Mobile Payment Platform Bango Closes $10.2M Funding Round, Eyes Emerging Markets

By David Cohen 

Mobile payment platform Bango is about to process a £6.5 million ($10.2 million) transaction of its own after announcing the closure of an investment round Friday featuring new and existing investors.

Bango said it expects the funding round to be completed following its shareholders’ meeting Feb. 25, adding that the money will be used to further development, particularly in emerging markets.

Last October, France Telecom’s Orange France mobile service provider rolled out its internet+ solution in partnership with Facebook and Bango, after which its mobile phone customers could enter their details once, allowing purchases to be completed with one click to choose the goods or services, and a second to confirm it.

The Orange France launch followed September’s announcement that its integration with Facebook — allowing the social network’s users in the U.S., the U.K., and Germany to purchase items such as virtual gifts and game credits and be billed via their mobile carriers — had officially launched.

Bango CEO Ray Anderson said:

Bango has made significant progress through 2012 and into 2013, with a total reach now exceeding 1 billion mobile phone users. 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. We have also seen good development across our key metrics, with analytics transaction volume doubling again during 2012 and end-user spend growth resuming towards the end of 2012 and into 2013.

We believe emerging markets represent an exciting growth opportunity for us, and we are seeing increasing interest from key customers in these areas, in particular in Brazil, Latin America, India, and other parts of Asia. This fundraise provides us with the resources to move forward in developing those opportunities, and we are confident that the massively smooth user experiences enabled by our unique technology platform, extensive mobile network operator relationships, and industry-leading customers provide us with a clear competitive edge in the fast-growing mobile payments industry.