Alastair Wilkie

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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This new payment API sandbox will allow fintechs to test their digital card product and service through Changes’ Vertexon technology to improve effectiveness and efficiency whilst finessing any issues.

Demand for digital and physical card payments capabilities in New Zealand is set to rise as the e-commerce market is projected to grow by 38 percent between now and 2025, reaching US$8.8 billion, according to the March 2022 Global Payments Report.

Change CEO and Managing Director, Alastair Wilkie, explained whilst Changes’ payment API sandbox is available globally, it is particularly important for the New Zealand payments market as it is the first of its kind, allowing New Zealand fintechs access to this technology without the costs and processes attached to major banks.

Finzsoft Chief Executive, Helen Hatchard said, “Change’s new payment API sandbox will help accelerate the development of our digital services and aid growth for our New Zealand clients through innovation, supported by thorough and sophisticated development and testing.

This announcement is great news for businesses across New Zealand that are looking for physical and digital card solutions as it will provide non-bank lenders and mutuals with access to technology previously only available through the major banks,” Ms Hatchard remarked.

The 2021 Environmental Scan Report from Payments NZ notes that the need for faster, more innovative payments continues to increase, making it possible for people and businesses to better integrate their digital and physical worlds.

“Change acknowledges that the New Zealand payments space is lagging the rest of the world, and innovations like these provide fintechs with greater access to fast, reliable and well-integrated solutions that can ultimately benefit consumers,” Mr Wilkie concluded.

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