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Cambridge, U.K.-based Bango announced it will be raising £3.25 million ($5.14 million) through a placement of 2,355,000 newly issued shares with institutional investors pending shareholder approval. The direct carrier biller and mobile analytics company said the funds will be used to bring on more strategic partners, strengthen its presence in the U.S. — especially on the West Coast near strategic partners — and recruit a COO to manage wordwide operations and service delivery.
"Our focus is now on strengthening the Bango business and technology to deliver our services on the scale demanded by our App store payment provider and content provider customers," said Ray Anderson, Bango's CEO, in the announcement. "At the same time we are enabling Bango to seize the new opportunities that are emerging as a result of recent progress in building out our platform and our ever increasing network of direct carrier billing connections."
In a statement on the company's recent activities, Bango said it has been particularly active recently signing new partnerships with companies like Microsoft. The company was also named as a technology partner for the PayPass mobile wallet, allowing it to use the PayPass wallet as a payment provider for obtaining end-user funds.
Additionally, Bango signed agreements with Amazon and Facebook in recent months. The company didn't specify what the partnerships entail; however, Bango said the relationships continue to develop and the company's management is encouraged by progress.
"We have been extremely encouraged by the adoption of Bango technology by leading industry players," Anderson said. "The power of Bango's increasingly widely adopted platform is that each new major App store, payment provider or content provider addition brings benefits to existing customers and also makes the platform increasingly attractive to new customers."
The company said it will announce final results for the fiscal year that ended on March 31 sometime in June 2012.
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