AIM-quoted mobile web payments specialist Bango has won £3.2 million of backing from institutional and other investors in a move to boost business levels.

AIM-quoted mobile web payments specialist Bango has won £3.2 million of backing from institutional and other investors in a move to boost business levels.

Bossed by technology guru and co-founder Ray Anderson, CEO, Bango operates a highly scalable technology platform that enables commerce on the mobile web, facilitating the buying of games, videos and music and other applications between the larger content providers, mobile network operators and customers.

Through an oversubscribed placing priced at 43p, backed by existing and new institutional investors, as well as directors including Anderson himself, Bango has raised £3.2 million gross (£3 million net). With Bango acting almost like a bank, those funds will now be used to speed up payments to select content providing customers (who suffer from a payment time lag), ahead of the receipt of funds from the major network operators.

Anderson says this canny move will help content providers grow their own businesses and encourage them to put more business through Bango’s mobile internet payment and analytics technology platform, which is able to process significantly more transactional volumes, without increasing Bango’s costs.