Record revenue growth for brilliant Bango
Cambridge-based mobile commerce technology specialist Bango plc posted record revenue growth of 50 per cent in the six months to the end of June. Revenue grew to £4.77 million from £3.19m in the first half of 2019.
First half End User Spend was £743m and remains on track to reach £2 billion in 2020, continuing the exponential growth in EUS over the last six years.
The Bango Platform generated cash in the first half with cash on June 30 at £4.18m – up from £2.69m at the end of December.
Bango expanded into the ‘bricks and mortar’ retailer sector with the first launch of bundled merchant services by major US retail giants through the Bango Platform.
The company also enabled the first pure-play 5G streaming games service with Hatch Inc. in the US.
Other highlights included a partnership with ODK Media Inc., a provider of subscription video services targeting Korean and Chinese diaspora, driving future EUS and revenues.
Also notable was an expansion of Bango Marketplace across Asia with new partnerships announced in China, Hong Kong, Taiwan, India and Indonesia. The power of Bango Audiences to acquire new paying users is increasingly recognised by app-focused agencies, publishers and app developers around the world.
CEO Paul Larbey said: “Bango has delivered continued growth during a period of worldwide social and economic turbulence. Record revenue growth of 50 per cent, adjusted EBITDA over double the entire FY19 amount, and an EBITDA margin of 23 per cent during this period demonstrates the relevance and resilience of the Bango Platform.
“Most revenue growth results from contracts and routes won in previous years, so it is encouraging for future growth that the payments business launched new merchants and new routes during a period when online spending surged.
“With retailers now joining the Bango circle and new wins such as the major telco platform deal announced in May, Bango is ideally positioned to continue delivering exponential growth.
“The first half of the year has firmly established Bango Marketplace as an invaluable tool for app developer marketing teams. Gaming giants such as Nexon and Nimble Neuron have joined the Bango ecosystem to increase the revenue generated through their marketing activities. The recent Bango Marketplace partnerships will allow Bango to grow the business even faster.
“While our successes are global, the opportunity in Asia and the progress Bango is making in that region is particularly exciting and positions us well to meet our goal of being the technology behind every payment choice.”