Bango Secures Fresh Funding to Accelerate Global Expansion
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Cambridge-based fintech company Bango has strengthened its financial position by securing additional funding to support its international growth initiatives. The company has obtained an enhanced loan facility from strategic partner NHN, increasing the existing loan by $2.85 million and deferring principal repayments for 18 months. Additionally, Bango has secured a $15 million revolving credit facility from NatWest, replacing its previous £3 million overdraft with Barclays.
In the fiscal year ending December 31, 2024, Bango reported an 11% increase in revenue to $36.2 million and reduced its after-tax losses from $8.8 million to $3.7 million. The company’s Digital Vending Machine® (DVM) platform continued to gain traction, adding nine new license customers and connecting 110 content providers, up from 93 the previous year.
Bango’s strategic partnerships have expanded its global reach, with the DVM now serving six of the top eight U.S. communication service providers. The company also launched its DVM CX user interface with Altice in the U.S., enhancing the bundling experience for resellers. Furthermore, Bango secured its first DVM customer in South Korea, marking a significant milestone in its expansion into the Asian market.
Looking ahead, Bango aims to leverage its strengthened financial position and expanding customer base to capitalize on the growing demand for subscription-based services worldwide. The company’s focus on operational efficiency and strategic investments positions it well for continued growth in the digital payments and subscription bundling sectors.
