The Business Herald’s markets and banking reporter.

Pushpay director boosts stake

Graham Shaw.
Graham Shaw.

Pushpay independent director Graham Shaw has spent $1.8 million snapping up 800,000 shares in the fast-growing mobile payments software developer.

The purchase, made at $2.23 a share, has increased his stake in the company to 0.6 per cent across multiple holdings.

Pushpay, whose software is largely used by churches for collecting donations, announced this month that it had boosted annualised committed monthly revenue (ACMR) to US$27.3 million ($39 million) in the quarter to June 30, a more than 40 per cent lift on the previous quarter.

The Seattle-based, NZX-listed firm also confirmed it was on track to reach its ACMR target of $100 million by the end of February 2018.

Shaw, a chartered accountant with over 30 years experience in business, also sits on the board of New Zealand software provider Gentrack and is a former Xero director.

Pushpay, which is eyeing up an ASX listing this year and expanding into bill payments for utilities, is the leading provider of mobile payments in the US faith sector, servicing five of the top 10 largest churches and 24 of the top 100.

The company announced in May that it had widened its annual loss to $19.4 million, while reiterating that it was forecast to break even in 2017.

Pushpay is looking to raise at least US$30 million from US investors this year.

Its shares, which have gained more than 98 per cent over the past 12 months, opened at $2.30 this morning.

- NZ Herald

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