Pushpay’s big faith in US market

The United States faith sector has proved a lucrative market for New Zealand-born technology company Pushpay Holdings.

In just over two years, the company that makes and sells online payment software for church donations has multiplied its revenue tenfold.

It exceeded its $140 million annual committed revenue target in December by almost $9 million, which was a ‘‘significant milestone’’, according to Pushpay chief executive Chris Heaslip.

Heaslip said in an announcement to the New Zealand stock exchange yesterday that Pushpay would publicly list in the US this year, not in 2019 as originally planned.

‘‘On 16 November 2017, Pushpay announced its intention to pursue a US market listing within 15 months, by 16 February

2019. Pushpay now intends to complete a US market listing this calendar year, by 31 December 2018.’’

He said publicly listing in the US was a ‘‘logical and important step in the company’s evolution’’.

Doing so would give the company money from more shareholders to fund its growth strategy, and hopefully garner attention, its statement suggested.

Pushpay is dual-listed on the NZX and the Australian Securities Exchange. Heaslip said it did not plan to delist from either.

The company’s success boils down to landing large customers. Twelve of the top 20 largest US churches use Pushpay’s online payment services.

Last month it had more than

7000 customers, each paying Pushpay an average of $1700, mostly in payment processing fees.

The majority of Pushpay’s new customers have entered into threeyear contracts with the company.

Pushpay has 86 staff members in New Zealand.