Pushpay inks R&D funding with Callaghan

Chris Heaslip, chief executive of business payments company Pushpay. Photo / Dean Purcell

Mobile app developer Pushpay Holdings has entered a funding agreement for a research and development grant from Callaghan Innovation.

The deal allows for the funding by Callaghan Innovation of up to $5 million (GST exclusive) per annum of eligible R&D spend by Pushpay over a 36-month period, provided the terms of Callaghan's R&D Growth Grant have been met, Pushpay said in a statement to the New Zealand stock exchange.

"The funding will provide additional resources to deliver scale and growth in the Pushpay platform through the development of new features, new markets, and scalable engineering processes and practices," Pushpay chief executive Chris Heaslip said.

Pushpay provides mobile commerce tools that facilitate fast, secure and easy non-point of sale payments. It services three target markets: the faith sector, non-profits and corporates.

In January the company said it's moving up the value chain and is in talks with large US vendors about its expanded product offering, after confirming it's on track to reach US$72m (NZ$100m) in annualised committed monthly revenue (ACMR) by the end of the year.

The shares were last up 2.6 per cent at $2.