Following on from a £3.25 million institutional fundraising in May 2012, Mills & Reeve has advised Bango on another substantial fundraising. Bango is a leading mobile technology company specialising in providing mobile payment and analytics solutions for leading app stores and websites. Bango’s technology makes it easier and quicker for people to make payments with their smartphones.
Bango’s technology, which allows smartphone users to add the cost of digital purchases to their phone bill, has a particular opportunity in the developing markets of Latin America and Asia where mobile phone use is widespread but there is often limited access to bank accounts and credit cards. Bango intends to use the fundraising to develop these and other opportunities.
Bango, which counts Blackberry, Facebook, CNN, Thomson Reuters and Mastercard, among its clients, already has a global reach extending to over one billion users.
Stephen Hamilton, who led the Mills & Reeve team, said: “We are really proud to be involved with a company as exciting as Bango and are delighted to have been able to advise them for a second time on such an important fundraising.”
Ray Anderson, Chief Executive Officer at Bango, said: “We are very pleased once again with the support provided to us by Mills & Reeve on this fundraising. The funds raised will allow us to expand our global reach yet further by targeting new territories.”
The Mills & Reeve team was led by corporate finance partner and capital markets specialist Stephen Hamilton with support from solicitor Toby Smith and trainee solicitor Sarah Atkinson.
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