Change Financial wins US$2m in new US deals
The two new contracts have more than validated the traction CCA is seeing for its Vertexon platform in the crucial US market.
Fintech payments leader Change Financial (ASX:CCA) continues to gain traction, nailing down two new US clients onto its newly released Payments as a Service (PaaS) platform.
The two US fintechs have signed contracts that will earn Change a combined total fee of at least US$2 million for the initial contract periods.
In addition, starting in the first half of FY23, the contracts will also generate a minimum fee commitment of US$0.2m of annual recurring revenue (ARR) in year one, increasing to US$0.6 million by year three.
“We are excited to have secured two new US fintechs on our Vertexon platform,” Change CEO Alastair Wilkie commented.
“This marks another key achievement for our company as we continue to prove our PaaS model has broad market appeal.”
Launched in October just last year, Vertexon is Change’s PaaS offering which provides quick-to-market card and payments solutions to banks and fintechs around the world.
The software integrates seamlessly with banks and fintechs’ core systems, enabling delivery of digital and virtual card solutions to their customers.
This article was developed in collaboration with Change Financial, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.