Pushpay presses into Canada

Sales expansion for Pushpay.

Pushpay Holdings [NZX: PAY] is planning to expand sales into Canada, to increase its reach into the North American faith-based market of some 329,000 churches.

The Auckland-domiciled, Redmond-headquartered company says it will target 15,000 potential church customers in Canada.

Pushpay has received interest from a number of Canadian merchants, a spokeswoman said, without being specific.

"Although our main focus remains on the US faith sector, opening up a presence in the Canadian market is a natural progression for the company, and gives the Canadian faith sector access to convenient, personalised and intuitive payment solutions," chief executive Chris Heaslip says.

The company wants to lift its $10 million annualised revenue to $100 million in three years, as it targets the 314,000 churches across the US. Mr Heaslip says = it's on target to expand its merchant customer base to more than 2000 by the end of this month from the 1416 it had at the end of June.

Pushpay's shares fell 1.9% to $5.30, but have soared 95% this year, compared to a 2.8% decline in the S&P/NZX All Index over the same period. It moved to the main board from the NZ Alternative Index in June.

(BusinessDesk)

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