Change Financial has announced new board appointments* as the Australian-based business continues to grow and intensify its focus on providing tailored payment solutions, card issuing and testing to global banks and fintechs.
Change currently manages and processes more than 16 million virtual, credit, debit and prepaid cards worldwide, serving 136 clients in 36 countries.
Edward (Eddie) Grobler has been appointed an independent Non-Executive Director. He is a highly experienced card and payments specialist and worked at Mastercard for more than 20 years. During that time, he held several senior roles including Senior Vice President Africa, Executive Vice President /Australasia Division and more recently, he was the UK-based Executive Vice President: Realtime Payments. In this role he was responsible for the development and execution of Mastercard’s real time payments strategy.
Grobler holds a Master in Business Leadership and a Master in Psychology, and is a Graduate member of the Australian Institute of Company Directors.
Alastair Wilkie, Change CEO, said, “I have had the pleasure of working with Eddie over a number of years while he was at Mastercard. We’re delighted to have someone of his calibre join the Change Board as an Independent Director. His experience growing and transforming payments businesses worldwide will be vital to our future growth.”
Tom Russell joins the board as an alternate director to Ben Harrison, Change Chairman. Tom has more than 10 years’ experience as an investor and corporate advisor working across a range of industries with a focus on growth companies in the technology, finance, industrial, energy and resource sectors.
As an Investment Director at Altor Capital, a boutique alternative investment manager, Russell provides corporate advisory services for listed and unlisted emerging companies. Tom previously held both operational and corporate advisory roles in the United States and Australia, and was instrumental in raising capital, advising on corporate structure and business strategy, managing operations and development, as well as launching technology platforms.
Russell holds both a Bachelor of Commerce (Finance) and a Bachelor of Economics (Quantitative Methods).
“Tom has been instrumental in the success of Change, to date, both strategically and operationally. His in-depth knowledge of our business has been paramount to our current success, and he brings a great complementary skill set to our team,” Wilkie concluded.
*Subject to shareholder approval at the Company’s AGM on 25 November 2021.
The partnership agreement with US-based Axiom Bank establishes a solid foundation for future growth and upcoming programs for Change Financial in the region.
Global fintech Change Financial (ASX:CCA) has announced a partnership with Axiom, one of the fastest growing community banks in the US.
The three-year partnership is a key step towards expanding Change’s reach in the US, and will be a key relationship when onboarding fintechs in the region.
Change aims to onboard potential clients with Axiom as the issuing bank, leveraging Change’s Mastercard registered processor and payments platform, Vertexon.
CCA’s platform currently manages and processes more than 16 million virtual, credit, debit and prepaid cards worldwide, serving 136 clients in 36 countries.
“Unlocking growth in the US is a key focus of our FY22 strategy, we’re thrilled to announce a strong partnership with Axiom Bank so early in the financial year,” says CCA CEO, Alastair Wilkie.
Partnership underpins Change’s global growth strategy
Headquartered in Florida, Axiom Bank provides a wide range of financial products and services.
These services include retail banking, money market and CD accounts, as well as commercial banking, treasury management services and commercial loans for both real estate and business purposes.
CCA’s payments technology provides the critical infrastructure that connects existing licensed banks with modern API-driven brands, such as fintech platforms.
Under the partnership agreement, Change’s payments platform, Vertexon, will allow onboarded clients to access feature rich products and functionality such as physical and virtual cards, access to ATM networks and Buy Now Pay Later payment options.
The two companies are now working together to onboard potential clients in the US, with the first client expected in the December 2021 quarter.
Axiom Bank’s executive vice president of Banking-as-a-Service, Ron Strand-Sorrell, said: “We are thrilled to be partnering with Change Financial, and are excited about the opportunities that leveraging their innovative payment solutions bring.”
CCA expects that clients in the US will contribute to driving growth in its recurring revenue.
The partnership also highlights CCA’s ability to deliver on its FY22 growth strategy, by engaging with banks and fintechs to drive future growth.
“We’re committed to strengthening and growing the core business and believe the partnership with Axiom effectively highlights how Change delivers tailored and innovative payment solutions to banks and fintechs around the world,” said Wilkie.
Change is currently undergoing a rapid growth trajectory, with top line revenue surging from US$300,000 in FY20 to US$8.4 million ($11.3 million) in FY21 – in a year described by management as being “transformational”.
In FY22, Change expects its sales pipeline to grow as it focuses on global business development strategies.
One of the strategies includes the rollout of its Phase 2 Customer Ready Platform, which will allow it to offer a next-generation integrated payment processing and card management solutions platform.
The appointment of Tony Sheehan as CFO is a crucial step in Change Financial’s goal to become the leading global payments and platform provider.
Global fintech Change Financial (ASX:CCA) has welcomed a new Chief Financial Officer (CFO) to bolster its executive leadership team.
The company has named Tony Sheehan as its new CFO, who will officially start his duties on 19 July.
Sheehan is a highly experienced, strategic and influential finance executive with over 18 years’ international experience in the world of banking and finance.
This includes previous senior roles in Australia, New Zealand and the UK across investment banking, private equity, corporate finance, operations, and sales and marketing.
His extensive experience will help the company execute an aggressive growth roadmap as it embarks on a global expansion that includes pipelines in the US, South America, Thailand, Cambodia, as well as in Australia/New Zealand (ANZ).
240 years of experience
Prior to accepting the role at Change, Sheehan held senior roles at Global Payments Australia/New Zealand, which is part of the NYSE-listed Global Payments Inc.
Global Payments is a leading worldwide provider of payments and commerce technology, as well software solutions delivering innovative software services globally.
Sheehan held the dual roles of Chief Operating Officer (COO) and CFO during his tenure at Global Payments’s Australia/New Zealand operations.
In his role as CFO, Sheehan led and managed all aspects of accounting, financial performance and reporting, compliance, legal, operations, sales and marketing.
The addition of Sheehan to Change’s executive roster will strengthen what is already a highly experienced team with 240 years of combined experience in the fintech and payments industries.
The team is currently led by CEO Alastair Wilkie, and non-executive chairman Ben Harrison.
“Tony’s extensive experience in finance and operations, specifically within the fintech and payments landscape, will be invaluable to Change as we focus on delivering on our strategic objective of becoming a leading global payments and platform, providing innovative solutions to business and financial institutions,” Wilkie said.
Huge addressable market
Change is looking to execute on a major market opportunity, with global non-cash transactions projected to grow from US$684 billion in 2019 to US$1.5 trillion in 2025.
The company has developed innovative and scalable payments technology offering Banking as a Service (Baas) solutions to businesses and financial institutions.
This platform effectively provides the critical infrastructure that connects existing licensed banks with modern API- driven brands, such as fintech platforms.
Change manages and processes more than 16 million credit, debit and prepaid cards worldwide, serving more than 125 customers in 36 countries.
Part of CCA’s growth strategy is to upgrade the existing platform with new features such as debit and credit cards, which the company expects will increase its addressable market by 10 times.
The appointments will bolster its payment solutions in the key markets of Australia, New Zealand, and the US.
Global fintech Change Financial (ASX:CCA) has announced a number of key appointments to its payments solutions teams, as it looks to further bolster its Australian, New Zealand and American businesses.
The company has appointed Nick Beach as Senior Vice President of Payment Solutions.
David McAleese and Brian Hodgdon meanwhile, have also both been appointed Vice Presidents of Business Development and Client Relations.
Beach will be based in Brisbane, and will be responsible for payments and card solutions globally, while working closely with business development and project delivery teams.
Beach’s previous role was at EML Payments (ASX:EML), where he worked for nine years holding several senior roles, and was most recently Head of Product and Solutions.
His other prior experiences included stints at SPARQ Solutions and JPMorgan Chase.
McAleese and Hodgdon will join as part of Beach’s Payments Solutions team.
Both will work with Change’s Latin American team to drive future growth, with McAleese based in Brisbane and Hodgdon in New Jersey, US.
McAleese has previously worked at leading organisations such as First Data, Citibank, ANZ, Westpac.
In those roles, he had built good relationships and partnered closely with key clients such as BOQ, Suncorp, Auswide, IMB, MyState and RACQ to deliver B2B customer solutions.
Prior to joining Change, Hodgdon held senior roles at Intermex and Payomatic where he led numerous new sales initiatives for payments and mobile card services growth in the banking and fintech market across the US and Latin America.
“All three bring extensive industry experience, and position us well for continued growth in the payments space,” says Change CEO, Alastair Wilkie.
“These appointments will be pivotal to our success of delivering user-centric solutions to our clients as we build the next generation of payments solutions and services for the global market.”
Change’s record quarter
The appointments coincide with Change’s record Q4 revenue, as the company pushes forward with the strategy of capitalising on global opportunities.
Change says it’s expecting rapid pipeline growth in these new markets and the new executives will work together to spearhead the rollout of Change’s Phase 2 Customer Ready Platform, which will allow it to offer a next generation integrated payment processing and card management solutions platform.
Prior to today’s appointments, Change also appointed a new CFO, Tony Sheehan – an experienced and strategic finance executive with over 18 years’ international experience in the world of banking and finance.
It’s expected that the extensive experience brought by these appointments will help Change execute an aggressive growth roadmap as it embarks on a global expansion that includes pipelines in the US, South America, SE Asia, as well as in Australia/New Zealand.
Change’s platform currently manages and processes more than 16 million virtual, credit, debit and prepaid cards worldwide, serving more than 125 customers in 36 countries.
Fintech payments company Change Financial (ASX:CCA) announced this morning that it’s finalised the strategic acquisition of Wirecard’s Australian and New Zealand assets.
The company confirmed the completion of the sale conditions, which will see it take control of Wirecard’s Australia and New Zealand operations.
The acquisition follows Change’s initial announcement earlier this month, when the company jumped at the opportunity to acquire the Wirecard assets at attractive multiples.
And with CEO Alistair Wilkie – the former chief operating officer at $1bn payments platform EML Payments (ASX:EML) at the helm, Change is well placed to convert its strategic acquisition into a material profit generator in the years ahead.
Change said the deal gave it control over a strong global payments business that generated recurring revenues of $9.3m in the 2020 financial year, and total income of more than $15m.
Wirecard’s Australian and New Zealand business specialises in card management and payment platform solutions, for “banks and financial institutions as well as digital brands and fintechs”, Change said.
The business currently serves more than 120 customers across 35 countries, including the ‘Big Four’ Australian banks and major supermarket operators.
Importantly, all key personnel at Wirecard have stayed with the business post-sale – a direct indicator of senior management’s view about the platform’s growth prospects.
Prior to the acquisition by Change Financial, Wirecard’s regional leadership group also explored the potential for a management buy-out (MBO) for the assets, to capitalise on the global opportunity.
As of today (October 1), all required staff of Wirecard Australia & NZ are now employed by Change Financial.
In confirming the deal, Change advised that it has now started receiving signed assignment deeds for Wirecard customers.
In conversations with administrator McGrath Nicol, which selected Change’s offer in a competitive bidding process, the company expects to complete more assignment deeds in the months ahead.
In addition, existing Wirecard customers have continued to use the company’s services and pay their bills throughout the administration process.
With the sale now completed, Change is focused on accelerating the integration process and expanding market share in the months ahead.
The company flagged a “10-fold” increased of its addressable market via the introduction of new card services.
It also plans to onboard more than 10 companies from its existing client base in the US to the expanded product offering.