PushPay performance, page-14

Its more than just a remittance app. It's increasingly a software company providing a software solution that enables church's to engage with their audience. The app can actually be used in church services or used to watch the service. So yes, they clip the ticket on donations, but there is more to it than just that and why it is becoming a much more dominant player in the market.

Current half year revenue at us29.7m probably says the MC is getting a little ahead of itself however if you factor in 147% growth over the last year the MC begins to look a little more reasonable. They think they have 5x that revenue before they hit their limit (about 10% of the giving market). So that is a revenue of $US300m with a GP margin of 55-60%.

Maybe MC looks more reasonable again.

Factor in the education and non-profit they then want to attack there is medium-long term blue sky on that revenue figure.