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Barr Ellison Solicitors – commercial property
27 May, 2015 - 11:51 By Tony Quested

Bango throbs to samba beat

Ray Anderson CEO at Bango in Cambridge

Mobile payment specialist Bango has opened up a potentially lucrative new territory for its technology with a flurry of deals in Latin America.

CEO Ray Anderson flagged up the new business ahead of today’s annual meeting in Cambridge.

It was only in March that Anderson forecast that end-user spend transacted through its platform would grow by at least 100 per cent to over £65 million ($101m) annualised run rate by December of this year. Bango confirms that end user spend is growing in line with this expectation, at an accelerating rate of growth. 

The company also disclosed a healthy pipeline of 30 activations that were already scheduled for launch in 2015 and which were expected to contribute further to end user spend growth. Bango says 15 of these activations are now live and expects further activations to convert in the first half of 2015.

Among the activations now live, Bango has launched four new carrier billing markets in Latin America in May. Anderson said: “These, together with other new activations this year, demonstrate a positive trajectory for growth in end user spend transacted through the Bango platform in 2015 and beyond.”

The company’s UK share price was up 6p (5.85 per cent) to 108.50p on the news.

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