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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)

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