Bango to raise £3.2m via placing

11th Dec 2009 07:48

Mobile payments group Bango has conditionally raised £3.2m by way of a placing of 7.49m new shares at 43 pence each.The group said the proceeds of the placing will be used to accelerate payments to selected content providers ahead of receipt of funds from network operators. The group said it believes this service will provide additional percentage margin for Bango, will enable its customers to grow their content related businesses faster, and, will encourage the transfer of business to the group. 'Through the net proceeds raised via this placing, we should have the ability to assist content providers in growing their online businesses, which in turn we expect to result in increased transactional volumes for Bango, leveraging the investment we have made in our platform,' said chief executive Ray Anderson.'I am delighted that Bango has received such strong support from both current and new institutional investors and look forward to delivering enhanced shareholder value.'