Appy-days as Bango boom grows wings
Bango, the Cambridge-based global platform for data-driven commerce, has grown revenue 49 per cent to £7.13 million in the first half to June 30. End User Spend (EUS) grew by 74 per cent to £1.30 billion and the company has £7.14m cash and no borrowings.
The company is able to report an operating profit of £0.24m against a loss of £0.41m in the first half of 2020.
Bango has added to record business from its tech heavyweight US partners with huge expansion across Asia, the Middle East and Africa. It has enabled the first four launches of Microsoft’s Xbox Game Pass Ultimate subscription bundle in Europe, giving gamers access to leading titles such as FIFA, Forza, Minecraft and Halo with their mobile or broadband plans.
Bango was also selected by Amazon to launch the new Prime Video Mobile Edition subscription service.
The use of Bango Audiences grew 10x in 1H21, driven by growth in app developer customers and increasing repeat orders. Bango worked with ByteDance to bring Purchase Behavior Targeting to the TikTok platform.
Since the end of the trading period, Bango has signed a new, multi-year platform deal with a Tier 1 North American telecoms company which will deliver all its third-party subscription offers through the Bango Platform.
Bango CEO Paul Larbey, said: “Bango delivered another period of strong growth during the first half of 2021 finishing the period ahead of our plan. Compared with 1H20, revenue grew 49 per cent and adjusted EBITDA almost doubled – giving us confidence that we are comfortably on track to meet market expectations for the full year.
“Volumes have grown across all payment methods, including carrier billing and mobile wallets. One of our strongest growth drivers, is the rapid uptake of subscription bundles for media and other digital products, bringing higher average transaction values and strong recurring revenues.
“Bango’s leadership in subscription bundling means partners are standardising on the Bango platform as the sole integration method for third party merchants – the most recent example being our agreement with a Tier 1 North American carrier.
“Platform partnerships enable hundreds of millions of online customers to benefit from offers for products including Amazon Prime, Prime Video, Netflix, BritBox, Spotify, Pandora Radio, Xbox Game Pass, YouTube TV, all through the Bango Platform.
“The acceleration of purchase behaviour targeting, the idea of targeting online advertising based on how people spend their money, has resulted in a 10x growth in the use of Bango Audiences by app developers in 1H21.
“As app developers attract more paying users with Bango, repeat purchases have grown alongside new app developers turning to Bango.
“Our virtuous circle strategy, where purchase behaviour targeting drives more payments, will accelerate our growth. The pipeline for the payments and data monetisation businesses has never been stronger underpinning our long-term ambition to be the technology behind every payment choice.”
The world’s largest online merchants, including Amazon, Google and Microsoft use Bango technology to acquire more paying users.