Tech: Ye of little faith – here’s an idea of how many millions roll in off US collection plates
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Pushpay (ASX:PPH), a company that helps churches ditch the Sunday collection plate in favour of a mobile phone transfer, is rolling in money from its donation management service.
The company released its annual report today and said it’s swung from a full year loss of $US23.2m to a $US18.8m profit in the year ended March 31, 2019.
Revenue hit $US98.4m, up 40 per cent on the year before. The company is forecasting that to lift next year to between $US122.5m to $125.5m driven by market share gains in the US faith sector.
Customer numbers however only lifted 5 per cent to 7,649. Yet:
The positive revenue news was coupled with a statement that CEO and founder Chris Heaslip is resigning. The company did not say why, but did say he will remain on the board.
He will be replaced by banking executive and current chair Bruce Gordon.
Pushpay listed in 2014. It began with the idea of how to donate more easily during church services, given the decline in check books and cash.
At its most recent Summit One Day in the US, 627 leaders from 228 churches attended a two-day sold out event.
Pushpay’s online calculator says a 500-strong congregation can tip in as much as $US750,000 a year. And:
It now also services not-for-profits and the education sector in New Zealand, Australia, the US and Canada, but 55.7pc of their customers are medium-large churches.
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