Pushpay on verge of achieving $100M in revenue
By Tina Morrison
Pushpay Holdings, the mobile payments app developer, expects to reach its target of $100 million of annualised committed monthly revenue six months early, as it expands its product offering and narrows its focus to larger customers.
It increased its ACMR 108 percent to $29.1 million in the six months ended March 31, compared with the previous six-month period through September 30 2015, and ahead of its target for the period of $28 million, the Auckland-domiciled company said in a statement.
That prompted it to bring forward its target for reaching $100 million ACMR, the measure of total billings through merchants that Pushpay collects fees from, to the end of February 2018, ahead of its previous forecast for August 2018.
Pushpay provides mobile commerce tools that help make payments easier between consumers and merchants and is geared to mobile charitable giving.
It has gained traction in the US faith sector, where its services are used by more than 1 percent of the estimated 314,000 churches with an average 500 attendees each.
It has turned its focus to larger merchants, who have the resources to implement its service more widely, and now has four of the largest 10 churches in the US using its service.
"Pushpay continues to gain market share in the USA faith sector," said chief executive Chris Heaslip.
"We continue to refine our growth strategy, focusing on attracting larger merchants which have the resources to maximise implementation, which in turn increases engagement and leads to higher retention."
Its shares touched a record high $2.83, and were recently trading at $2.80. They have gained 54 percent the past three months, ranking them the second-best performer on the S&P/NZX All Capital Index.
Pushpay undertook a four-for-one share split in February to increase the stock's liquidity.
Some 95 percent of the company's merchants are based in the US and Canada, with the remaining 5 percent in New Zealand and Australia.