User spending up 150% as app store activity grows
British mobile payments firm, Bango, suffered pre-tax losses of £4.9 million in 2013, latest figures reveal, after ramping up its workforce and data centres in line with a rise in customers. The loss compares to £2.6 million for the nine months of 2012, when it had a shorter accounting period. But on the positive side Bango says end user spending via its platform increased to £15.6 million from £6.2 million the year before, an increase of 150 per cent with growth largely driven by app store activity.
Formed in 1999 and listed on the London Stock Exchange since 2005, Bango’s one payment system is already used by well known brands such as Facebook, BlackBerry App World, Windows Phone Store and Amazon.
Bango’s clients’ customers are able to use their mobile phones to purchase goods with a single click, dispensing with the need for credit cards or SMS messaging.
Platform fee revenue including fees for connecting Mobile Network Operators (MNOs) and analytics came in at £1.7 million.
Commented CEO, Ray Anderson, “Bango is now building on its base of over 120 MNO integrations with new MNOs in additional countries.”
“Approximately two-thirds of this base have been integrated for BlackBerry World, and we are now accelerating the use of this significant asset for Google Play and the other app stores, which themselves have significant growth potential, and who only have a few MNOs currently integrated across the Bango Platform.”
“With more than a dozen MNO integrations in the final stages of testing and implementation, and a strong pipeline, Bango is poised for accelerating growth in 2014.”