Bango’s incredible 79 per cent revenue boost announced in 2023 results

Bango has announced its full year results for the 12 months ended 31 December 2023 and offered an update on the outlook for 2024.

Total revenue of $46.1m for the digital payments company was 62 per cent, up on the previous year’s $28.5m.

Operational highlights in 2023 included nine new Digital Vending Machine (DVM) license customers (total 18 at the end of 2023); Bango DVM now used by three out of the top five US telcos; 33 new subscription content providers added to the DVM, taking the total to 93 at the end of 2023; and a new DVM consumer interface enabling telcos to launch their DVM faster, providing Bango with more data.

Bango CEO, Paul Larbey, said: ““This has been a year of significant development for Bango. Our strategic focus on capturing the subscription bundling opportunity with the Bango Digital Vending Machine is seeing growing momentum, with a doubling of the customer base and a strong growth of 77 per cent in Annualized Recurring Revenue (ARR). Our technology is trusted by some of the largest companies in the world who rely on Bango to help them acquire and retain customers.

“One major area of focus in 2023 was the ongoing integration of the acquired DOCOMO Digital business, which has materially accelerated our growth. The complexity of the integration was reflected in the low initial purchase price. The integration went well with all $21m of cost synergies realized. With the end of year integration challenges having now been identified and addressed, we have a clear pathway to deliver further operational and cost synergies in 2024.

“We entered 2024 with increased momentum, a significantly expanded pipeline and a larger customer base providing clear growth opportunities. In Q1 24, we won 4 new DVM customers and exited the quarter with ARR of $11m.

Bango has made a strong start to 2024: Q1 revenue has grown by over 20 per cent from Q1 2023.