Cambridge based mobile payments solution provider Bango has raised $17m of private financing. Post-money valuation on the raise is $91m. Bango says the funding will be used to improve confidence among existing app store partners by strengthening is balance sheet, as well as to invest in market expansion and R&D.
“I am delighted that Bango has the support of top-tier investors to pursue further growth with our leading app store partners,” CEO Ray Anderson said in a statement. “Bango has worked hard over the years to remove barriers to growth – replacing upfront activation fees with a monthly recurring platform fee, and building a platform to smoothly process at least 15 times current spending levels. The mobile industry is now seeing the benefits of Direct Carrier Billing, and greater demand for this method of payment comes at a time when Bango is the market leader. The funding package announced today will see great returns as we deliver further End User Spend in markets around the world.”