Bango doubles revenue as mobile end user spend increases
Mobile payments company Bango doubled its sales last year as end user spend though its payments platform soared, while operating expenses were in line with expectations.
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Revenue doubled to £2.6m for the year ended 31 December, while revenue from the end user spend (EUS) leapt to £2.4m from £840,000 the year before, but revenue from platform fees was fell 60% to £200,000.
The EUS, via partners such as Google, Amazon, Samsung and Microsoft, at the end of year grew 191% to £195m year-on-year and total EUS surged to £132m from £45m.
Costs were in line with expectations at around £5m, including costs of £300,000 relating to the acquisition of US-based carrier billing service BilltoMobile in May, which it bought for £2.15m in cash and £350,000 in shares.
The company had £5.6m in cash at the end of December, down from £12.1m, the previous year.
In 2015, the Bango payment platform capacity was tested to a $1bn per year transaction rate and development in 2016 has raised the capacity to a level in excess of $2bn per year.
Shares in Bango were up 8.39% to 84p at 0948 GMT.