Bango records 64% increase in revenues
Bango’s results for the first half of 2019 reveal a company making significant progress, with revenue up 64 per cent to £4.32million and a ninefold increase in registrations for its app developer platform, Bango Marketplace.
The Cambridge company provides direct carrier billing, enabling app store customers to click and buy apps or in-app content and placing the charge onto mobile phone bills. It was founded in 199, and now has positive EBITDA (operating profit before depreciation, amortization, share based payments and exceptional items): in the first half of the year adjusted EBITDA was £0.01m, up from a loss of £0.92million in the same period last year.
Speaking to the Cambridge Independent as the results were announced l (September 17), CEO and founder Ray Anderson said: “Having just spoken to a group of market analysts, I can tell you they got quite excited, and the story behind the figures is even better – end-user spend has doubled, so it’s going very well.”
Highlights to June 30 include:
- Partnership with Spotify announced
- Google Direct Carrier Billing (DCB) for first time in Morocco and Myanmar
- New payment and resale routes launched in India, Philippines, New Zealand, UAE, Chile, Singapore and Spain
- Internet of Things (IoT) project for vehicles paying highway tolls in US.
The IoT development hints at a probable area of future growth.
“$20billion a year is spent in the US on toll booths, of which $7billion is from untaxed vehicles and the booths – run by AE Tolls – don’t take cards, so customers can pay on mobile now,” said Ray of the account. The AE Tolls deal also extends Bango’s reach in a new market – autonomous vehicles.
“With autonomous vehicles, people will want to make payments in the car, so we could be part of that with AE Tolls,” Ray commented.
On growth, Ray said that “the rate of acceleration is of great interest”. He concluded: “The Bango strategy continues to deliver success for our customers and this is being demonstrated by the continued, rapid growth in the Bango business. 2019 has seen strong performance across the business, with payment and resale growing in multiple markets, and Bango Marketplace attracting more developers and delivering more audiences. The outlook is promising as the synergies across the Bango business deliver increasing value to our customers”.
