A Mobile payment technology business is raising £6 million to underpin a new phase of growth, the company CEO has stated.
Bango have revealed the fundraising will bring fresh blood into the Cambridge based company’s shareholdings following a period of strong growth and customers spend increasing.
Ray Anderson, Bango CEO, said that the multi-million pound boost would ensure that the current momentum would be maintained and be able to continue targeting new clients in emerging territories.
The placing and open offer, to be ratified by shareholders, would bring over 6 million new shares into play, with a general meeting set to take place on October 16 to ratify the placing.
Anderson said “This firm placing and open offer is building on a period of sustained operational progress which has resulted in acceleration in end user spend”
“It enables Bango to maintain the independence of its platform and capitalist on the pipeline of existing and future strategic relationships whilst maintaining high levels of technological innovation and customer service”
Bango currently provide services for a number of leading international clients including Google, Amazon and Microsoft. Anderson said Bango had enjoyed success through new activity in emerging markets such as Hungary, Egypt, South Africa, Chile, Mexico and Saudi Arabia