New Zealand has been warming to the potential of many high growth companies over the last few years. One such company is Pushpay. Pushpay provides mobile commerce tools that facilitate fast, secure and easy non point of sale payments between consumers and merchants.
Pushpay services three target markets: the faith sector; non-profit organisations and enterprises (both small medium enterprises and corporate organisations).
Those who invested $10,000 NZD in to the IPO in 2014 would be sitting on the tidy sum of $85,719.00 as at the time of writing. Growing at the rate faster than that of the well known Xero accounting platform, Pushpay now has a market capitalisation of $547 million and is expected to top $100 million in revenue by the end of 2017. Having upgraded their forecast twice in recent times.
Like many companies, Pushpay began with an idea. An idea in the mind of Eliot Crowther (founder & director) while he was trying to make a payment and wondering why it wasn’t far easier. With the help of co-founder Chris Heaslip, this initial idea grew into a concept for a world-class commerce exchange to handle consumer transactions with ease, speed and efficiency, without the hassle of logins and bank account numbers.
Pushpay started with churches, addressing the problem that donors didn’t give due to payment friction and various complexities. Injecting easy 10 second payments via Pushpay revolutionized the way many US church ministries operated.
By 2013, hundreds of churches across the US were partnering with Pushpay, dramatically changing the landscape of how people supported the causes that weighed on their hearts. Pushpay’s online giving widened to provide similar benefits to the wider not-for-profitsector, including various major charities in the US, New Zealand and Australia.
Pushpay has fast become a respected mechanism to improve sales and reduce overheads in almost any business situation. Pushpay’s rapid growth is seeing millions of dollars go through the platform every month.
Pushpay was presented a Silver Award at the World 2016 App Design Awards and was awarded four Stevie Awards in 2016 including a Silver Award in the Customer Service Department of the Year category. Pushpay is ranked 1st on the TIN100 ASB Ten Hot Emerging Companies List and Pushpays co-founders Chris Heaslip and Eliot Crowther are the EY Entrepreneur Of The Year 2015 New Zealand Young category winners.
“PUSHPAY BRINGS FORWARD NZ$100M (US$72M) ACMR TARGET”
Auckland, New Zealand | Redmond, Washington
Pushpay Holdings Limited (NZSX:PAY) (‘Pushpay’ or ‘the Company’) now expects to reach its NZ$100 million Annualised Committed Monthly Revenue (ACMR) target prior to the end of December 2017, eight months sooner than initially anticipated. By way of comparison, Xero grew from NZ$10 million to NZ$100 million of ACMR in around 42 months and Pushpay now expects to accomplish this in less than 28 months.
Given Pushpay’s change in presentation currency from New Zealand Dollars (NZD) to United States Dollars (USD) from 1 April 2016, the Company has decided to translate its NZ$100 million ACMR target into USD, being US$72 million.
Pushpay’s Chief Executive, Chris Heaslip said, “Pushpay expects to reach its US$72 million ACMR target prior to the end of December 2017 based on further development of its product, direct sales, referrals strategy and through targeting merchants that have existing relationships with Pushpay’s strategic channel partners and other distribution partners.
As Pushpay continues to accelerate growth and deliver on its strategic plan, the Company will focus on maintaining best-in-class SaaS metrics”, “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.
To complement this, the Company continues to invest in a more targeted marketing strategy, shifting away from transactional sales techniques and towards relational sales techniques and investing in sales training. Attracting a higher number of larger Merchants will increase our ACMR growth, while also increasing our Annual Revenue Retention Rate over time. If we see opportunities to further refine our growth strategy to attain the US$72 million ACMR target sooner, we will position ourselves to take advantage of them.”
Those with a high tolerance for risk and are looking for a high growth opportunity would be well suited to give Pushpay a closer look.
Pushpay was founded in 2011.
It was listed on NZAX under the symbol of PAY since August 2014. In June 2015 PAY was migrated to NZSX. In February 2016 Pushpay successfully completed a 4-for-1share split. In October 2016 Pushpay intends to list on the ASX.