Pushpay

Pushpay Holdings Limited
Public company
Traded as NZX: PPH
Industry Software as a service
Founded 2011
Headquarters Auckland and Seattle, New Zealand
Area served
 United States of America, New Zealand, Australia, Canada
Key people
 Chris Heaslip (Founder and CEO) and Eliot Crowther (Founder)
Products Mobile payments
Services Construction
Revenue $29.08m annualised committed monthly revenue as at 31/3/16
Number of employees
 Approx 200 globally
Website pushpay.com

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 PPH.[1]

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 .[2] 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.[3]

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.[4] 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.[5]

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.[6] 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.[7] 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.[8] 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.[9] 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. In April 2016, Pushpay sold Run The Red company for $4.5 million to Modica Group.[10]

Political lobbying

In May 2018, Pushpay's Chief Business Development Officer James Maiocco, led a political campaign committee to repeal a highly-publicized business tax to combat homelessness in Seattle,[11][12] joining Amazon and Starbucks to "rally opposition and aggressively push back on taxes at all levels of government, even in its affluent home city where the income gap is ever widening and lower-income workers are being priced out of housing."[13]

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).[14] 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.[15]

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.[16]

References

  1. ↑ "Pushpay Holdings Limited". Nzx.com. Retrieved 2015-12-31.
  2. ↑ Keown, Jenny (2013-02-27). "The birth of Pushpay". Idealog.co.nz. Retrieved 2015-12-31.
  3. ↑ "Pushpay Holdings Limited". Nzx.com. Retrieved 2015-12-31.
  4. ↑
  5. ↑ "Pushpay moves up to main board". Stuff.co.nz. 2015-06-09. Retrieved 2015-12-31.
  6. ↑ "PushPay mobile app venture raises $5.1mln, plans for small cap listing - sharechat.co.nz". www.sharechat.co.nz. Retrieved 2015-12-31.
  7. ↑ "Pushpay tithe app attracts Pie Funds capital - Business - NZ Herald News". Nzherald.co.nz. 2015-10-01. Retrieved 2015-12-31.
  8. ↑ O'Neill, Rob (2015-11-16). "Pushpay goes to church to fuel SaaS hyper-growth". Zdnet.com. Retrieved 2015-12-31.
  9. ↑ "Pushpay Holdings Limited". Nzx.com. Retrieved 2015-12-31.
  10. ↑ @FranPaulKennedy, Francis Cook Business writer, NZ Herald francis cook@nzherald co nz (2016-04-15). "Modica buy Run The Red from Pushpay for $4.5m". NZ Herald. ISSN 1170-0777. Retrieved 2017-11-17.
  11. ↑ https://www.thestranger.com/slog/2018/05/18/26247869/business-leaders-launch-drive-for-a-head-tax-referendum
  12. ↑ https://www.thestranger.com/slog/2018/05/23/26471091/amazon-starbucks-vulcan-meet-the-businesses-backing-the-head-tax-referendum
  13. ↑ https://apnews.com/d2b9c3d186c94624a9df7dd3d487105f
  14. ↑ "About Pushpay · Pushpay". pushpay.com. Retrieved 2015-12-29.
  15. ↑ "Technology Investment Network | NZ Technology Companies | TIN". Tin100.com. 2015-09-09. Retrieved 2015-12-31.
  16. ↑ "Entrepreneur Of The Year category winners - EY - New Zealand". Ey.com. Retrieved 2015-12-31.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.