Cambridge FinTech acquires Japanese global payments business in £3.4m deal
Offer
Cambridge-based payment insights firm Bango has acquired the global payments business of Japanese mobile network operator NTT DOCOMO for €4m (£3.4m).
The groundbreaking deal brings an additional $3.5 billion per year of end-user spending onto the Bango platform.
The revenue contribution from the acquisition is expected to be $5 million in 2022 and $16 million in 2023.
In addition, Bango has signed a long-term platform agreement with NTT DOCOMO to offer payment services in Japan for the world’s largest merchants.
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Bango’s technology helps the likes of Amazon, Google and Microsoft acquire more paying users.
DOCOMO Digital provides payment services to app stores and digital merchants worldwide, and the acquisition significantly accelerates Bango’s strategy for growth by expanding global partnerships with major customers, and doubling the number of Google Play and Amazon routes.
It will also consolidate Bango’s position as a leading payments platform for global merchants including Netflix, Britbox and YouTube, and bring new merchants including Tidal, Discovery, Paramount+ and Jetstar.
The £3.4m (€4m) acquisition is being funded with existing Bango cash.
Bango CEO Paul Larbey said: “Acquiring DOCOMO Digital strengthens our position as a world leader in data-driven commerce.
“The decision by NTT DOCOMO to transfer its global payment business to Bango is an important support for our technology in the rapidly growing digital economy.
“Through the Bango platform, telcos can leverage the universal appeal of the world’s biggest online brands, and digital merchants can instantly reach new customers. Both will benefit from data-driven insights, giving consumers greater access to goods and digital services.”
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Bango CEO, Ray Anderson, said: “After many years of competing with DOCOMO Digital, we know the business and the team well.
“This acquisition of DOCOMO Digital is an important, strategic agreement for Bango and strengthens our leadership in the market.
“With the support of NTT DOCOMO, DOCOMO Digital developed high-quality relationships with operator and merchant customers, and we are excited to bring them the benefits of the Bango platform.
“These new merchants and operators will also offer new opportunities for everyone already connected to Bango. In addition, the acquisition brings the benefits of a partnership with NTT DOCOMO, further supporting our global growth.”
NTT DOCOMO General Manager of the Wallet Service Department, Tsutomu Tahara, said: “Bango is uniquely positioned with market-leading technology that will benefit our customers in Japan and our trading partners worldwide. Bango’s role as an independent platform and trusted partner provides a great opportunity to accelerate the growth of the global payments ecosystem.”
Minister of State for Business, Energy and Industrial Strategy Kwasi Kwarteng said: “This acquisition only builds on the UK’s reputation as a global center for FinTech, and we will continue to create an environment where innovative businesses can expand at scale, boosting jobs and the economy our.”
