Bango looking to raise £3.25 million for US growth
Pending shareholder approval, the company will raise the funds by placing 2,355,000 newly issued ordinary shares with institutional investors.
Breaking the states
In the US, Bango hopes to establish a greater presence on the west coast, where many of the company's strategic partners are based - including Facebook, Microsoft, and Google.
The cash injection would also fund the development of both existing and future strategic relationships, and be used to recruit a chief operating officer to manage the company's operations and service delivery worldwide.
Discussing the announcement, CEO Ray Anderson explained that he and the board "have been extremely encouraged by the adoption of Bango technology by leading industry players.
"Our focus is now on strengthening the Bango business and technology to deliver our services on the scale demanded by our App store payment provider and content provider customers."