Payments fintech Change Financial has secured A$6.9 million of new funding for the development of its business in the United States. The investment was made by Michael Giles, a US investor and fintech entrepreneur. Giles was the founder of Third Party Technologies, which was sold to Block in 2019, and the founder of Embed Financial Technologies, sold last year. Giles has investments in more than 40 fintechs. Change Financial chief executive Alastair Wilkie said in a statement that the investment would allow the company to pursue growth opportunities. Change has a payments-as-a-service offering, which includes physical and virtual card issuing, transaction processing for major card schemes and digital payments. It has clients in the United States and Latin America. Its target market is banks, other financial institutions and fintechs. It has several client card programs in development in New Zealand, where it was granted a New Zealand financial service provider licence last year. Clients include First Credit Union, Police Credit Union and Westforce Credit Union. Last month, ASIC granted an Australian financial services licence to a wholly-owned subsidiary of Change, opening the way for a move into the local market. The company earned revenue of US$8.3 million in 2021/22 and made a loss of US$2.5 million.