Bango appoints new CFO from Global Invacom
Current CFO Carolyn Rand is to step down after two and half years in the role
Company
LON:BGO
Bango PLC enables content providers to reach more paying customers through global partnerships. The company revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscriptions economy, powering choice and control for subscribers. The world's largest content providers, including Amazon, Google and Microsoft trust Bango technology to reach subscribers everywhere.
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Current CFO Carolyn Rand is to step down after two and half years in the role
This recurring revenue stream provides greater visibility and predictability to the company’s overall results, according to Liberum
Bango Marketplace is growing at a triple-digit rate
The broker said the company's key online payments and data monetisation products will benefit from a “rising consumer spend on digital content, and from merchants wanting to increase their share of this spend through targeted advertising”
The ecommerce specialist said the partnership will allow its merchants to quickly gain access to around 1.5bn people across the Middle East, Africa and Turkey thanks to TPAY's “massive footprint of carrier billing and wallet providers”
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Underlying profits jumped to more than £4mln from £450,000
The company said under the deal it will use its Bango Resale technology and partnerships to power DocuBay’s growth plans and increase its availability to more audiences around the world
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Microsoft will leverage the Bango Platform to enable telco partners to bundle Xbox Game Pass Ultimate and Xbox All Access in their subscription packages
"We welcome BT and BritBox to the Bango circle,” said Paul Larbey, Bango’s chief executive
Following recent new customer wins and record revenue growth in the first half of 2020, these new recruits will support the continued growth of commerce through the Bango Platform
Evergent and Bango share the same strategy for creating flexible, agile platforms that allow new services to be quickly launched
Under the agreement, EPIC ON will work with Bango to expand its global presence, growing its paying user base and opening up access to its wealth of content and services by offering customers alternative payment methods
The mobile commerce group also said end user spend in the first half was £743mln and “remains on track” to reach £2bn by the end of 2020
The new partners are in five different countries across the continent
"We see Bango as providing both the technical integration with the mobile operators and the technology to increase customer engagement "
The mobile commerce firm expects to report revenue growth of over 50% to £4.8mln year-on-year, while adjusted earnings are predicted to exceed the £450,000 figure for the whole of 2019
The deal means Bango now powers carrier billing for Amazon’s Japanese website across the country’s three largest mobile operators, SoftBank, NTT Docomo and KDDI
The mobile commerce firm said the operator, du, had seen a large percentage of customers re-engage with direct carrier billing, a one-click method of charging purchases to a user’s mobile phone bill
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The company's direct carrier billing function in the Google Play store has been enabled for the Entel mobile network in Peru, Sun Mobile in Hong Kong and MTN in South Africa
Under the agreement, the telecoms provider will deliver a range of third party products and services to its customers through the Bango Platform and will use data insights to optimise the targeting of product offers
NHN is investing £3.2mln into Bango for a 4.7% shareholding and has also invested a further £6.5mln for a 60% shareholding in Bango Deep - the Bango subsidiary that owns the Audiens Customer Data Platform business
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"This is one of the most exciting milestones in the history of Bango", said executive chairman Ray Anderson
The deal will allow Sun Mobile customers to purchase apps and other content through the Google Play store, charging the cost to their mobile phone bill
The mobile commerce firm also reported a swing to positive earnings in its full-year results
“As CEO, Paul will provide strong and effective leadership as we scale-up the business to meet the goals of our customers and partners”
End-user spend more than doubled again, while operating costs of the payment platform came in on target and investment was increased to launch the data monetisation business
"We end 2019 in a strong position, and I look forward to growing the business further in the years to come," said Marko Mara, the founder and CEO of Audiens
Google-owned YouTube TV allows users to watch live TV, movies and shows from over 70 major broadcasters
Using Bango's Audiences product, MobileAction’s developers will be able to target advertising campaigns for their apps at users that are likely to spend more
The South Korean market offers some of the world's highest “lifetime value” customers due to the popularity of mobile gaming
"2019 has seen strong performance across the business, with payment and resale growing in multiple markets, and Bango Marketplace attracting more developers and delivering more audiences."
"This new source of end user spend brings significantly different spending behaviour to the Bango platform for analysis,” said Maria Vidondo, VP Payments at Bango.
The AIM-listed mobile commerce firm will offer Spotify's service through its Resale technology to mobile and other fixed subscription operators
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The mobile commerce firm also reported an expansion of audiences for its Bango Marketplace to 55 from just eight at its launch in December last year
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The UK's premier share index finished down over five points lower at 7,530,
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The Footsie finished down nearly six points at 7,603
On average, 5% of mobile users deliver over 80% of revenue (AppsFlyer 2018, Statista 2018, AppBoy 2018), and Bango delivers these 'golden users' to app developers
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The airline shocked the market last month, so investors will be looking for some reassurance in the interim report
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The payment business is thriving, growing and moved into profit at the end of the year
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The Footsie added 0.34% to close at 7,324, while US shares are also higher at the time of writing
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Aside from the Brexit shenanigans, the Day Ahead will also bring the release of the latest UK jobs data, plus trading updates from online retailers Ocado PLC and ASOS PLC
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DIY stores owner Kingfisher, clothing retailer Next, plus troubled fashion firm Ted Baker will report full-year results, with trading updates due from internet grocer Ocado and online fashion group ASOS
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Paul Larbey previously served as chief executive of streaming tech firm Velocrix, which was folded into Nokia in 2016 before being spun out last year
BIg banking group Lloyds was among the top gainers on Footsie
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The UK index of leading shares finished over 107 points ahead at 6,941, while the FTSE 250 also closed strongly
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The UK blue-chip benchmark finished around 41 points lower at 6,692
“Trading as Bango enters 2019 is going well. The payment business continues to thrive, and the increasing pipeline of EUS that can move over to the Bango Platform gives confidence that rapid EUS growth on a stable cost base can continue.”
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The mobile commerce group said that by using Bango Marketplace, app developers can quickly and easily focus their marketing on higher value customer segments, across a range of markets
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Carolyn Rand will remain as interim CFO of Bango until at least April 2019 or until a permanent CFO is found
Bango has recruited an interim CFO who will begin full-time on October 8 to ensure an orderly transition
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“We want to be in situation where we are processing the lion’s share of the biggest merchants’ digital business to mobile users”
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Revenue rose 54% to £2.63mln, while Bango’s payments arm also posted an underlying profit
The UK pound is off 0.14% against the US dollar, and flat against the Euro at the time of writing
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The operational costs of running the Bango platform continue at the same level as in previous years, while the amount of money passing through the platform continues to double every 12 months
The UK index of leading shares closed around five points lower at 7,678
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The UK blue-chip benchmark closed up over 45 points higher at 7,593, while FTSE 250 added over 59 points at 20,665.
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Using Bango's billing integration technology, qualifying customers have the opportunity to subscribe to Prime Video as part of the customer's mobile plan.
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The AIM-listed mobile commerce company said pre and post-paid subscribers can simply click-to-buy using carrier billing, placing the charge on their Entel phone bill
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It is the second time Trump has mentioned the issue of high oil prices, having previously mentioned it in April
The AIM-listed firm said the Financial Conduct Authority licence ensures the conditions for its partners to offer alternative payments more comprehensively, for all types of goods across Europe
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More ways of paying attract more customers, which makes merchants keener to work with Bango
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The company is on track to double EUS again in 2018 without putting any strain on the platform or unduly increasing operational costs
FTSE 100 finished almost 76 points lower at 7,138, while the FTSE 250 lost over 254 points at 19,863.
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