UK PAYMENTS firm Bango, which powers Netflix and Britbox, has snapped up Japanese firm Docomo Digital in a deal worth $4m (£3.4m).

Bango, which provides payments services for ecommerce firms, is looking to bolster its presence in Japan and has separately inked a deal with Docomo's parent company to provide payments services in Japan for firms including Telefónica and Deutsche Telecom.

The deals mark a major expansion in the region for Cambridge-based Bango, which will see it add Tidal, Discovery and Paramount+ to its Japanese customer base and extend local partnerships with firms including Vodafone and Japanese investment giant Softbank.

Business secretary Kwasi Kwarteng said the deal was a signal of the UK's fintech strength, adding that ministers were looking to fuel the global growth of firms like Bango.

"This acquisition only further builds on the UK's reputation as a global centre for fintech, and we will continue to create an environment where innovative businesses can expand at scale, boosting jobs and our economy," Kwarteng said Bango said the deal would deliver a $5m boost to revenues.

"Acquiring Docomo Digital strengthens our position as a world leader in data-driven commerce," Bango boss Paul Larbey said.

Shares closed 20 per cent up.

(c) 2022 City A.M., source Newspaper