Bango Plans to Raise £3.25m

UK-based mobile web payments and analytics company Bango has announced plans to raise £3.25m from institutional investors to fund growth in the US, and strengthen its team and customer base. The move still requires shareholder approval.

The company's main business is a hosted payments service that provides analysis of mobile visitors, mobile site activity and marketing campaigns, with detailed metrics including unique visitor counts and customer demographics. It is also introducing a new method for measuring the effectiveness of mobile advertising in driving mobile app downloads. Bango says transaction volumes from a wide range of mobile applications and web sites have more than doubled in the last year.

Results for the full year are likely to align with previous expectations, with a total loss after tax of around £0.8m compared to £0.7m last year. This reflects an increased amortisation charge for previously capitalised R&D.

CEO Ray Anderson comments: 'We have been extremely encouraged by the adoption of Bango technology by leading industry players. The power of Bango's increasingly widely adopted platform is that each new major App store, payment provider or content provider addition brings benefits to existing customers and also makes the platform increasingly attractive to new customers. Our focus is now on strengthening the Bango business and technology to deliver our services on the scale demanded by our App store payment provider and content provider customers.'

The firm will also be recruiting a CFO to replace Peter Saxton, who has decided to retire after eight years with the business. The search will be conducted 'on a schedule to be agreed to ensure an orderly hand-over', and the new CFO should be in place by November.

Bango is headquartered in Cambridge, UK, with offices in New York City. Web site: www.bango.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.