Change Financial announces $5.7 million capital raise
- Change Financial has raised $5.7 million with strong support from new and existing investors
- This news comes as trading volumes in the S&P/ASX All Tech Index soared more than 42% at the beginning of July, lifting the benchmark just over 3% higher
Australian based global fintech and Payments as a Service (PaaS) provider, Change Financial (Change), has raised $5.7 million, signifying investor confidence in small-cap company and tech stocks more broadly, despite challenging market circumstances.
Change CEO and Managing Director, Alastair Wilkie said, that following a year marked by rising inflation and turbulent financial markets globally, particularly for technology companies, Change has received strong support for a capital raising, which allows it to continue to execute on its strategic plans.
“In June 2022, Change signed five-year Payments as a Service contracts with four New Zealand financial institutions totalling $15.2 million which has provided a strong platform for growth,” Mr Wilkie said.
“Despite challenging capital market conditions, investors are seeing value in Change’s strong revenue pipeline and ongoing innovations. We are focused on our pathway to profitability to deliver strong financial results.”
Funds from the capital raising will primarily be used for working capital and product enhancement/innovation as Change continues to expand and diversify their product offerings and strategic partnerships globally.
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About Change Financial Limited
Change Financial (Change) is an experienced global fintech, listed on the Australian Securities Exchange (ASX) providing tailored payment solutions, card issuing and testing to banks and fintechs. Partnering with over 154 clients across 41 countries, Change delivers simple, flexible, and fast-to-market payment solutions.
Managing and processing over 16 million credit, debit, and prepaid cards worldwide, Change also provides the default standard for payments testing for many Australian companies, including Australia’s domestic card payment service EFTPOS. Learn more about Change at www.changefinancial.com