Type Public company Industry Software as a service Headquarters New Zealand | Traded as NZX: PAY Products Mobile payments Founded 2011 | |
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Area served United States of America, New Zealand, Australia, Canada Key people Chris Heaslip (Founder and CEO) and Eliot Crowther (Founder) Stock price PPH (NZE) NZ$ 1.88 +0.02 (+1.08%)30 Mar, 3:10 PM GMT+13 - Disclaimer Subsidiaries ZipZap Processing Inc, Run The Red Limited, Pushpay Trustees Limited Areas served United States of America, New Zealand | ||
How pushpay works for churches
Pushpay Holdings Limited, known as Pushpay, is a mobile app developing New Zealand company that enables mobile payments between registered merchants and customers, predominately in the faith and charity sectors. The company has offices in Auckland New Zealand, and its head office in Redmond, Washington State, USA. Pushpay is listed on the New Zealand NZX main board stock exchange under ticker code PAY.
Contents
Its products are based on a software as a service (SaaS) model and sold by subscription, with a component of fees based on transaction volume.
History
Pushpay was founded by New Zealanders Chris Heaslip and Eliot Crowther in February 2011 to develop a modern smartphone based payments system for the faith and charities sector, focused on a software-as-a-service product . After trialling its product with large New Zealand churches, the firm raised capital and expanded into Australia and more recently, the USA, where its headquarters are now located. In mid 2015, it started servicing the Canadian faith sector.
Funding and company growth
Pushpay went public on the New Zealand Alternative Exchange (NZAX) with a compliance list on August 14, 2014 with a $50 million (NZD) IPO. After growth in its shareholder register, revenue and market capitalisation, the firm moved from the NZAX to the larger NZX main board on June 9, 2015.
Pushpay has received funding in a number of capital raises. Prior to its compliance list on the NZAX, it closed a funding round of several million dollars with two private equity firms, being Christopher and Banks Ltd, an investment vehicle associated with the New Zealand-based Huljich family, and Alliance Equities Limited, an investment vehicle associated with the NZ based Bhatnagar family. After its listing, the firm received further capital from those same investor groups, as well as PIE Funds, a NZ based investment fund specialising in smaller capitalisation high growth companies. Other major investors include Doug Kemsley, former Chairman of Maxnet, a New Zealand Internet Service Provider.
Pushpay's growth has been described as "hyper-growth" based on SaaS expert Jason Lemkin's metrics, including moving from $1m NZD of annualised committed monthly revenue (ACMR) to $10m NZD in less than 5 quarters. On 17 November 2015, Pushpay indicated it will grow from $10m NZD in ACMR to $100m NZD of ACMR in under 36 months, and they served over 2100 merchants as at 30 September 2015. The firm has also indicated in a statement to the market that its annualised monthly payment transaction volume has increased from $200m NZD in March 2015 to $500m NZD in November 2015.
Product
Pushpay's apps are based on both the Apple iPhone and Google Android platforms. The firm has three target markets: the faith sector; non-profit organisations and enterprises (both small medium enterprises and corporate organisations). Pushpay also offers a number of other products to the faith sector including customised mobile phone apps with payment functionality.
Awards
On 9 September 2015, Pushpay was ranked number 1 on the ASB TIN100 Hot Emerging Companies list.
Also in 2015, founders and senior officers of Pushpay, Chris Heaslip and Eliot Crowther, received the 2015 EY Young Entrepreneur Of The Year award and were finalists for the overall 2015 award.