Mobile payments company Bango has released a trading update for H1 2016, revealing that spending via the platform has increased 283 per cent year-on-year, up to £159m, following the firm’s recent acquisition of rival BilltoMobile.
Even excluding the impact of the BilltoMobile acquisition, annualised end user spend was up 143 per cent year-on-year, as mobile payment is increasingly accepted and adopted by consumers.
According to Bango, the rapid growth in spending has been driven primarily from established activations as a result of growth in both app and content sales via mobile, augmented by the increasing use of Bango Boost technology by existing partner firms.
To drive future growth, multiple new routes have been activated across the major app stores, including European launches for Microsoft’s cross-device Windows Store and the first launch of Google Play direct carrier billing in India.
In addition, the company has established new app store billing routes in Indonesia, Malaysia, Australia, Belgium, Hungary, Norway and Finland.
“Bango has created a powerful and flexible payment platform that can handle significant growth in end user spend on a fixed cost base,” said Ray Anderson, CEO of Bango. “In addition to the strong growth in end user spend on the existing Bango payment platform, the acquisition of BilltoMobile added around $80m (£62m) of end user spend in one step, together with new operator and merchant partnerships.
“I’m please to report that the Bango team has accomplished the first phase of the transfer of business quickly and efficiently within existing Bango systems, and with no additional operating cost or disruption to BilltoMobile customers. We are excited to move to the next phase which involves providing BilltoMobile customers with access to Bango Boost technology, enabling them to grow their carrier billing sales more quickly.”
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