Pushpay doubles annualised sales as customer numbers beat expectations
By Suze Metherell
Oct. 14 (BusinessDesk) - Pushpay Holdings, the mobile payments app developer, says committed sales more than doubled in the first half as the number of customers exceeded expectations.
Total annualised committed monthly revenue rose to $18 million in the six months ended Sept. 30, up from $9.2 million a year earlier, the Auckland-domiciled, Redmond-headquartered company said in a statement. The number of merchants using the app increased 111 percent to 2,102, beating its 2,000 target.
The company reported in August that it had increased annualised committed monthly revenue to $10 million and aimed to lift that to $100 million over the next three years.
Pushpay provides mobile commerce tools that help make payments easy between consumers and merchants and is geared to mobile charitable giving. It’s targeting the US faith sector for growth, where there are more than 314,000 churches with an average 500 attendees each, along with non-profit organisations and enterprises.
At the end of last month, the company announced plans to raise $18.7 million in a private placement selling shares at $4.88 to existing shareholders including interests associated with Pushpay directors Bruce Gordon, Graham Shaw, Christopher Huljich, and alternate director Peter Huljich, and attracting new investors such as boutique fund manager Pie Funds Management.
The company raised $13.8 million in an April non-renounceable entitlement offer to shareholders, a portion of which went to repay outstanding debt to cornerstone investor, Christopher & Banks, the investment vehicle for the Huljich family.
At balance date the company had $8.48 million in cash and available funding lines, while staff had more than doubled to 143 employees, from 68 a year earlier.
Pushpay shares were unchanged at $7.30 and have gained 163 percent since the start of the year.