Pushpay pushes past $US1b annual transactions mark

The company made the announcement on 11 October, the day it also listed on the Australian Stock Exchange following a $A40m capital raising

New Zealand Stock Exchange listed mobile payments company, Pushpay, says its transaction volumes are now running at more than $US1 billion annually, a 39.1 percent increase in four months.

The company made the announcement on 11 October, the day it also listed on the Australian Stock Exchange following a $A40m capital raising.

Pushpay’s main business is facilitating donations to religious organisations in the US and CEO, Chris Heaslip, said he expected annualised monthly payment transaction volumes to continue to grow at a rapid pace as the company executes on this strategy.

“Pushpay now services five of the top 10 largest churches in the USA and 30 of the top 100 largest churches in the USA. … The confidence and support from large and reputable organisations such as these demonstrates that Pushpay’s payment solutions are well-understood by the market and further validates the Pushpay proposition.”

He added: “We believe we are still at an early stage of the Pushpay story. There is $US119 billion given to religious organisations in the USA each year, and we process around one percent of that. Our goal now is to reach the milestone of $US10 billion in annualised monthly payment transaction volume, representing less than 10 percent of annual giving to religious organisations in the USA.”

The company said it remained on track to reach its targets of breakeven on a monthly cash flow basis, prior to the end of calendar year 2017.

It said it had achieved net merchant growth of 795 merchants for the quarter ended 30 September 2016, and average revenue per merchant (ARPM) for the quarter was up 5.4 percent over the previous quarter, to $US534 per month.

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