Bango hits Mexico before Trump’s wall via Netflix deal
Just as US president Donald Trump asked Congress for $18 billion for his border wall with Mexico, Cambridge mobile payments technology business Bango marched across the frontier via a groundbreaking deal with Netflix.
Bango has partnered with Netflix to launch carrier billing for Netflix subscriptions in Mexico.
Customers who sign up to Netflix, the world’s leading internet entertainment service, can now charge the monthly subscription cost to their pre or post-paid mobile phone bill.
Enabled by Bango, carrier billed payment is initially available to over 12 million subscribers in Mexico on any platform, including Android, Apple and Microsoft devices.
Bango CEO Ray Anderson said: “Carrier billing adds many new customers to merchant services. We are pleased to provide a fast, safe, easy to use alternative payment method for Netflix customers in Mexico.
“Netflix is a hugely popular entertainment service and Bango is delighted that the world’s major merchants are choosing to plug into our platform. After doubling the End User Spend (EUS) run rate for the third consecutive year, this is a great way to start 2018.”
The Mexico breakthrough was announced alongside a trading update which showed that Bango continues to double its EUS year-on-year – cashing in on the rapidly expanding global market for digital content, goods and services. Trading was in-line with expectations during 2017 and total EUS for the year was £271 million compared to £132m for 2016 (+105 per cent).
Anderson revealed that the exit EUS run rate at the end of 2017 exceeded £400m a year – again more than doubling compared to the exit run rate at the end of 2016.
Bango had cash of £4.8m at December 31, down from £5.7m at the end of 2016 but looks in good shape for further global expansion from its UK springboard.
The executive team will present an update on the Bango platform strategy, including new products and market opportunities for 2018 and beyond, at a strategy day on January 24. It will announce its final results for the 12 months to December 31 on March 13.
• PHOTOGRAPH SHOWS: Bango CEO Ray Anderson