Pushpay Holdings raises millions for global expansion

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Pushpay Holdings, which yesterday raised $18.7 million in a private placement to fund its global expansion, more than doubled its customer numbers over the past six months, beating its forecast by about 10 percent.

The Auckland-domiciled, Redmond, Washington-based mobile app payments developer had anticipated doubling its merchant customer numbers to about 2,000 as at Sept. 30 from 996 at the end of March, and today said it beat that by more than 10 percent. Pushpay will provide a more detailed update on Oct.14.

The company yesterday raised funds in a private placement selling shares at $4.88 to existing shareholders including interests associated with Pushpay directors Bruce Gordon, Graham Shaw, Christopher Huljich, and alternate director Peter Huljich, and attracting new investors such as boutique fund manager Pie Funds Management.

The shares were unchanged at $6, and have soared from the $1 listing price last year. Last week, the company got a 'please explain' from the stock market regulator over a one-day jump 17 percent in the share price.

Pushpay reported in August that it had grown its annualised committed monthly revenue to $10 million and aimed to lift that to $100 million over the next three years. The company provides mobile commerce tools that help make payments easy between consumers and merchants and is geared to mobile charitable giving. It's targeting the US faith sector for growth, where there are more than 314,000 churches with an average 500 attendees each, along with non-profit organisations and enterprises.