Pushpay has just announced it expects to reach its NZ$100 million Annualised Committed Monthly Revenue (ACMR) target before the end of December next year – eight months earlier than expected.
The company that provides mobile commerce tools claims it is well on track to beat out Xero's ACMR target.
According to Pushpay, Xero grew from NZ$10 million to NZ$100 million of ACMR in around 42 months, something that Pushpay expects to do in almost half the time.
With the company’s change in currency from NZD to USD from April 2016, Pushpay has also decided to change its NZ$100 million ACMR target into USD, bringing the total amount to US$72 million.
Chris Heaslip, chief executive of Pushpay, says the company expects to reach its ACMR target prior to the end of the year, based on further development of its product and direct sales.
“As Pushpay continues to accelerate growth and deliver on its strategic plan, the Company will focus on maintaining best-in-class SaaS metrics,” says Heaslip.
“We continue to refine our growth strategy, focusing on attracting larger merchants which have the resources to maximise implementation, which in turn increases engagement and leads to higher retention,” he says.
Heaslip also adds that Pushpay continues to invest in a more targeted marketing strategy, shifting away from transactional sales techniques.
“Attracting a higher number of larger Merchants will increase our ACMR growth, while also increasing our Annual Revenue Retention Rate over time,” says Heaslip.
“If we see opportunities to further refine our growth strategy to attain the US$72 million ACMR target sooner, we will position ourselves to take advantage of them.”