When the banking-as-a-service platform used by Changed and about 100 other finance apps serving 10 million users collapsed in 2024, it sent the fintechs into free fall.
The users—who believed their money was as safe as it would be with any FDIC-insured institution—suddenly lost access to funds trapped in the failed infrastructure. For Changed, a popular Chicago-based app helping people pay off debt, the impact was immediate and acute.
“It felt like a shutdown for Changed,” says Nick Sky, Changed co-founder. “Our users’ money was locked up, and we couldn’t move anything. We felt helpless to make them whole and thought we were dead in the water. We were working around the clock to get our users’ funds returned to them.”
Changed’s mission—to help people become debt-free sooner and turn debt repayment into a positive, motivating experience—was suddenly at risk. Its future depended on its ability to quickly re-establish brand trust. But rather than rebuild fast, Sky and his team chose to rebuild right.
In the weeks that followed, Changed fielded offers from BaaS providers promising full migration at lightning speed. While they were eager to move forward, Sky and Co-founder Dan Stelmach didn’t bite.
“Some companies said they could have us live in three weeks,” he recalls. “But we weren’t interested in shortcuts. We prioritized reliability, transparency, and a strong compliance posture over speed.”
Already familiar with Helix by Q2 through the Q2 Innovation Studio fintech partner ecosystem, Changed contacted Helix to explore a new long-term BaaS partnership. Helix’s message was clear: A strong, compliant foundation takes time.
Sky explains that his team ultimately chose Helix because it shared Changed’s belief that getting it right was smarter than getting it fast.
Helix worked closely with Changed to redesign its program architecture from the ground up. The new model replaced outdated FBO sub-ledger accounts with individual demand deposit accounts (DDAs) for each user. It meant transparency, auditability, and a direct connection to a new sponsor bank.
The conversion process was rigorous, resulting in not only new technology but also organizational and strategic shifts. Sky and Stelmach hired their first chief compliance officer, completed deep due diligence, and adjusted funding milestones around the relaunch.
“We were pushing hard but waiting for each piece to fall into place. Looking back, that due diligence was exactly what we needed,” Sky says.
By late 2024, the new platform was live in beta, followed by a public relaunch in early 2025, with every user dollar secure and accounted for on an infrastructure built to scale.
Today, Changed operates with a direct sponsor bank relationship and a deeply collaborative partnership with Helix. Changed has complete and continuous visibility into accounts, transactions, and compliance requirements.
“With Helix and our sponsor bank, we actually know the people and the processes,” Sky says. “It’s night and day from where we were before.”
The move also opened doors for product innovation. Helix’s modern, cloud-native architecture supports multiple account types, allowing Changed to expand from student loans into mortgage, auto, and personal loan repayment, all with the same intuitive user experience customers love.
But Sky says Changed isn’t chasing trends. The company has no plans to issue cards or expand into investing.
“We’re focused on what we do best, helping people get out of bad debt faster,” he says. “That’s a proven ROI for us.”
It’s a disciplined approach consistent with Helix’s own philosophy, says Helix General Manager Ahon Sarkar.
“The most successful companies don’t try to be everything to everyone. They pick a problem worth solving and build a product with enduring relevance. That’s exactly what Changed has done,” Sarkar says.
The rebuild gave Changed a clearer understanding of its cost structure and long-term economics. By prioritizing ACH efficiency, compliance automation, and scalable infrastructure, the company created a more predictable, sustainable business model.
The new platform also gave Changed more control over its margins, forecasting, and product roadmap, all critical for scaling sustainably after a year of disruption.
“Some providers were all over the place on costs,” Sky notes. “Helix is transparent, and that clarity helps us plan for growth.”
Changed’s experience underscores the reality many fintechs face when switching BaaS providers: BaaS migration is complex, time-consuming, and it can define the future of the business.
For brands and fintechs considering a conversion, Sky and Sarkar offer this advice:
“It’s like a lot of things in life that are good for you,” Sky says. “You don’t always enjoy the process, but the results speak for themselves.”
Ready to see how Helix can help your brand deliver compliant, personalized financial experiences that scale? Connect with one of our experts today.