Pushpay presses into Canada in drive for church custom
By Paul McBeth
Sept. 4 (BusinessDesk) - Pushpay Holdings, the mobile app payments developer, plans to expand its sales reach into Canada, expanding its drive to increase sales to the North American faith-based market of some 329,000 churches.
The Auckland-domiciled, Redmond-headquartered company says Canadian merchants will be supported through its Seattle, Washington office, as it looks to targets 15,000 potential church customers in Canada. Pushpay has received interest from a number of Canadian merchants, a spokeswoman said, without being specific.
"Although at this stage our main focus remains on the USA faith sector, opening up a presence in the Canadian market is a natural progression for the company, and gives the Canadian faith sector access to convenient, personalised and intuitive payment solutions," chief executive Chris Heaslip said.
The company wants to lift annualised revenue to $100 million in three years from $10 million as it targets the 314,000 churches across the US, and said it's on target to expand its merchant customer base to more than 2,000 by the end of this month from the 1,416 it had at the end of June.
The shares fell 1.9 percent to $5.30, and have soared 95 percent this year, compared to a 2.8 percent decline in the S&P/NZX All Index over the same period, having moved to the main board from the NZ Alternative Index in June.