Bango raises £11m in funding

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Mobile payments company Bango has raised £11m in funding, the company said, leaving it with a post-money valuation of £60m.

The new funding will help Bango, which provides the technology app stores and carriers use to allow consumers to charge purchases directly to their phone bills, bolster confidence and strengthen its balance sheet.

The company will also invest further in research and development.

Ray Anderson, CEO of Bango, said: “I am delighted that Bango has the support of top-tier investors to pursue further growth with our leading app store partners.”

He continued: “The mobile industry is now seeing the benefits of Direct Carrier Billing, and greater demand for this method of payment comes at a time when Bango is the market leader. The funding package announced today will see great returns as we deliver further end user spend in markets around the world.”

Users spend around £60m through Bango annually. The technology provider, which works with the likes of Amazon, Samsung and Google, is particularly popular in markets with low credit card penetration.    

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