Yatango to list on ASX, expand abroad
- 24 March, 2015 10:59
Yatango said it will list on the ASX this June.
Yatango is consumer tech company that runs mobile virtual network operator (MVNO) Yatango Mobile, which rides on the Optus network. The key differentiator of the mobile service, launched in March 2013, has been to give customers the ability to customise the details of a plan by using a slide-bar interface to set voice minutes, included SMS messages and data.
Yatango will take the company public through a reverse takeover into listed company Latitude Consolidated Limited. Fosters Stockbroking and Azure Capital will jointly manage the ASX listing.
Listing on the ASX will provide access to capital and help Yatango to scale, said the company’s founder and CEO, Andy Taylor. The company hopes to raise a minimum of $6 million through the listing.
Yatango plans to increase marketing efforts in Australia, expand its product range into other verticals and soft launch in the US and UK markets, it said.
Later this year, the company plans to launch “Yatango Money”, which it has described as a debit card and line-of-credit financial product that provides customers tools to manage their money.
“We are building a consumer brand and Australia is our home market,” said Taylor. “The ASX is the right option for us at this stage of our evolution.
“We have a long-term business plan that is focused on building an ecosystem of tightly integrated consumer services around the world. Therefore, investing in growth is key, whilst continuing to show incremental growth in quarterly revenues.”
Existing Yatango investors include Larry Kestelman, founder and CEO of Dodo.
“Yatango for me is built purely for the everyday consumer,” said Taylor.
“We’re challenging industry titans who thrive off a lack of transparency, personalisation and efficiency to the detriment of the consumer. We’re here to shake things up and give control to our members through a more efficient operating model.”