Spender boom puts more bang into Bango
Cambridge-based mobile payments company Bango plc has experienced a massive uptick in end user spend (EUS) in the six months to the end of June.
The phenomenal rate of growth is revealed in a trading update from the business ahead of its interims announcement scheduled for September 19.
Bango says it is continuing to invest in its technology and business development as its platform drives increasing volumes of payments in fresh as well as established territories.
The EUS rate exiting June 2017 exceeded £300 million/yr, compared to £195m/yr exiting December 2016. Growth was from existing app store routes, the addition of new routes for Google Play and early progress in Japan for Amazon.
The predicted rate of growth in EUS for the full financial year, based on the latest figures, will outstrip the stellar numbers forecast by even the most optimistic brokers and market watchers.
As a key to even greater future growth, the company reports that enhancements to the Bango Platform technology have increased processing capacity, which has now been tested to levels in excess of £5 billion/yr.
During the period under review in the trading update, new store billing routes were launched in the US, Japan, Hong Kong, Indonesia, Austria, Italy and the UK. Two Google Play routes were migrated from other suppliers over to the Bango Platform.
In terms of Direct Carrier Billing (DCB) for physical goods Bango has launched DCB for the Amazon Japan store. The full range of retail goods sold by Amazon Japan can be charged to the customer’s phone bill through the Bango Platform. The service is now live for KDDI (au) and NTT DOCOMO subscribers – covering around 75 per cent of the Japanese market.
Bango said the competitive position, sales pipeline and market opportunities remained very positive as the business moved into the second half.
CEO Ray Anderson (pictured) told Business Weekly: “With the rate of spending through the Bango Platform increasing by more than 50 per cent over only a six month period it is becoming clear why Bango has been investing in capacity and scale for the future.
“The ingenuity and expertise of our technologists here in Cambridge is respected and valued by the giants of mobile commerce and we look forward to announcing our interim results in September.”