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Mobile payments firm Bango raising USD5.2m

LONDON - UK-based mobile web payments and analytics firm Bango is raising GBP3.25m (USD5.2m) from institutional investors. The firm wants to strengthen its presence in the US, especially on the West Coast due to the increasing number of partners located there. Bango also hopes to increase its investment resources in order to develop a pipeline of strategic relationships.

The company is planning changes to its management team by hiring a COO to manage its operations and service delivery worldwide, as well as a new CFO, with Peter Saxton, who is currently in the position set to retire after eight years at Bango.

The company has entered a number of strategic partnerships. Mobile network operators (MNOs) will deploy Bango’s payment platform to connect their billing systems to the Google Play App Store for Android. Bango is also a technology partner for Mastercard’s PayPass mobile wallet. This enables the company to use the PayPass wallet as a payment provider to obtain end user funds, in addition to credit card issuers, PayPal and MNOs.

Bango is also in early stage talks to form a partnership with Microsoft. Bango claims to have now rolled out payment services for the RIM app store, Blackberry App World with around 40 MNOs throughout 34 countries, covering mobile carriers with approximately 360m subscribers, compared with 116m in March 2011.

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