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Bango sees use of online payments platform usage surge higher

Revenue rose 54% to £2.63mln, while Bango’s payments arm also posted an underlying profit
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Online payments specialist Bango plc (LON:BGO) saw another surge in payments through its platform over the past six months.

Giants in the space Amazon, Microsoft, Google and Samsung use the Bango platform to collect payments and through these and other customers end user spend climbed to £220mln.

READ: Bango Plc's Ray Anderson discusses 2018's commercial deals

That was a 138% year-on-year increase in the six months to June and 22% over the second half of 2018.

Revenue rose 54% to £2.63mln, while Bango’s payments arm also posted an underlying profit, though overall there was a loss of £900,000.

Ray Anderson, chief executive, said: "The Bango Payments business reached positive EBITDA at the end of 2017, and new customers and routes launched in the first half of 2018 are driving profitability further.”

He added he was delighted with how January’s acquisition of data analytics group Audiens was shaping up.

“The technical and commercial integration is proceeding rapidly, with clear synergies opening up a new data-derived revenue stream at a faster pace than originally planned.”

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