Bango today announces that it has secured a £6.5 million investment round (approximately US$10.2 million) to be used to finance further development of the business, particularly around its emerging market strategy.
Both current and new investors have taken part in the fundraising which was oversubscribed, demonstrating a high level of support for Bango in the financial markets. The funding is expected to complete following a general meeting of the Bango shareholders on 25th February 2013.
Ray Anderson, CEO of Bango, comments:
“Bango has made significant progress through 2012 and into 2013, with a total reach now exceeding 1 billion mobile phone users. We have executed on our plan to support a significant scaling-up in future transaction volumes; making key hires to boost our executive and operational team and investing in our technology platform. We have also seen good development across our key metrics, with analytics transaction volume doubling again during 2012 and end user spend growth resuming towards the end of 2012 and into 2013.
“We believe emerging markets represent an exciting growth opportunity for us, and are seeing increasing interest from key customers in these areas, in particular in Brazil, Latin America, India and other parts of Asia. This fundraise provides us with the resources to move forward in developing those opportunities and we are confident that the massively smooth user experiences enabled by our unique technology platform, extensive mobile network operator relationships and industry leading customers provide us with a clear competitive edge in the fast growing mobile payments industry.”