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Pushpay eyes ASX listing

NZN 14/07/2016 Fiona Rotherham

Pushpay Holdings is planning an ASX listing by the end of the year and is expanding its mobile payment app beyond the religious sector to helping people pay bills for utilities.

At the company's annual meeting in Auckland on Thursday, chief executive Chris Heaslip said Pushpay still had plenty of opportunity for growth in the US "faith" sector, where it has captured around 1.5 per cent of the market.

When he and co-founder Eliot Crowther set up the company they wanted to make payments easier in the faith sector but didn't want to limit themselves to that industry, he said.

Pushpay's pilot trials for its mobile bill payment solutions with Watercare and AMP so far this year have shown a 20 per cent increase in bills being paid on time once consumers were sent text messages.

It wants to scale up to other enterprises.

"One of the things that's giving us credibility with large utilities is that we now have $1 billion of payment transactions through the platform. If it was just two guys in a garage with a platform they'd say 'are you joking?'," Mr Heaslip said.

The short-term focus remains on the US faith sector where the company is now the leading payment solutions provider, with expansion into Canada last September.

When one shareholder questioned the ASX listing, corporate development head Peter Huljich said the benefits included added credibility and the fact that some Australian and US fund managers are not mandated to invest in New Zealand.

"Australian and US fund managers are more actively investing and understand opportunities in the tech space and in finding a fair valuation for the company, it's important to attract a number of these investors," he said.

Pushpay has engaged an unnamed middle-market investment bank in San Francisco to raise at least $US30m ($NZ41.2m) from US investors in a capital-raising it hopes to conclude by the end of this year.

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