Pushpay Holdings exceeded its target of US$100 million in annualised committed monthly revenue and will move forward its US listing date as it continues to target bigger churches.
ACMR, the company's preferred metric which measures total billings through merchants that Pushpay collects fees from, was US$106.4 million ($148.6m) in the three months ended December 31, 2017, from US$57.9m in the December 2016 quarter. Average revenue per customer rose to US$1,233 per month in the quarter, from US$785 per month a year earlier.
The company, which announced it had hit the US$100m ACMR target on the first trading day of the year, said its medium-term goal is US$10 billion in annualised monthly payment transaction volume, or 10 per cent of annual giving. It wants to engage more than 50 per cent of the medium and large church segments, which it says would mean US$1 billion in annual GAAP revenue.
Pushpay's app has gained traction in the US faith sector, where its services are used by 2 per cent of the estimated 340,000 churches, including 12 of the 20 biggest churches in the US and 50 of the top 100 churches, according to its market update today. Some 57 per cent of its ACMR came from large customers in the latest quarter, from 51 per cent a year earlier.
The company expects ACMR to dip in the current quarter due to seasonal effects, before steadily growing over the rest of the calendar year.