Bango goes ‘gangbusters’ as billions tap into its payment technology
Mobile commerce specialist Bango is set for a monumental surge in global business from its Cambridge base as it cashes in on unprecedented demand from app developers, its chief executive has disclosed.
Billions of people around the globe are already using Bango technology to pay for mobile services through giants such as Google, Microsoft and Amazon.
CEO Ray Anderson told Business Weekly that the business was “going gangbusters” with new deployments across more territories.
Anderson was running the rule over the final results for the year to December 31 which showed that Bango continued to more than double end user spend on its technology on an annual basis.
2018 end user spend (EUS) increased 106 per cent to £558.2m and revenue was up 60 per cent to £6.62 million.
The company ended the year with £3.81m – s small cash burn on the previous 12 months. CFO Carolyn Rand said Bango believed it had sufficient finances to see the business through to cash breakeven and profitability.
It is expected to become EBITDA positive in the next 12 months based on existing sales and on the roadmap of future sales.
A number of new customers and payment routes were highlights in 2018. Launches included Pandora, Amazon Prime and Direct Carrier Billing routes in Chile, Brazil, India, the UK, USA and Philippines.
The company also launched a new data product – Bango Marketplace – to open up the Bango Platform directly to the thousands of app developers for the first time.
The acquisition of Audiens CDP is already proving hugely successful, Anderson revealed. Its technology has been successfully integrated into the Bango Platform and enabled an accelerated launch of Bango Marketplace.
Bango’s transaction processing capacity increased to more than £10bn a year.
Anderson sees a future of enormous growth in terms of traffic and revenues, leveraging a thriving ecosystem that the company has developed.
Bango has effectively linked a $50bn a year app marketing industry with a sophisticated global payment infrastructure.
Anderson said: “The first business I ran became a market leader in a business where there were between one million and 10 million customers.
“The next business was a market leader and had a user base of 50m-500m. Bango has five billion users and there is much more to come.
“2018 was an important and successful year for us. Strong growth in revenues, growth in the core payments business, and expansion of the business to providing data insights for app developer marketing, all provide a powerful platform for a profitable 2019 and prosperous long-term future. “The increasing value of Bango in mobile commerce, demonstrated by triple-digit growth in End User Spend, was accomplished on a stable cost-base with increased transaction processing capacity. This demonstrates the power of the Bango Platform.”