Payments specialist Bango plc (LON:BGO) has confirmed that revenues doubled in 2016 as end users massively increased their spending via mobile devices.
The company’s mobile payments platform told investors that end user spend (EUS) rate - what the underlying customers paid across Bango – amounted to £195mln per year for 2016, which eclipses the rate of £67mln a year at the end of 2015.
That represents 191% growth in EUS, measured at the exit of each year. Meanwhile, total EUS for 2016 amounted to £132mln, versus £45mln in the preceding calendar year.
Bango revealed that revenue for 2016 totalled £2.6mln, up from £1.3mln in 2015, with some £2.4mln derived from EUS (representing 1.8% of 2016 EUS) and the other £200,000 coming from platform fees.
The company also highlighted that through the ongoing development of its platform it ended 2016 with the capacity to carry a transaction rate in excess of US$2bn, up from US$1bn at the end of 2015.
During the year, Bango acquired rival BilltoMobile for £2.15mln in cash (plus £0.35mln in shares) and at around £5mln it says operating expenses for 2016 were in line with expectations. It ended December with a £5.6mln cash balance.
Bango is hosting a strategy day for investors in London on January 30 when it will give investors a chance to learn how Bango is capitalizing on its investment in payment technology to grow market share for its customers.
Final results for the twelve months ended December 31 will be released on March 14.