Mobile payments company Pushpay is intending to raise $9m through a private share issue before listing its shares on the New Zealand Alternative Index (NZAX) scheduled in July.
The company is keen to rake up new equity planning to issue shares at $1 each, and increasing the the total number of shares to 50 million. The fundraising process will value the company at $50m.
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Pushpay chief executive Chris Heaslip said the private share issue would enable Pushpay to scale its global expansion strategies, particularly in the US, reported BusinessDesk.
"Mobile commerce currently comprises 4 percent of global credit and debit card transaction volume. The non point of sale payments sector is under-served, with both consumers and merchants demanding payment solutions that are easy, fast and secure," added Heaslip.
The payments firm is said to be witnessing monthly transaction volume growth of 20%, with current annualized payments volume reported to be over $35m, up from $17m in February.
Pushpay, meanwhile, has appointed cornerstone shareholders Christopher and Banks Private Equity as underwriters for the raising of capital alongside appointment of Buddle Findlay as legal adviser.
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By GlobalDataThe payments app company planned to join the NZAX in a compliance listing, and is likely to hire Harmos Horton Lusk as its NZAX sponsor.
