Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Pushpay to raise $9 million ahead of NZAX listing

Pushpay to raise $9 million ahead of NZAX listing

By Suze Metherell

June 16 (BusinessDesk) - Pushpay, the mobile payment app developer, will raise $9 million in a private share issue before it seeks a compliance listing on the New Zealand Alternative Index in July.

The Auckland-based company will raise the new equity issuing shares at $1 each, boosting the total number of company shares to 50 million, and valuing it at $50 million, it said in a statement. The capital raise is underwritten by cornerstone shareholders Christopher and Banks Private Equity, an investment vehicle for the Huljich family. The app developer also plans to join the NZAX in a compliance listing next month, meaning it won't raise any new capital.

"The private share issue will enable Pushpay to scale its global expansion strategies, particularly in the USA," chief executive Chris Heaslip said. "Mobile commerce currently comprises 4 percent of global credit and debit card transaction volume. The non point of sale payments sector is under-served, with both consumers and merchants demanding payment solutions that are easy, fast and secure."

Last December the company raised $5.1 million in two tranches, which saw the Huljich family take a 23 percent stake. Established in 2011, PushPay last year also attracted $1 million in backing from Douglas Kemsley, the Hamilton-based former chairman of internet and cloud services provider Maxnet, and a $253,000 development grant from the government’s Callaghan Innovation Fund.

Heaslip said the company's "transaction volume" was increasing 20 percent month-on-month and current "annualised payments volume" at more than $35 million, up from $17 million in February.

Pushpay has appointed Buddle Findlay as legal adviser and plans to appoint Harmos Horton Lusk as its NZAX sponsor.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fisheries: Report On Underrsize Snapper Catch

The report found that commercial fishers caught 144 tonnes of undersized snapper in the Snapper 1 area – about 3% of the total commercial catch – in the year ending February 2015. The area stretches from the top of the North Island to the Bay of Plenty and is one of New Zealand’s most important fisheries. More>>

ALSO:

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news