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Pushpay partners with Intuit, reports strong 2017 results

Pushpay partners with Intuit, reports strong 2017 results

New Zealand mobile payments company Pushpay has joined Intuit's reseller programme and reported strong 2017 growth.

New Zealand's Hi-Tech Company of the Year, Pushpay, is seeking to deepen its relationship with global accounting software giant Intuit.

New Zealand's Hi-Tech Company of the Year, Pushpay, is seeking to deepen its relationship with global accounting software giant Intuit.

Auckland-based mobile payments company Pushpay has joined the Intuit reseller programme in what it describes as the first step toward a "deeper relationship with Intuit, and a more streamlined experience for our mutual customers".

Intuit is the dominant USA accounting software provider, with well over a 1.5 million subscribers to their Quickbook family of software.

Pushpay listed the company as an indirect competitor in a prospectus issued last September (pdf). Intuit offers its own payment system, GoPayment, for mobile credit card processing.

Pushpay's research found over 70% of its customers use some version of Quickbooks as their primary accounting software.

Pushpay's revenue grew from US$9.9 million to US$34 million during the year while its net loss grew from US$13 million to US$25.3 million.

The company, which was the big winner at the annual Hi-Tech Awards last week, today reported increased its average committed monthly revenue (ACMR) of US$50.5 million, up 157.7% over the year to 31 March 2017. Pushpay said it remains in a position to achieve US$72 million in ACMR and breakeven on a monthly cash flow before the end of the calendar year.

Average revenue per merchant (ARPC) also increased, to US$625 per month, up 44.1% over the year, while Pushpay increased its customer base to 6,737 up 78.9%.

Staff headcount at the end of the year was up 75% to 376.

CEO and co-founder Chris Heaslip said Pushpay had delivered another year of world-class growth, whilst maintaining best-in-class SaaS efficiency metrics.

Ten of the top 20 and 36 of the top 100 largest churches in the USA have chosen to use Pushpay, including the largest church in the USA, which has over 39,000 average weekly attendees.

97% of Pushpay’s customers are located in North America, with the remaining 3% located in Australasia.

Pushpay successfully raised A$40 million in October 2016 through a private placement. In February, it entered into a funding agreement of up to $5 million a year with Callaghan Innovation for an R&D Growth Grant.


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