Bango today announces its Interim Results for 6 months ended 30 June 2021. Read the full announcement here.
Highlights from the announcement include:
- Revenue grew by 49% to £7.13M (1H20: £4.77M)
- Cash at 30 June 2021 was £7.14M (£1.3M increase from 31 December 2020). Bango has no borrowings.
- New partnerships with TPAY and NTT Data bring 1B more users for Bango Merchants wanting to expand across Asia, Middle East and Africa
- Bango enabled the first four launches of Microsoft’s Xbox Game Pass Ultimate subscription bundle in Europe
- Bango selected by Amazon to launch the new Prime Video Mobile Edition subscription service.
- The use of Bango Audiences grew 10x in 1H21, driven by growth in app developer customers and increasing repeat orders.
- Bango worked with ByteDance to bring Purchase Behavior Targeting to the TikTok platform.
- Post-period, Bango signed multi-year platform deal with a Tier 1 North American carrier.
Paul Larbey, Chief Executive Officer at Bango, commented:
“Bango delivered another period of strong growth during the first half of 2021 finishing the period ahead of our plan. Compared with 1H20, revenue grew 49% and adjusted EBITDA almost doubled – giving us confidence that we are comfortably on track to meet market expectations for the full year.
Volumes have grown across all payment methods, including carrier billing and mobile wallets. One of our strongest growth drivers, is the rapid uptake of subscription bundles for media and other digital products, bringing higher average transaction values and strong recurring revenues. Bango’s leadership in subscription bundling means partners are standardizing on the Bango platform as the sole integration method for third party merchants, the most recent example being our agreement with a Tier 1 North American carrier. Platform partnerships enable hundreds of millions of online customers to benefit from offers for products including Amazon Prime, Prime Video, Netflix, BritBox, Spotify, Pandora Radio, Xbox Game Pass, YouTube TV, all through the Bango Platform.
The acceleration of purchase behavior targeting, the idea of targeting online advertising based on how people spend their money, has resulted in a 10x growth in the use of Bango Audiences by app developers in 1H21. As app developers attract more paying users with Bango, repeat purchases have grown alongside new app developers turning to Bango.
Our virtuous circle strategy, where purchase behavior targeting drives more payments, will accelerate our growth. The pipeline for the payments and data monetization businesses has never been stronger underpinning our long-term ambition to be the technology behind every payment choice.”