Story image

Huljich loans Pushpay $4 million to fund US growth plans

16 Mar 2015

Pushpay Holdings, the NZAX-listed mobile payment app developer, has secured a $4 million funding line from cornerstone shareholder the Huljich family as it chases earnings growth in the US.

Christopher & Banks Private Equity V, an investment vehicle for the Huljich family, have loaned the Auckland and Redmond-based company the cash on "arm's length commercial terms" until June next year, Pushpay said in a statement. The standby funding will be used to fund its US growth plans, where it's targeting religious and philanthropic groups.

Last year the mobile payment app developer moved its executive, sales and marketing teams to the US to further its push into the market. In November, Pushpay said it widened its loss to $2.7 million in the six months ended Sept. 30, from $568,000 in the same period a year earlier. Sales climbed to $1.6 million from $90,000, while operating expenses rose to $4.5 million, from $661,000.

In January, Christopher Huljich, the sole director of Christopher & Banks, tapped Peter Huljich as his alternative non-executive director to the mobile payment app's board.

Pushpay listed on the small-cap market last August at $1 per share in a compliance listing, meaning it raised no funds from the float, and last traded at $3.60. In June, Pushpay raised $9 million in new equity among private investors, issuing shares at $1 each and valuing the company at $50 million. The capital raise was underwritten by Christopher and Banks.

Security flaw in Xiaomi electric scooters could have deadly consequences
An attacker could target a rider, and then cause the scooter to suddenly brake or accelerate.
Four ways the technology landscape will change in 2019
Until now, organisations have only spoken about innovative technologies somewhat theoretically. This has left people without a solid understanding of how they will ultimately manifest in our work and personal lives.
IDC: Top 10 trends for NZ’s digital transformation
The CDO title is declining, 40% of us will be working with bots, the Net Promoter Score will be key to success, and more.
Kiwi partner named in HubSpot’s global top five
Hype & Dexter is an Auckland-based agency that specialises in providing organisations with marketing automation solutions.
Moustache Republic expands Aussie presence with new exec
The Kiwi digital commerce partner has appointed a Sydney-based director to oversee the expansion of the company’s Australian footprint.
Epson’s new EcoTank range with two years printing per tank
With 11 new EcoTank printers that give an average user two years of printing and cost just $17.99/colour to refill, Epson is ready to change the game.
Te reo Māori goes global via language app called Drops
If you’re keen to learn a few words of Māori – or as much as 90% of the language, you may want to check out an Android and iOS app called Drops.
Reckon Group announces a steady profit in 2018
Reckon continued its investment in growth throughout the year with a development spend of $14.3 million.