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Pushpay attracts more than a million dollars from investors

Media release

27 February 2013

Pushpay attracts more than a million dollars from local investors

Mobile payments company, Pushpay Holdings Limited has secured more than one million dollars in investment capital from a locally funded group.

Involved in the investment group is Doug Kemsley, a founding investor in CA-Systems and former Chairman of Maxnet. Doug has also joined the Pushpay board of directors.

“We are thrilled with the additional funds raised and it’s great to have Doug’s influence on the board,” says Chris Heaslip, Pushpay's Chief Executive.

“Doug brings strong leadership, creative thinking and a wealth of business experience to the team. He has an excellent track record growing start-ups and will be a valuable asset in our next phase of growth.”

The investment will be used to accelerate expansion into the North American market, as well as developing new mobile payment products to complement the Pushpay mobile wallet that recently launched in the New Zealand market.

“We are in an exciting stage of growth and believe our fast, easy and secure platform is in a position to make significant gains in the United States, where mobile payment adoption is growing rapidly,” says Heaslip.

Pushpay’s mobile wallet offers a simple user interface and secure process, and gives businesses a cost-effective method of receiving mobile payments, without investing in custom app development.

According to a recent Forrester report, US mobile payments are expected to reach $90 billion by the end of 2017.

“Mobile payments are the future and Pushpay is responding to changes in consumer behavior while making life easier for businesses. It’s a compelling offer with huge potential for growth,” says Kemsley.

The Pushpay mobile wallet is PCI DSS compliant and uses payment card information, without the need for ‘dongles’ and card readers.

It gives users the ability to make a payment in four simple steps:

· Select a business from a location-based list of Pushpay partners

· Input the amount to be paid to the business

· Enter your Pushpay password

· Push Pay

Heaslip says the company has already seen hundreds of thousands of dollars in payments made to New Zealand organisations, and off the back of this success has shifted some of its sales staff to Southern California. It intends to increase its presence in the US market over the next 12 months.

The Pushpay mobile wallet is available for iOS and Android and can be downloaded from the App Store and Google Play.

Ends

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