Payments app company Pushpay is invoking a formula created by SaaS expert Jason Lemkin to describe its trajectory as "hyper-growth".
The New Zealand-based company which targets the North American faith sector increased its merchant average committed monthly revenue (ACMR) from NZ$$1 million to NZ$10 million in ten months, well within Lemkin's five quarter hyper-growth benchmark.For the six months ended 30 September 2015, Pushpay exceeded its targets by 11 percent having increased merchant numbers by 111 percent, CEO, Chris Heaslip said.
It ended the half year with 2,102 merchants out of a faith sector including 314,000 churches with an average size of over 500 attendees.
The company is targeting a further increase in merchant ACMR of over 100 percent to more than NZ$28 million in the six months to 31 March 2016.
During the period, Pushpay launched additions to its payments technology including eChurch Apps, Pushpay Fastpay and Virtual Terminal/Envelope Giving.
eChurch Apps allows churches to create and customise their own branded apps for iOS and Android. Fastpay allows app vendors to integrate a "five second giving experience" into their mobile apps.
"We will continue to expand Pushpay Fastpay to facilitate additional types of digital payments," the company said today.
Virtual Terminal/Envelope Giving allows church administrators to process envelope-based credit card, debit card and ACH payments through Pushpay.
Pushpay increased its merchant ACMR 162 percent to NZ$13.97 million in the September half while client ACMR grew marginally at NZ$4.07 million from NZ$3.82 million. Total ACMR therefore increased 97.16 percent to NZ$18 million as at 30 September 2015 from NZ$9 million as at 31 March.
Staff headcount increased by 110 percent to 143 in the period, mostly in sales roles.