Mobile payments player Bango gets extra funding

Mobile payments player Bango gets extra funding

The Bango payments platform is used on Facebook, Blackberry World and Windows Marketplace

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Mobile payments and analytics firm Bango has secured a further £6.5 million in funding to help develop its business in emerging markets and shore up its balance sheet.

The Bango payments platform is used on Facebook, Blackberry World, Windows Marketplace, Amazon and brands including CNN, Cartoon Network and EA Mobile.

Both current and new investors contributed to the funding round to the loss-making company. Ray Anderson, CEO of Bango, said: "We have executed on our plan to support a significant scaling-up in future transaction volumes, making key hires to boost our executive and operational team and investing in our technology platform."

Anderson said: "We have seen good development across our key metrics, with analytics transaction volumes doubling again during 2012 and end user spend growth resuming towards the end of 2012 and into 2013."

Anderson said the extra funding would help Bango develop its business in Brazil, Latin America, India and other parts of Asia.

TechMarketView analyst Anthony Miller said: "Certainly Ray Anderson knows how to ‘talk the talk’, and seems to be making the right connections for the business, such as the Facebook tie-in. But in the end ‘the truth is in the numbers’, and so it would be jolly nice to see the bottom line start heading in broadly the same direction as the top."

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