Cuscal Limited (ASX: CCL) — From Infrastructure to Innovation in Payments - A Fintech Story.
- Noel Ong
- Jun 25
- 6 min read
Announcement
Cuscal Limited (ASX: CCL) is a name that has quietly underpinned the digital payments infrastructure of Australia for decades. After officially listing on the ASX on 25 November 2024, Cuscal is now navigating the next chapter of its 60-year journey — building on its foundation as one of the nation’s leading independent B2B payments and data service providers.
This is not a retail-facing institution. Instead, Cuscal is one of the few players outside of the Big Four banks with the full capability and licensing to support the entire spectrum of payments and regulated data services in Australia.
ASX Code: CCL
Listing Date: 25 November 2024
IPO Offer Price: $2.50
Current Share Price (as at June 2025): $2.935
Market Capitalisation: $549.78 million
Industry Group: Financial Services
What Has Cuscal Done Since Listing?
Since its debut on the ASX, Cuscal has stayed true to its Prospectus strategy — executing a growth-focused agenda while maintaining operational discipline. Some of the key developments include:
Strong H1 FY25 Results:
Cuscal reported growth across all key metrics in the first half of FY25, showing that momentum continues post-listing:
⚬ +7% growth in transaction volumes
⚬ Adjusted EBITDA up to $35.6 million, representing a margin of 24.3%
⚬ Net Profit After Tax (NPAT) reached $21.5 million
⚬ ROE lifted to 6.3%
Diversified Revenue Base:
Income continues to be well-balanced across issuing (~10% NOI), acquiring (~25%), and account-to-account payments (~60%). This revenue spread reinforces the resilience and predictability of the business model.
Continued Investment in Technology:
Over $100 million invested between FY22 and FY24 in technological upgrades and capability enhancement to enable operating leverage and improve client services.
Strategic Acquisitions:
The acquisition of SPS and the Basiq Group supports deeper integration into the regulated data services market, signalling the company’s readiness for long-term digital transformation in banking and finance.
Cuscal’s Position in the Fintech Market
Cuscal's unique market proposition is underpinned by three pillars (Figure 1):
1.0 End-to-End B2B Offering:
Unlike the major banks that focus internally, Cuscal delivers complete payment infrastructure to ADIs, fintechs, and corporates without competing for their end-customers.
2.0 Regulated and Fully Licensed:
As an Authorised Deposit-taking Institution (ADI), Cuscal possesses the necessary infrastructure and compliance credentials that take decades to build and are not easily replicated.
3.0 Long-Tenured, Contracted Client Base:
Clients are typically on multi-year contracts, which have created a strong base of recurring revenue and predictable financial returns.
Figure 1: Cuscal is Australia’s leading independent B2B payments provider (source: CCL)
A Proven Track Record
Cuscal’s history is marked by pivotal moments that reflect its culture of innovation (Figure 2):
Australia’s first ATM (1970s)
Early Visa scheme participant
First ADI in Australia to launch Apple Pay, Google Pay™, and Samsung Pay
Founding role in the launch of the New Payments Platform (NPP)
Certified PayTo Payer and Initiator
Launch and sale of digital bank 86 400
Figure 2: CCL’s Timeline of Innovation—highlights Australia’s first ATM to ASX listing in 2024 (source: CCL)
Elizabeth Proust AO, Chairman of Cuscal Limited:
“Cuscal plays a crucial role in supporting connectivity to the Australian payments infrastructure for a diverse range of clients. Our unique position as an authorised deposit-taking institution, combined with our comprehensive ‘End-to-End’ capabilities in payments and regulated data services, sets us apart in the industry in Australia.”
“Cuscal has been at the forefront of innovation in the payments sector, having been the first Australian company to launch connectivity solutions for Apple Pay, Google Pay and Samsung Pay. As one of 13 original shareholders of the New Payments Platform (NPP), Cuscal played a key role in the design and initial delivery of the NPP across Australia.”
“Lodging our Prospectus ahead of an ASX listing represents a significant milestone in Cuscal’s journey, with the fundamental purpose of becoming a listed company being to give Cuscal deeper access to funding sources and provide the Management team greater flexibility to execute growth initiatives.”
Use of IPO Funds – Summary (Actual vs Budget)
Cuscal Limited has deployed its IPO proceeds in line with expectations outlined in the Prospectus, with approximately $40 million raised to support working capital, regulatory capital adequacy, and strategic growth initiatives.
As at 1H FY25, the company had already achieved 51% of its forecast operating income and 59% of its full-year NPAT target, indicating strong alignment between fund utilisation and financial performance. IPO-related costs of $13.3 million were recorded as a one-off expense, while the remaining capital has been directed toward technology investments—reflected in a 38% increase in non-salary tech spend—and the Risk & Technology Uplift program.
Overall, Cuscal has shown disciplined capital management, reinforcing its focus on infrastructure resilience and long-term digital capability.
Share Price Performance Since Listing
Since listing on the ASX at $2.50 in November 2024, Cuscal Limited (ASX: CCL) has delivered a steady upward trajectory. As of June 2025, the share price has risen to $2.935, reflecting a 17.4% increase from its IPO price (Figure 3). This growth in market value — now $549.78 million — signals growing investor confidence in Cuscal’s infrastructure-driven payments model and its position as a leading independent B2B provider in Australia’s financial services sector.
Figure 3: CCL share price as of 18 June 2025 (source: ASX)
Samso Concluding Comments
Cuscal Limited (ASX: CCL) is not a household name, and that’s exactly why investors should take notice. Operating quietly in the background, Cuscal powers much of Australia’s payments infrastructure — and it does so with the discipline, scale, and regulatory compliance usually reserved for the major banks. Since its ASX debut in late 2024, the company has delivered on performance and positioned itself for long-term growth through digital transformation and data-driven services.
What stands out is Cuscal’s ability to remain relevant through shifting technologies and regulatory landscapes. The business isn’t about hype — it’s about execution, relationships, and enabling others to thrive in a competitive financial ecosystem.
In a world where payments are becoming more embedded, more instant, and more regulated, Cuscal’s role is set to deepen. Investors who are willing to look beneath the surface will find a company built for resilience, with infrastructure that’s difficult to replicate and a client base that stays for the long haul.
At Samso, we believe these are the stories that often go unnoticed until they’ve already moved, and that’s why it pays to seek the research.
The Samso Take – Seek the Research
Cuscal is the kind of company that quietly powers the system, not flashy, but essential. Its strength lies in long-term relationships, deep infrastructure, and steady execution. For investors willing to dig deeper, the value is in understanding how foundational players like Cuscal shape the future of payments.
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