By Maryam Cockar
Date: Thursday 12 Jan 2017
LONDON (ShareCast) - (ShareCast News) - Mobile payments company Bango doubled its sales last year as end user spend though its payments platform soared, while operating expenses were in line with expectations.
Revenue doubled to £2.6m for the year ended 31 December, while revenue from the end user spend (EUS) leapt to £2.4m from £840,000 the year before, but revenue from platform fees was fell 60% to £200,000.
The EUS, via partners such as Google, Amazon, Samsung and Microsoft, at the end of year grew 191% to £195m year-on-year and total EUS surged to £132m from £45m.
Costs were in line with expectations at around £5m, including costs of £300,000 relating to the acquisition of US-based carrier billing service BilltoMobile in May, which it bought for £2.15m in cash and £350,000 in shares.
The company had £5.6m in cash at the end of December, down from £12.1m, the previous year.
In 2015, the Bango payment platform capacity was tested to a $1bn per year transaction rate and development in 2016 has raised the capacity to a level in excess of $2bn per year.
Shares in Bango were up 8.39% to 84p at 0948 GMT.