Bango's user spendng growth in line with expectations

Shares in mobile payment company Bango rose on Wednesday after saying its user spend is growing in line with expectations.

The group added that it believes it will achieve its forecasts of 100% growth in user spend to £65m for the year.

Bango said in March that it had 30 activations schedualed for launch this year. So far, the group concluded 15 of those activations and expects to release the remaining ones during the first half of the year.

Furthermore, the company said in a trading update that it has launched four new carrier billing markets in Latin America in May, which will help to grow its end user spend.

Shares were up 5.85% to 108.5p on Wednesday at 14:01.