Bango plc (USOTC:BGOPF) (LSE:BGO), a leading platform for subscription bundling and alternative payments, has announced key growth milestones with new partnerships, including MTN, Korea Telecom and Dish Network. Speaking on The Watchlist with Ricki Lee, CEO Paul Larbey outlined the company’s two core growth drivers, its established payments business and rapidly scaling Digital Vending Machine (DVM) and detailed the path toward sustainable profitability by fiscal year 2026.

Two Growth Engines: Payments and Digital Vending Machine
Bango operates two complementary businesses. Its long-standing payments business enables customers to charge digital and physical goods directly to their mobile phone bills, a highly profitable segment that continues to grow steadily in the mid-single digits.

Alongside this, the company’s newer Digital Vending Machine has emerged as a major growth engine. Launched just a few years ago, the DVM connects subscription services such as Netflix with distribution partners like telecom operators and pay TV providers. This Software-as-a-Service (SaaS) model generates recurring revenue and positions Bango at the centre of the subscription bundling trend.

“The payments business provides stability and profitability, while the Digital Vending Machine is our future growth engine,” Larbey explained. “It’s a powerful combination.”

Expanding Globally
The Bango DVM has built a strong presence in North America, where six of the top eight telecom operators already use its platform. Success in this mature market provides the credibility and scalability to replicate growth worldwide. The company recently secured its first DVM contracts in Korea, Japan, and South Africa, expanding its footprint across Asia and Africa.

“Our platform is built on a ‘connect once, access many’ model,” Larbey said. “A content provider integrates once with Bango and can then reach distribution channels globally. Similarly, a telco can connect once and gain access to over 100 different content providers. That scalability is at the heart of our growth strategy.”

Profitability in Sight
Following the 2022 acquisition of Docomo Digital, Bango faced a temporary increase in costs. However, synergies from the integration and ongoing efficiency measures have transformed the company’s financial profile. EBITDA more than doubled in 2024, and the first half of 2025 saw a further 60% increase year-on-year.

With top-line growth across both businesses, alongside falling operating and capital expenditures, Bango expects to reach bottom-line profitability and significant cash generation in fiscal year 2026. “The business has never been in a stronger shape,” Larbey said.

Positioned for the Future
With global streaming and subscription services continuing to expand, Bango’s Digital Vending Machine provides a critical infrastructure layer for subscription bundling and  distribution via indirect channels. At the same time, its established payments business delivers stability and profitability. For investors, this dual-engine model offers both resilience and high-growth potential as the company transitions toward sustained profitability and cash generation.

For more information on Bango’s platform and growth strategy, visit https://bangoinvestor.com/.

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