Mobile payments technology business Bango saw its stock rise significantly when the UK market opened today after flagging up record revenue growth –  ahead of expectations – for the first half of 2020. 

And there’s more: the Cambridge company now expects end user spend to hit £2 billion for the full year.

Bango reported revenue growth of more than 50 per cent to £4.8 million; cash on June 30 was £4.2m. 

End User Spend (EUS) grew strongly to more than £740m. This continues the exponential growth trend in EUS through the Bango Platform and, as the full benefits of the customer wins and route activations (for example Softbank and Amazon.co.jp) won during the first half are seen, the company expects to see a strong second half to meet full-year forecasts.

Bango says it continues to invest in growing its data insights and monetisation capabilities and now offers payment audiences in seven out of the top 10 countries, measured by app store revenue. 

More than 1,000 app developers are now registered and engaged with Bango Marketplace, compared to around 200 at the end of 2019. Two new partnerships have been signed with leading games publishers who have started using Bango Audiences across their full range of titles. 
 
During the first half, Bango signed a three-year platform deal with a leading global telecoms provider, worth at least £1.5m, with opportunities for further revenue growth.

It also announced the launch of a payment option for SoftBank customers in Amazon.co.jp.  Bango now powers carrier billing for Amazon.co.jp across Japan’s three largest operators: SoftBank, NTT Docomo and KDDI, reaching over 100 million consumers.

CEO Paul Larbey said: “Bango enters the second half of 2020 in a stronger position than ever before. The achievements in the first six months during a period of unprecedented global uncertainty are a testament to the strength of the Bango team and the success of Bango customers.

“The payments and resale business continues to grow rapidly, increasing profitability and cash generation, thanks to the stable operating costs of the platform. 

“The opportunities for this business are greater than ever, having expanded beyond telco providers to retailers now joining the Bango circle, where data insights help them thrive.

“Bango Marketplace offers a powerful and proven proposition with strong sales momentum. Bango Audiences help the world’s largest games companies to acquire new paying users, which in turn generates more payment insights, and the Bango virtuous circle grows.

“With all this exciting progress, Bango is firmly on track to become the technology behind every payment choice.” 

Bango will report its interim results on September 15.