After a (very) rocky past, CCA is extremely well positioned in the payments processing/card issuing industry having won some key credit union customers in New Zealand which will double run-rate revenue over FY25. With the time, money and effort to develop the Vertexon payment processing/card issuing platform now largely a sunk cost, attention shifts to onboarding those customers and winning new card issuing programs.

As a genuine platform business I expect CCA can add this incremental revenue over FY25 with little additional opex. In a recent trading update management confirmed they will hit their target of monthly EBITDA/operating cashflow breakeven entering FY25. From this breakeven level I expect the business can scale over FY25 and achieve $2-3m USD profit before tax.

https://www.merewethercapital.com.au/blog/is-there-change-in-the-air-for-this-fintech/