Bango secures £6.5m to expand into emerging markets | Mobile Payments | Mobile Entertainment

Bango secures £6.5m to expand into emerging markets

Bango secures £6.5m to expand into emerging markets
Daniel Gumble

by

Payments / February 8th 2013 at 12:50PM

Finances secured following fundraising from current and new investors.

Mobile payments firm Bango has today (February 8th) secured an investment of £6.5 million, which will go towards expanding its emerging market strategy.

Bango revealed that both current and new investors had taken part in the fundraising, which is expected to be completed after a meeting of the Bango shareholders on February 25th.

The company will look to utilise the investment for the further expansion of the business, particularly in areas such as Latin America, India and other parts of Asia.

Ray Anderson, CEO of Bango, commented: “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."

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