Bango reports strong results

Bango, the mobile payments company, today announces its Final Results for the year ended 31 December 2016.

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FY2016 Financial performance

  • Annualized End User Spend (EUS) exit rate grew to £195m/yr. 191% higher than FY2015 EUS exit rate due to growth from existing and acquired routes
  • EUS for the full year increased 196% to £132.3m (FY2015: £44.7m) which includes 8 months of EUS from acquired routes in addition to growth from existing routes.
  • Total revenue of £2.6m (FY2015: £1.3m).
  • EUS revenue expressed as a percentage of EUS was 1.8% (1H2016: 1.67%; FY2015: 1.8%)
  • £5.0m cost base excluding non-recurring costs in line with market expectations (FY2015: £4.4m)
  • Adjusted LBITDA* improved to -£2.8m (FY2015: -£3.1m)
  • Cash balance of £5.7m (FY2015: £12.1m) following acquisition of BilltoMobile Inc in May 2016.

*Adjusted LBITDA is the loss before interest, tax, depreciation, amortization and share based payment charge.

FY2016 Operational performance

  • Bango market leadership: Confirmed with over 40% of available app store carrier billing routes in 2016 (Source: Progressive Equity Research estimates), driven by (1) new billing routes with Mobile Network Operators (MNOs), (2) new and extended partnerships, (3) acquisition, and (4) organic EUS growth on existing billing routes
  • New billing routes: Activated more Direct Carrier Billing (DCB) routes for Google, Microsoft and Samsung, including the first Google Play carrier billing launch in India with Idea Cellular (180m subscribers)
  • Partnerships: Extended partnership with Microsoft. New activations for Windows Store across all Windows 10 devices, including first carrier billing launch for Xbox content. Deployed new release of Bango API to key customers including PayPal
  • Acquisition: Acquired and integrated leading US-based mobile payments provider BilltoMobile. Bango is now the only processor of carrier billing transactions across all four major US MNOs, representing more than 300m connected devices
  • Existing billing routes: Further growth from existing active routes driving increased EUS. Bango Boost increased basic transaction rate by 20-40%


  • The activation pipeline for new routes is stronger than ever with 220 identified opportunities across various stores including Google, Microsoft and Samsung.
  • 2017 is expected to include migrations of first generation integrations directly between stores and MNOs to the Bango Platform – including Google Play activations.
  • Bango expects to deliver at least a 100% increase in EUS rate by the end of FY2017.


Manisha Chowdhury
Assistant, Strategic Communications
FTI Consulting
020 3727 1399 T | +44 7908 018988M



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