Cash Converters
Cash Converters is an Australian-founded, internationally franchised retailer of pre-owned goods and provider of pawnbroking and consumer-finance services.
Last updated October 14, 2026
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Overview
Cash Converters is an Australian retail and financial-services brand built around the resale of used goods, pawnbroking and short-term consumer lending. The business was founded in Perth, Western Australia, in 1984 by Brian Cumins and a group of partners. Its original proposition connected people seeking to sell or pawn unwanted possessions with customers looking for lower-cost second-hand merchandise. The model developed into a combination of company-operated stores, franchise outlets and financial-services businesses. The brand expanded rapidly in its home market during the 1980s. Within four years of establishment it had opened seven additional Perth outlets, and its first two franchised stores opened in 1988. International development began in the mid-1990s, taking the concept into New Zealand, the United Kingdom, France, Belgium, Spain, South Africa and other markets. Overseas operations have included a substantial master-franchise component, meaning that the brand’s international footprint is not managed entirely through directly owned stores. Cash Converters’ retail operations buy and sell pre-owned products across categories such as consumer electronics, tools, jewellery, musical instruments and other household or personal goods. Stores also provide pawnbroking, allowing customers to obtain secured short-term finance against pledged items. The group has offered unsecured short-term personal lending as well, including its Cashies Loan product and small amount credit contracts in Australia. This combination of resale and lending gives the brand a distinctive position between a discount retailer, a second-hand dealer, a pawn operator and a non-bank consumer-finance provider. The company became publicly traded through a London Stock Exchange listing in 1995 and received a dual listing on the Australian Securities Exchange in February 1997. Its primary listing moved to Australia in 2001, and it left the London market in February 2013 because of the composition of its shareholder register and limited UK trading activity. The corporate group expanded its financial-services capabilities through the 2006 purchases of Safrock Finance Corporation and the MON-E financial software platform. It later acquired Green Light Auto, first taking an 80 percent interest in 2013 and then the remaining 20 percent in 2014. Cash Converters discontinued that vehicle-finance operation in June 2024. Ownership and strategic relationships have also shaped the group. EZCorp acquired a 30 percent interest in Cash Converters in 2009 and received two board appointments. Through dividend reinvestments and a 2018 rights issue, its holding had risen to 36 percent by June 2021. Cash Converters continued to consolidate parts of its franchised network, acquiring the remaining interest in its New Zealand operations in 2022 and purchasing the Capital Cash UK franchise-store network in 2023. The brand has faced sustained regulatory and legal scrutiny over its lending practices. Australian class actions concerning interest charged on short-term loans led to an in-principle settlement in 2015. An Australian Securities and Investments Commission investigation in 2016 resulted in consumer repayments, a civil penalty and commitments to improve loan-assessment and compliance processes. A separate 2018 ASIC settlement concerned debt-collection practices. These matters contributed to a more compliance-focused operating environment and influenced the group’s later lending strategy. As of 30 June 2025, the group reported a network of 659 stores across 15 countries, including stores operated through master-franchise arrangements. In May 2025 it announced plans to exit Australia’s small amount credit contract market in October 2025, citing increased regulatory scrutiny of payday lending. Cash Converters therefore remains active as a retail and pawnbroking brand while reducing its exposure to one of the most heavily scrutinised areas of its historic financial-services portfolio.
History
Cash Converters began in Perth, Western Australia, in 1984. Brian Cumins and business partners established the company around a retail model for buying and selling used goods. The concept served two sides of the market: people could convert unwanted possessions into cash, while other customers could purchase lower-priced pre-owned products. Pawnbroking and short-term finance became important parts of the operating model alongside merchandise resale. The company expanded quickly in Western Australia. Within four years it had opened seven more outlets in Perth, and it introduced franchising in 1988 with its first two franchised stores. Franchising enabled the brand to expand beyond its initial corporate-store base and later became central to its international development. During the mid-1990s Cash Converters entered overseas markets including New Zealand, the United Kingdom, France, Belgium, Spain and South Africa. Some of these markets were operated by master franchisees rather than directly by the Australian parent. Cash Converters became a public company through a London Stock Exchange listing in 1995. It obtained a dual listing on the Australian Securities Exchange in February 1997, moved its primary listing to Australia in 2001 and ultimately delisted from London on 19 February 2013. The London exit was attributed to the structure of the shareholder register and low trading volumes in the UK. The group broadened its financial-services capabilities in 2006 by acquiring Safrock Finance Corporation and MON-E. Safrock was purchased on 29 September 2006, while MON-E was a financial software platform. Both transactions were funded through combinations of cash and shares. In November 2009, EZCorp acquired a 30 percent interest in Cash Converters and appointed two representatives to its board. EZCorp’s stake later increased through dividend reinvestments and a 2018 rights issue, reaching 36 percent by 30 June 2021. Cash Converters expanded into vehicle finance through Green Light Auto. It acquired 80 percent of the company in September 2013 by converting a previously provided A$4 million loan, then bought the remaining 20 percent in November 2014. Green Light Auto became wholly owned, but Cash Converters discontinued the vehicle-lending operation in June 2024. Legal and regulatory issues became a significant part of the company’s later history. Two Australian class actions alleged that excessive interest had been charged on short-term loans issued in New South Wales between July 2010 and June 2013. More than 50,000 customers joined the proceedings seeking damages, and an in-principle settlement of A$23 million was reached in June 2015 for more than 37,000 customers. The final settlement payment for historic lending practices had been made by September 2020. In 2016, ASIC found that Cash Converters had not made reasonable inquiries into the income and expenses of some small-amount-loan applicants. The outcome included A$10.8 million in consumer repayments, a A$1.35 million penalty and an enforceable undertaking covering improvements to risk, compliance and application assessment. A 2018 settlement involving debt-collection practices between 2013 and March 2016 required a A$650,000 payment to the National Debt Helpline and the transfer of collection activity to Collections House Limited. The company later recommenced internal debt collection in 2021 after ASIC approval. The group continued consolidating its franchise network. In 2022 it acquired the remaining stake in its New Zealand operations, including 11 corporate stores and rights to franchise fees from 11 further stores. In 2023 it acquired Capital Cash, its largest UK franchise-store network. The brand also received unexpected online exposure from Dankpods, whose Cashies Specials videos began in 2020 and featured visits to Cash Converters locations. By 30 June 2025, Cash Converters operated 659 stores in 15 countries, with some non-Australian locations managed under master-franchise agreements. Its Australian stores sold 1.7 million pre-owned goods during the 2024 financial year. In May 2025 the company announced an intention to exit the Australian small amount credit contract market in October 2025, reflecting the increasing regulatory pressure on payday lending. The continuing business combines second-hand retail and pawnbroking with a reduced financial-services exposure.
- 2025
Small amount credit exit announced
[1]The company announces plans to exit Australia’s small amount credit contract market in October.
- 2024
Vehicle lending operation discontinued
[1]Cash Converters ceases its Green Light Auto vehicle-finance operation.
- 2023
Capital Cash acquisition
[1]The company acquires the Capital Cash UK franchise-store network.
- 2022
New Zealand operations are consolidated
[1]Cash Converters purchases the remaining stake in its New Zealand operations.
- 2014
Green Light Auto becomes wholly owned
[1]The group acquires the remaining 20 percent of Green Light Auto.
- 2013
Green Light Auto majority acquisition
[1]Cash Converters acquires 80 percent of Green Light Auto through conversion of a loan.
- 2013
London listing ends
[1]The company delists from the London Stock Exchange on 19 February.
- 2009
EZCorp acquires a strategic stake
[1]EZCorp purchases a 30 percent interest and appoints two representatives to the board.
- 2006
Safrock Finance and MON-E acquisitions
[1]Cash Converters acquires Safrock Finance Corporation and the MON-E financial software platform.
- 2001
Primary listing moves to Australia
[1]The company migrates its primary listing location to the ASX.
Products and positioning
A value-oriented second-hand retail and consumer-finance brand that combines resale, pawnbroking and short-term lending through company-operated, franchised and master-franchised stores.
Second-hand retail · 1984
Pre-owned merchandise
Cash Converters stores buy and resell used goods, offering customers lower-priced alternatives to new merchandise. Product categories include electronics, tools, jewellery, musical instruments and household or personal items. The assortment varies by store because it depends on locally acquired inventory. In the 2024 financial year, Australian stores sold 1.7 million pre-owned goods.
Secured consumer finance
Pawnbroking
The brand provides pawnbroking services through its retail network. Customers can pledge items as security for short-term finance, with the pledged goods forming part of the transaction and potentially entering the resale inventory if obligations are not met.
Personal finance
Cashies Loan
Cashies Loan is the group’s branded line of short-term personal lending. It forms part of Cash Converters’ historical financial-services offering alongside pawnbroking and small amount credit products.
Short-term lending
Small amount credit contracts
Cash Converters has provided small amount credit contracts in Australia, a form of short-term lending commonly associated with payday-loan regulation. In May 2025 the company announced plans to exit this market in October 2025 following increased regulatory scrutiny.
Controversies
2018
ASIC debt-collection settlement
Cash Converters settled ASIC concerns about debt-collection practices during the period from 2013 to March 2016. It paid A$650,000 to the National Debt Helpline and outsourced collection work to Collections House Limited.
2016
ASIC findings on loan affordability assessments
ASIC found that the company had not made reasonable inquiries into the income and expenses of some customers applying for small amount loans. The outcome included A$10.8 million in consumer repayments, a A$1.35 million penalty and an enforceable undertaking to improve compliance and assessment systems.
2015
Short-term-loan class-action settlement
Two Australian class actions alleged that Cash Converters had charged excessive interest on short-term loans issued in New South Wales between July 2010 and June 2013. More than 37,000 customers were covered by an in-principle settlement reported at approximately A$23 million.
Marketing campaigns
- 2020Cashies Specials
Australia · Online
YouTuber Dankpods began publishing a recurring series featuring visits to Cash Converters stores and unusual or notable second-hand finds. The series was not identified as a formal company advertising campaign, but it generated additional online attention for the brand.
Outcome. The videos increased the brand’s visibility among online audiences.
Brand decisions
2025
Planned exit from small amount credit contractsStrategyBackground
The Australian small amount credit market faced increased regulatory scrutiny.
Action taken
Cash Converters announced that it would exit the small amount credit contract market in October 2025.
Aftermath
The decision is expected to reduce the brand’s exposure to Australia’s payday-lending segment.
2024
Exit from vehicle financeStrategyBackground
The group reviewed its portfolio of financial-services activities after operating Green Light Auto as a wholly owned subsidiary.
Action taken
Cash Converters ceased its vehicle-finance operation in June 2024.
Aftermath
The group reduced the scope of its lending activities while retaining its retail, pawnbroking and other financial-services operations.
2023
Acquisition of Capital CashM&ABackground
Cash Converters aimed to increase its directly controlled presence in the United Kingdom.
Action taken
The company purchased Capital Cash, its largest UK franchise-store network.
Aftermath
The acquisition expanded the group’s UK store network.
Acquisition consideration. A$24.7 million (2023)
2022
Consolidation of New Zealand operationsM&ABackground
Cash Converters sought greater control of its New Zealand business and associated franchise income.
Action taken
The group acquired the remaining stake in the New Zealand operations, including 11 corporate stores and rights to franchise fees from 11 additional stores.
Aftermath
The New Zealand business became wholly owned.
Acquisition consideration. A$13.7 million (2022)
2013
Acquisition of Green Light AutoM&ABackground
Cash Converters expanded into vehicle finance.
Action taken
The company acquired 80 percent of Green Light Auto by converting a A$4 million loan into equity.
Aftermath
Cash Converters acquired the remaining 20 percent in 2014 and later discontinued the vehicle-finance operation in June 2024.
Loan converted into acquisition consideration. A$4 million loan (2013)
2006
Acquisition of Safrock Finance and MON-EM&ABackground
Cash Converters sought to expand its financial-services and technology capabilities.
Action taken
The group acquired Safrock Finance Corporation for A$17.5 million and MON-E for A$15 million, using combinations of cash and shares.
Aftermath
The acquisitions broadened the group beyond merchandise resale into finance and financial software.
Acquisition consideration. A$17.5 million for Safrock Finance Corporation; A$15 million for MON-E (2006)
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