Transactional revenue at Bango has increased to $32.7m (£25.9m) year-on-year, jumping by 79%.

In its full year results for 2023, the digital payment provider saw its total revenue grow by 62%, increasing to $46.1m (£36.5m).

Throughout 2023, the firm saw its number of new digital vending machine (DVM) double from nine to 18, with 33 new subscription content providers being added to the DVM, taking the total to 93 at the end of 2023.

Chief executive officer at Bango, Paul Larbey, said: "This has been a year of significant development for Bango. Our strategic focus on capturing the subscription bundling opportunity with the Bango DVM is seeing growing momentum, with a doubling of the customer base and a strong growth of 77% in annualized recurring revenue (ARR). Our technology is trusted by some of the largest companies in the world who rely on Bango to help them acquire and retain customers.

"One major area of focus in 2023 was the ongoing integration of the acquired DOCOMO Digital business, which has materially accelerated our growth. The complexity of the integration was reflected in the low initial purchase price. The integration went well with all $21m (£16.64m) of cost synergies realized. With the end of year integration challenges having now been identified and addressed, we have a clear pathway to deliver further operational and cost synergies in 2024."

Looking at the current financial year, Bango expects its revenue in the first quarter to grow by over 20% year-on-year, with annualised recurring revenue at the end of March 2024 increased to $11m (£8.71m).

Furthermore, a leading European telco (one of the early DVM customers) has extended its DVM contract for a further three years, with a minimum contract value over the next three term costing $1.5m (£1.2m).

Larbey added: "We entered 2024 with increased momentum, a significantly expanded pipeline and a larger customer base providing clear growth opportunities. In Q1 24, we won four new DVM customers and exited the quarter with ARR of $11m (£8.7m).

"The subscriptions market remains buoyant, with an increasing variety of services available beyond music and movies. As consumers add subscriptions in all aspects of their lives, it drives the need for a solution to manage these subscriptions and the opportunity for the DVM to become the standard industry platform for subscription bundling. With our product, partners and customers, the building blocks are firmly in place. In the year ahead, our focus is on driving DVM growth with careful control of costs, which, together with increasing long-term revenue visibility, gives us confidence in capturing this opportunity."

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