY26
8.3
H1
H2
8.7
10.6
Record revenue half
New client wins
Established clients
driving increased activity 40%
9%
31%
20%
Revenue by Region (%)
H1 FY26 SE Asia
Oceania
Latin America
Rest of World
Revenue by Service Offering (%)
H1 FY26 Support & Maintenance
Processing & Issuing (PaaS)
Professional Services
Licenses
33%
53%
2%
13%
Growing client
base in AU & NZ
driving PaaS
revenue
Growing Oceania
presence &
increasing client
reference-ability
2.2
3.7
4.6
2.3
3.5
4.7
3.0
3.9
3.2
4.0
FY24 FY25 FY26
Q1 Q2 Q3 Q4
Revenue by Quarter (US$m)
15.1
Recurring revenue
providing a solid base
for future growth
9
Resilient & Expanding Recurring Revenue Base
3.7
1.6
2.5 7.8
1.2 0.2 1.4 9.3
PaaS Support &
Maintenance
One-Off Total Support &
Maintenance
One-Off Total Total¹
Revenue Contribution (US$m) H1 FY24 H1 FY25 H1 FY26
PaaS (Recurring) - 2.9 3.7
Support & Maintenance (Recurring) 2.5 2.7 2.8
Licence & Professional Services (One-off) 1.7 1.5 2.7
Other 0.2 0.1 0.1
Total 4.4 7.2 9.3
% Recurring Revenue 56% 78% 70%
H1 FY26 PaaS revenue up 27% on pcp
Team in place to continue to deliver one-off work for
established base of existing clients
Delivering licence sales & professional services
projects above historical run rates
Global client base – approx. revenue split by currency:
70% USD / 20% NZD / 10% AUD
US$6.5m (A$9.3m)
Recurring Revenue
in H1 FY26 – 70% of Revenue
H1 FY26 Revenue (US$m)
AUD/USD = 0.70 (A$ amounts are
converted for representation
purposes to assist the reader)
1. Total revenue includes $100k of
other revenue
Profit & Loss
H1 FY26 revenue of US$9.3m (A$13.3m), up 29% on pcp
Record revenue half – growth driven by PaaS revenue &
professional services projects with established client base
Key roles for PaaS operations in place – ability to add significant
volume & revenue whilst keeping fixed cost base relatively steady
Technology & hosting cost decrease reflects US operations cost out
US operations wind down completed in H2 FY25
Loss (admin & wind down costs to progress liquidation of US
entity) of US$41k in H1 FY26 vs. a loss of US$814k in H1 FY25
Positive H1 FY26 Underlying EBITDA of US$1.8m (A$2.6m) vs. H1
FY25 Underlying EBITDA loss of US$0.5m (A$0.7m)
Maiden profit of US$0.6m (A$0.9m) for H1 FY26
10
Material EBITDA
improvement driven by
revenue growth &
stable fixed cost base
AUD/USD = 0.70 (A$ amounts are
converted for representation
purposes to assist the reader) (1.0) (0.7) (0.5)
1.8
(0.2)
- 0.7
FY23 FY24 FY25 FY26
Underlying EBITDA (US$m) – H1 vs H2
(1.2) (0.7) +0.2
H1
H2
COGS are primarily scheme & connectivity fees which are
attributable to Processing & Issuing
H1 FY26 PaaS margin of 30% (vs. 26% in FY25):
As expected, margins starting to expand with increasing scale
Still undertaking client onboarding activities – scheme project
& certification costs with new clients & existing clients
expanding product offering (e.g. digital pays)
Fixed COGS (i.e. minimum threshold / connectivity fees)
Expect significant margin expansion in future years as scale
benefits begin to be realised
1. Excludes share-based payments included as an expense in the Appendix 4D statutory accounts
2. Excludes interest included as revenue
+1.8
Balance Sheet
11
Cash holdings of US$2.6m (A$3.7m)
Additional US$1.4m (A$2.1m) held in cash-backed security guarantees
relating to card issuing activities
Other non-current assets are security guarantee requirements of Change’s
scheme & processing partners to enable PaaS offering
Intangibles represent the carrying value of software including capitalised
development costs
Client settlement funds of US$2.5m (A$3.5m) are offset by the corresponding
scheme settlement payable US$2.3m (A$3.3m)
Current contract liabilities (deferred income) of US$3.2m (A$4.6m) represents
maintenance, service fees & project fees invoiced in advance of the service
being provided – will be recognised as revenue over next 12 months as work is
delivered
Other non-current liabilities includes US$1.0m incentive payment received in
June 2023 from Mastercard
Will be progressively recognised as revenue in future periods as various
transaction related milestones are achieved
AUD/USD = 0.70 (A$ amounts are
converted for representation
purposes to assist the reader)
Cashflow
12
Cash receipts of US$7.8m (A$11.2m), up 10% on pcp
Growth in PaaS business driving increase & smoothing of cash
receipts (clients invoiced monthly in arrears)
Cash payments to suppliers / employees of US$7.8m (A$11.2m)
Increase primarily driven by transaction costs (COGS) relating to
PaaS ramp up
Software investment relates to capitalised software development
Running at a sustainable level & as expected, post PaaS platform
launch
H1 is typically a higher cash usage period relative to H2 – H2 cashflow
expected to significantly improve over H1
US costs (including one-off costs) substantially removed from March
2025 onwards – positive cashflow impact
AUD/USD = 0.70 (A$ amounts are
converted for representation
purposes to assist the reader)
(1.1) (1.1)
(0.4)
0.0
H1
FY23 FY24 FY25 FY26
Net Cash from (used in) H1 Operations (US$m)
Cash flow positive
from Operations for
the first time in a H1
Operational Highlights
& Outlook
Sales team now focused
on outbound sales
‘hunting’
14
Large Market Opportunity
Banking in ANZ is dominated by the big banks
Leveraging success in NZ market to target the sizeable AU
market
Small to medium sized financial institutions (e.g. credit
unions, small banks & digital banks)
Non-bank lenders seeking to add card functionality, non-
financial institutions & embedded finance opportunities
Credit cards (but not underwriting or providing credit)
White label prepaid card brands / issuers
Powerful modular end-to-end payments testing &
certification solution with a global client base
Global payment testing market is estimated to be extensive2
More than 32,000 potential clients globally
New licence sales typically in the low six-figure range
Multi billion-dollar global market opportunity
Current 140+ PaySim clients is less than 0.5% of total market
Global clients supported from existing office locations
Vertexon PaaS – ANZ Opportunity PaySim – Global Opportunity
1. Sourced from RBA Data & The
Initiatives Group, Market Sizing for
Vertexon – Australia & New Zealand
Report. FY25-FY28 Forecasts
2. Sourced from The Initiatives
Group, PaySim Market Review
Report
-
200
400
600
800
1,000
1,200
1,400
1,600
FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28
Debit Card Credit Cards
Australian Card Payments1 Value A$ (billions)
FY20–FY24 CAGR
Debit Cards 12.8%
Credit Cards 6.8%
FY24–FY28 CAGR(F)
Debit Cards 11.8%
Credit Cards 4.2%
Key Operational Achievements – H1 FY26
Clear & focussed
operational roadmap to
deliver shareholder
value
15
Commercial
Integrated marketing campaign automation tool & commenced marketing nurtures for Vertexon and PaySim
Expanded partnership ecosystem – signed 3 new PaySim partners and new BIN sponsorship partnership with a global
processor
Launched first BIN sponsorship client in NZ
Product
Significantly enhanced Vertexon PaaS digital capabilities
Enhanced digitisation / tokenisation offering and broadened SDK to enable faster and deeper client integration
Continued progressing PaySim modernisation project – completed 64-bit upgrade to increase testing capacity
Enhanced the PaySim ISO 20022 product offering
Implemented dual domestic eftpos network connectivity in NZ
Operations
Strengthened Vertexon PaaS platform monitoring to maintain high availability as volumes continue to scale
Undertook ongoing High Availability infrastructure improvements
Deepened AI integration across the business to strengthen competitive position, drive growth and margin expansion
Rapid AI evolution now
creating significant
opportunity for Change
16
Strengthening Change’s Moat & Accelerating Growth
Current & Previous State – already utilise AI in products (e.g. fraud monitoring) & over the last 24 months deployed AI to assist
development & other business units
Now & Future State – embedding agentic AI across development, operations and client delivery
Will enhance structural advantages and drive operating leverage
Proprietary platform control – faster
execution vs. competitors reliant on
third parties
20+ years of institutional trust –
improves resilience & scalability
Embedded proprietary business logic
– compounding advantage as AI trains
on internal data
Scheme certifications & regulatory
compliance – requires years of
experience, trust & relationship-
building that cannot be shortcut by AI
Faster product releases –
development cycles compressed from
months to weeks
Higher client onboarding throughput
– reduced implementation timelines
More customisation capacity –
improved ability to win complex
clients
Improved client responsiveness –
stronger retention & cross-sell
expansion
Increased developer productivity –
greater output per employee
Automation assistance with support
& reporting
Reduced rework & testing cycles
Operational task automation –
workflow enhancement to reduce
manual engagement
Expanded operational capacity – AI
augments teams and will drive
financial efficiency
Defending & Deepening Moat Revenue Acceleration
Margin Expansion & Operating
Leverage
AI is a Force Multiplier Across Change’s Platforms
Positive outlook as
Change builds
momentum &
continues to scale
17
FY26 Outlook
Strong start to FY26 with H1 revenue & EBITDA ahead of target¹
H1 FY26 revenue of US$9.3m (A$13.3m2), up 29% on H1 FY25
Rolling 3-year revenue Compound Annual Growth Rate (CAGR) increased to 25% for the period ended H1 FY26
Underlying EBITDA of US$1.8m (A$2.6m) for H1 FY26
Revenue – GUIDANCE UPGRADED3
Underpinned by significant portion of ‘recurring’ revenue – PaaS transaction fees & Support & Maintenance
Underlying EBITDA4 – GUIDANCE UPGRADED3
Increasing operating leverage – upgrade represents a 15% increase at the midpoint compared to previous guidance
Cash flow positive5 – ON TRACK
1. Ahead of target based on previous guidance announced on 10 July 2025
2. AUD/USD = 0.70 (A$ amounts are converted for representation purposes to assist the reader)
3. Revised guidance announced on 27 January 2026
4. Excludes interest included as revenue & share-based payments included as an expense in statutory accounts
5. Excludes any of the Company’s funds that may be required to be held for security deposits relating to its PaaS business or for any future strategic initiatives the Company may decide to undertake
FY23 FY24 FY25
Previous FY26
Guidance
Upgraded FY26
Guidance
(US$m) (US$m) (US$m) (US$m) (US$m) (A$m)
Revenue 8.7 10.6 15.1 16.5 - 18.0 17.5 - 18.5 25.0 - 26.4
Underlying EBITDA (1.2) (0.7) 0.2 2.5 - 3.5 3.1 - 3.8 4.4 - 5.4
18
Investment Highlights
With strong
foundations in place,
Change is focussed on
delivering profitable
growth
Platform live in AU & NZ
All regulatory & licensing requirements
for card issuing via Vertexon in AU &
NZ in place
Australian Financial Services Licence in
AU & Financial Service Provider in NZ
Strong relationship with Mastercard
PaaS revenue scaling
Engaged & active existing client base
Increasing sales momentum
Positive FY26 outlook – strong revenue
growth & stable fixed cost base driving
material Underlying EBITDA
improvement
Strong validation of PaaS platform with
financial institution & fintech clients in
Oceania
Long-term relationship with two of the
largest banks in the Philippines
5 of the top 10 digital payment
companies globally use PaySim for
payments testing¹
Building Blocks In Place Growth & Scale Focus Marquee Customers
Proprietary payments technology
platforms
Vertexon: leading card management
system for processing & issuing
PaySim: default standard for eftpos
testing in Australia. All participants
must use PaySim to validate their
technology & systems
Longer term client relationships with
initial contract terms typically 3-5
years
Given critical nature of service
provided, challenging to switch from
Vertexon
Continued move towards digital
payments as cash usage declines
Vertexon: significant card issuing
market opportunity in AU & NZ
PaySim: <0.5% share of an estimated
multi billion-dollar global market
opportunity
Product Offering Long-term Contracts Market Opportunity
1. https://www.emergenresearch.com/blog/top-10-leading-digital-payment-companies-in-the-world
Appendix
Processing: Customer pays with card (all card networks
supported) & purchases goods/services from merchant
P&I: Customer pays with a Change issued Mastercard &
purchases goods/services from a merchant
Payment authenticated – the merchant point-of-sale system
captures the customer’s account information & securely sends
it to the acquirer (i.e. merchant’s bank)
Transaction submitted – merchant acquirer asks card network
to get authorisation from the issuer (i.e. customer’s bank)
Processing: Authorisation requested – card network submits
transaction to issuer for authorisation
P&I: Authorisation requested – card network submits
transaction to Change (as Issuer) for authorisation
Processing: Authorisation response – using Vertexon Platform
issuer authorises the transaction & routes the response back
via the card network & acquirer
P&I: Authorisation response - using the Vertexon Platform
Change (as Issuer) authorises the transaction & routes the
response back via the card network & acquirer
Processing: Settlement – card network debits the issuer &
pays the acquirer who in turn makes payment to the merchant
P&I: Settlement – card network (Mastercard) debits the issuer
(Change) & pays the acquirer who in turn makes payment to
the merchant
Vertexon in the Payments Process
Change’s role in the
payments process
depends on the region,
client type & services
provided
20
Cards can be physical & virtual cards (inc. Apple Pay, Google Pay, etc.) available via Vertexon
Processing: An Issuer (Change’s client) using the Vertexon
Platform (technology only) to manage their cards – client is
the Issuer & cards can be issued on any card network
supported by Vertexon
Processing & Issuing (P&I): A client using the Vertexon
Platform (technology) to manage their cards with Change as
Issuer (regulatory & licence) – Change is the Issuer & cards
are issued on the Mastercard Network
1
2
3
4
5
6
Merchant
Acquiring Bank
(Acquirer)
Card Networks
Issuing Bank
(Issuer)
Change
(as Issuer)
1
3 4
5
5
2
5
6
Vertexon Product Offering
Vertexon offering can
be tailored by client to
offer services that best
suit client & end
customer needs
21
Processing Processing & Issuing
Overview
• Provide core technology to enable card issuing &
management including:
o Transaction processing
o Card management
o Fraud monitoring
o Digital & virtual cards
o BNPL functionality
• Platform offers innovative processing capabilities to rival the
major banks in a capital efficient manager (Change
responsible for PCI DSS compliance, hosting etc)
• Client responsible for card issuing – client holds the
necessary scheme & regulatory licences
• Provide Processing capability + the following key card
Issuing capabilities:
o Card design & production
o Card issuing
o AML / CTF
o Settlement & reconciliation
o KYC & Onboarding
• Change responsible for card issuing – Change holds the
necessary scheme (Mastercard) & regulatory licences (i.e.
AFSL in Australia, FSP in NZ)
Cards
Supported
• Prepaid, Debit & Credit • Prepaid, Debit & Credit
Target
Clients
• Banks & financial institutions
• Large entities with direct issuing capability
• Migration of key existing Vertexon On-Premises clients
• Mid / Small banks & financial institutions incl. credit unions
• Fintechs & corporates
• BIN sponsorship
Regions
• Global - processing does not require scheme or regulatory
licences
• Australia & New Zealand
Supported
Schemes
Total Card Payment
Spend
NZ$109 billion
Market Overview – New Zealand
22
1,137
897
New Zealand Card Payments1
Volume (millions)
Debit
Credit
57
52
Value NZ$ (billions)
Total Card Payment
Transactions
2 billion+
Annualised
Run Rate
Market Share
Transaction Volume c.19.4m <1%
Transaction Value c.NZ$1.0b <1%
Banking in New Zealand is dominated by the Big 4 banks
27 registered banks plus several credit unions & building societies
No payment aggregation services providers for smaller players & historically limited innovation outside the Big 4 Banks
Estimated that small financial institutions make up just less than 10% of the market¹
In addition to continuing to target the financial institution market segment, there are further opportunities in:
Prepaid cards – current clients include employee benefits provider & a prepaid gift card client signed in Q1 FY25
Further opportunities in insurance, gaming, government & healthcare sectors
Debit card – current client includes personal wealth management client with >500k members signed in Q2 FY25
Further opportunities include non-bank corporate lenders, embedded finance & other non-financial institutions
Change estimated debit market share2 of
small financial institutions is approx.15%
1. Sourced from The Initiatives
Group, Market Sizing for
Vertexon – Australia & New
Zealand Report
2. Excludes ATM transactions
processed by Change
Market Overview – Australia
23
Card based payments
now dominate
transaction volume in
Australia
1. Sourced from RBA Data & The
Initiatives Group, Market Sizing for
Vertexon – Australia & New Zealand
Report. FY25-FY28 Forecasts
Australian Annual Transaction Volume by Type of Retail Payment1
-
5.0
10.0
15.0
20.0
25.0
FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28
Debit Card Credit Cards
Australian Card Payments1
Volume (billions)
-
200
400
600
800
1,000
1,200
1,400
1,600
FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28
Debit Card Credit Cards
Value A$ (billions)
FY20–FY24 CAGR
Debit Cards 10.5%
Credit Cards 5.8%
FY24–FY28 CAGR(F)
Debit Cards 12.9%
Credit Cards 3.5%
FY20–FY24 CAGR
Debit Cards 12.8%
Credit Cards 6.8%
FY24–FY28 CAGR(F)
Debit Cards 11.8%
Credit Cards 4.2%
0
2
4
6
8
10
12
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total
Number
of
Transactions
(billions)
Debit Cards Credit & Charge Cards Direct Debit Direct Credit ATM Cash Withdrawals Cheques NPP
Scheme & EFTPOS
Debit Cards
4-Party & 3-Party
Credit & Charge Cards
Market Overview – Australia (cont.)
24
Total
A$320 billion
146
437
Australian Card Payments Value1
Debit Cards
Addressable Market Big 4 Banks Major Card Providers & Closed Networks
38
221
61
Personal Credit Cards
Total
A$583 billion
2
10
13
Prepaid Cards
Total
A$25 billion
Whilst the Big 4 banks have a significant position in the Australian card issuing market, there is a materially larger opportunity
than in New Zealand
Change is seeking to leverage the recent success in the NZ market to target the sizeable AU market
Small to medium sized financial institutions (e.g. credit unions, small banks & digital banks)
Non-bank lenders seeking to add card functionality, non-financial institutions & embedded finance opportunities
Credit cards (but not underwriting or providing credit)
White label prepaid card brands / issuers
1. Sourced from RBA Data & The
Initiatives Group, Market Sizing for
Vertexon – Australia & New Zealand
Report. FY25-FY28 Forecasts
PaySim – Critical Payments Infrastructure Testing Tool
Simulates the full transaction lifecycle, enabling banks & fintechs to complete
end-to-end testing of their payment platforms, processes & scheme rule
compliance
Enables financial institutions to test their payment systems to meet the reliability
& performance expectations of their customers
PaySim enhances
speed to market for
clients by delivering
automated, repeatable
& scalable testing
capabilities
25
PaySim is an all-in-one modular
payments testing solution that enables:
Payment Simulation & Device
Emulation
Stress Testing
Regression Testing
Certification
Scheme Settlement
PAYSIM EMULATION
PaySim Market Overview – Global
26
Extremely powerful modular end-to-end payments testing &
certification solution embedded into tier 1 banking & payments
institutions globally
Core based on global messaging standard ISO 8583 & ISO 20022
Default standard & benchmark for EFTPOS testing in Australia
Global payment testing market is estimated to be extensive¹
More than 32,000 potential clients (inc. card issuers, acquirers,
ATM deployers, financial institutions & fintechs)
New license sales are typically in the low six-figure range
Multi billion-dollar global market opportunity
Key focus & opportunities for growth:
Partner / reseller network – leverage existing partner network
to drive sales & secure new partners / resellers
Direct sales – outbound direct client sales supported by
marketing activities
Cross sell / upsell – upgrade existing clients to adopt more
modules & deepen integration into clients’ systems
Product development – new products & features to meet
additional payments testing requirements
1. Sourced from The Initiatives
Group, PaySim Market Review
Report
Number of
PaySim Clients
Market Share
140+ <0.5%
PaySim is a powerful payments testing tool,
ensuring seamless transactions before they go
live, can be sold globally & supported from
Change's existing office locations
27
Building the Commercial Team to Drive Growth
Sales & Marketing
Change continues to strengthen & evolve its sales team to be focused on outbound sales ‘hunting’ for Vertexon (Australia) &
PaySim (Global) given the significant market opportunity
Chief Commercial Officer
2x VP Bus. Dev. (Vertexon)
VP Strategic Bus. Dev. (PaySim)
VP Marketing
15+ Vertexon
140+ PaySim
Our clients
VP Bus. Dev.
(Vertexon & PaySim)
Asia Pacific
VP Bus. Dev.
(Vertexon & PaySim)
LATAM
Change Financial
Limited
ASX: CCA
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