Website Fortumo.com Headquarters Tartu Number of employees 80 | CEO Martin Koppel Founded 2007 Chief business officer Gerri Kodres | |
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Type Mobile payment provider Industry Mobile payments
Mobile communications
Payments Key people Martin Koppel, CEO
Gerri Kodres, CBO
Rain Rannu, Founder Products Electronic payments
Mobile payments Motto Don't Miss Out On Revenue From Users Without Credit Cards Profiles | ||
Mobile payments with fortumo
Fortumo is an international mobile payment provider. The company offers various mobile payment solutions for web services and mobile applications. Fortumo services allow customers to make mobile payments in 95 countries on six continents, with a strong focus on emerging markets. Fortumo started in 2007 as a spin-off of the mobile services company Mobi Solutions, and currently employs over 80 people in its offices in Estonia (Tartu & Tallinn), USA (San Francisco), China (Beijing), India (Delhi), Singapore and Vietnam (Hanoi). As of June 2016, over 150 thousand developers have signed up to Fortumo's services.
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Services
Fortumo provides mobile payment solutions for web, mobile web and native app monetization.
Customers
Merchants using Fortumo include gaming companies (Rovio, Gameloft, EA Mobile, Kinguin), digital content merchants (Sony, HOOQ, Ditto TV, BoxTV.com, Gaana.com, Times Internet) and device manufacturers (Huawei, Alcatel, NOOK). Fortumo also works together with app stores such as Google Play and Windows Phone Store to enable carrier billing for their users.
Mobile Operator Partnerships
Fortumo has integrated approximately 350 mobile operators to its billing platform. Fortumo's mobile operator partners include mobile operator groups such as Telefónica, Telenor and Orange as well as individual mobile operators like Reliance Communications, Turkcell and Globe Telecom. Fortumo uses the mobile operators' technical infrastructure to process payments for its merchants while giving the mobile operators access to real-time data and payments analytics through its Fortumo Insight dashboard.
Intel Capital and Greycroft Partners
In February 2013, Fortumo announced it had completed a growth round of financing with the first external shareholders - Intel Capital and Greycroft Partners - joining the company. Although financial details about the funding were not disclosed, TechCrunch reported approximately 10 million USD as the size of the deal. Fortumo co-founder Rain Rannu explained the reasons for bringing in additional investors: "Working with Intel Capital and Greycroft will help us to pursue additional growth opportunities, including strategic partnerships and acquisitions".
Carrier Billing for Physical Goods
In September 2014, Fortumo launched an online store for selling Rovio plush toys to SingTel customers using carrier billing. The project where users charge physical item to their phone bill is the first of its kind in the carrier billing industry and Fortumo has reported seeing up to 5x lower shopping cart abandonment rates compared to credit-card based online billing solutions.