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Churches and investors flock to Pushpay

NZN 12/04/2017 Rebecca Howard

Pushpay Holdings shares have risen 3.7 per cent to $1.96 after the mobile payments app developer announced record revenue growth in the first quarter and affirmed its full-year guidance.

The company says annualised committed monthly revenue grew $US8.3 million ($NZ11.9m) in the March quarter to a record $US50.5m, up 19.4 per cent from three months earlier and a jump from the US$19.6m it recorded in the first quarter last year.

Its average revenue per customer jumped 44 per cent from a year earlier to $US625 per month, amounting to a 9.1 per cent gain from the fourth quarter of 2016.

Pushpay said its customer base jumped 78.9 per cent to 6737 in the 12 months ended March 31, driven by demand from American churches. It said 10 of the top 20 and 36 of the top 100 largest churches in the US use Pushpay. Church clients include the largest church in the US, which has over 39,000 average weekly attendees. As of March 31, 97 percent of its customers were in North America, including both the US and Canada.

The app developer is targeting US churches with technology that makes it easy for congregations to make donations using their mobile phones and is expanding its mobile payment app to help people pay utility bills.

In November, it announced its acquisition of church app business from Bluebridge Digital for $US3.1m, a move which increased its potential annual revenue 47 per cent.

Looking ahead, the company remains in a position to achieve $US72m in committed monthly revenue prior to the end of the 2017 calendar year.

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