Bango celebrates 'strong' six months as end user spend doubled

Bango on Friday reported that its end-user spend has continued its trend of at least doubling every 12 months, jumping to £220m for the first half of 2018 from £92m in the same period last year.

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The AIM-traded mobile payment firm expects the end user spend to be “significantly higher” in the second half of the year than in the first, as has been the case in previous years.

Ray Anderson, chief executive of Bango, said: "A strong first half of the year has been driven by our partners increasing use of the Bango Platform for more products, new geographies, and new ways for customers to pay for their products."

Revenue growth has continued as expected, aided by contributions from Audiens, which Bango acquired in January after a successful fundraising.

"Our competitive customer offering has been greatly enhanced by Audiens, allowing global merchants to boost customer acquisition and revenue through powerful data insights. This combined proposition is driving EUS and revenue growth, positioning Bango well for a strong second half of the year," said Anderson.

The mobile network marketing data business acquired several new customers during the period, including LeoVegas, Morelatto and Unieuro.

Bango reported that it is fully funded to reach profitability, with cash on 30 June at £5.8m compared with £4.8m on 31 December.

Bango’s shares were down 4.32% at 155.00p at 1148 BST.