Cambridge UK mobile technology company Bango has raised £6.5 million to fund growth in emerging markets around the world.Bango CEO Ray Anderson believes the oversubscribed funding round could be a gamechanger for the business on the international stage after achieving major success in the US.
The cash will propel the AIM-listed business into Latin America and Asia – notably Brazil and India. It has already hit the one billion mobile phone users milestone.
Bango, whose technology aids mobile web payments and analytics for mobile operating heavyweights, saw its London share price 4.34 per cent higher at 216.5p on the news.
Anderson was thrilled with the demand. He said: “Bango has made significant progress through 2012 and into 2013, with a total reach now exceeding one billion mobile phone users.
“We have executed on our plan to support a significant scaling-up in future transaction volumes; making key hires to boost our executive and operational team and investing in our technology platform.
“We have also seen good development across our key metrics, with analytics transaction volume doubling again during 2012 and end user spend growth resuming towards the end of 2012 and into 2013.
“We believe emerging markets represent an exciting growth opportunity for us, and are seeing increasing interest from key customers in these areas, in particular in Brazil, Latin America, India and other parts of Asia.
“This fundraising provides us with the resources to move forward in developing those opportunities and we are confident that the massively smooth user experiences enabled by our unique technology platform, extensive mobile network operator relationships and industry leading customers provide us with a clear competitive edge in the fast growing mobile payments industry.”
Bango gained significant US traction through partnerships with clients such as Google and Facebook but Anderson’s strategy has been unswerving – to increase the spread of global markets and saturate them with the technology.
He believes music over mobiles will be accelerated and made more cost effective by Bango’s technology, which will open up a whole new vertical market for the business. And all this for a company told by Bill Gates that its technology was a non-starter.
Mills & Reeve Corporate Finance Partner and Capital Markets specialist Stephen Hamilton led the Mills & Reeve team advising Bango on the fundraising.
Bango is shortlisted for honours in the Business Weekly Awards, which will be announced in Cambridge on March 19.