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Bango Plc (AIM: BGO) is a global platform for data-driven commerce – companies such as Google, Microsoft, Amazon, Youtube and Spotify choose Bango to power alternative payment methods. Bango has a two pronged approach to becoming the technology behind every payment choice:

  1. Making online commerce frictionless, opening up new payment options including carrier billing, mobile wallets and subscription bundling
  2. Using payment transaction data to make merchant marketing spend more effective through purchase behaviour targeting


  • Ray Anderson (Exec Chair): Co-founder. Established IXI, early leader in creation of web. Founding investor; Electronic Share Information (sold to E*Trade)
  • Paul Larbey (CEO): Former CEO of Velocix. >20yrs experience in  telecoms
  • Matt Garner (CFO): formerly CFO at Global Invacom
  • Anil Malhotra (Chief Marketing Officer): Co-founder.
  • Darcy Antonellis (NED)


Gross Profit39,62225,819
Proft/ (Loss) for the Year(8,826)(2,140)
Cash & Cash equivalents3,72012,657
Total Liabilities42,18040,095
Total Equity & Liabilities69,67371,539

Major Shareholders


  • Ray Anderson – 7.66%
  • Anil Malhotra – 3.43%
  • Frank Bury – 0.68%
  • Paul Larbey – 0.08%
  • Marcus Weldon – 0.01%
  • Wayne Griffiths – 0.01%
  • Matthew Garner – 0.01%


  • NHN Corporation – 13.71%
  • Liontrust Asset Management – 11.12%
  • Herald – 10.40%
  • Hargreaves Lansdown – 8.96%
  • Odey AM – 4.88%
  • Interactive Investor – 4.53%
  • Stonehage Fleming – 3.97%

Investors Chronicle: Investment Ideas (Jan 2023)
“Companies smashing broker forecasts:

Shares Magazine: Bango takes out direct carrier billing rival but at what cost? (Aug 2022)
“…An estimated $3.5 billion of annual mobile end user spend will be migrated across in time. ‘Scale is key to success in carrier billing,’ said Berenberg. ‘Bango’s acquisition of DOCOMO Digital solidifies its position as the leading independent payments platform in carrier billing in our view. Berenberg calculates the deal will add around 21%, 47% and 41% to its full year (to 31 December) 2022, 2023 and 2024 revenue estimates…”

Macro Indicators

Juniper Research (May 2022): Carrier Billing Spend for Digital Goods to Exceed $74bn in 2026, Dominated by Digital Games Spend
“The value of end-user spend on digital goods via carrier billing will exceed $74 billion by 2026; up from $54 billion in 2022. This growth of over 37% reflects the increasing relevance of carrier billing as an option for digital commerce spend. Direct carrier billing involves users charging payments for digital and physical goods to their mobile phone bill.

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