After expansion into Japan, the mobile and IoT payment company continues its expansion into the region.
Companies: Bango plc
Bango (LON: BGO) is continuing its expansion into Asia with the news today it will begin operating in South Korea.
The Group enable a range of mobile and Internet of Things (IoT) payments including Direct Carrier Billing (DCB), where customers can pay for items by being charged directly to their phone bill.
This technology can be applied to any device connected to the internet, including everything from phones, cars, fridges and fitbits.
The Group has an impressive list of clients, including Samsung, Google, Microsoft, and Amazon, in which it helped develop a DCB payment platform for Amazon Japan.
The imminent exponential growth of IoT devices including Smart Home devices and their need for payments solutions has meant Bango's technologies are in high demand.
Bango CEO Ray Anderson commented on the strategic move into South Korea, a world leader in IoT innovation, saying:
Following this year's successful launch of carrier billing for Amazon in Japan, I am excited to establish a Bango presence in South Korea led by a hugely experienced Country Manager. The Bango strategy, to power the leaders in physical and digital retail, and in exciting new areas such as smart home, has seen a continued increase in End User Spend and Bango is EBITDA positive on a run-rate basis entering November 2017
Shares in BGO jumped 3% with news of the expansion.
The stock began rallying midway through 2016 and has seen exceptional growth in 2017, growing from a January price of 70p to currently trade at 227p.
Consensus forecasts Bango will turn its first profit in FY18, with the Group predicted to make a Net Profit of £8.3m, a sharp increase from the net loss of £0.5m forecast for FY17.
