Bango Raises $10.2 Million
Bango is a mobile payment company that works with some of the largest technology companies. The company has raised £6.5 million ($10.2 million) in funding, which is going to be used to help finance business development. They will also be expanding into emerging markets.
Some of Bango’s customers include Amazon.com, Microsoft, Facebook, Google, and BlackBerry. This last round of funding was oversubscribed for them. Emerging markets that Bango plans to pursue include Latin America, India, and Brazil.
Bango is known for helping facilitate carrier billing payments that are deducted from a customer’s mobile tariff.
“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,” stated Bango CEO Ray Anderson as quoted by TheNextWeb.
Bango hit around a year to add 500 million consumers and their largest markets were in Europe at 327 million users. In North America, the company has 327 million users and 98 million in Asia.