Fortumo

Fortumo OÜ

Type	Mobile payment provider
Industry	Mobile payments Mobile communications Payments
Founded	2007
Headquarters	Tartu, Estonia
Key people	Martin Koppel, CEO Gerri Kodres, CBO Rain Rannu, Founder
Products	Electronic payments Mobile payments
Number of employees	80
Website	Fortumo.com

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.

Services

Fortumo provides mobile payment solutions for web, mobile web and native app monetization.

Cross-platform mobile payment solution is used by online games, social networks and digital content merchants to enable purchase of memberships, virtual goods and additional content, mostly used as part of the freemium business model.^[1]
Native in-app purchasing SDKs for Android, Windows Phone and Windows 10 are available for native apps running on Android, Nook, J2ME, Windows Phone and Windows 10. Unlike other payment options, the SDK supports payments while the phone or tablet device is offline.^[2]^[3]
Payments API for advanced integrations and white-labelling, giving developers full control over the payment flow and user experience.^[4]

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.^[5]^[6]^[7]^[8]^[9]^[10]^[11]^[12]^[13]

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.^[14]^[15]^[16]^[17]^[18]^[19]

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".^[20]

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.^[21]^[22]

Recognition and awards

In 2014, the winner of the Estonian American Innovation Award^[23]
In 2013, Fortumo won a Meffy for an innovative business model for Android app distribution^[24]
In 2012, 2011 and 2010, Best Entrepreneur by Tartu City Government^[25]
In 2011, Fortumo won the highest Estonian recognition to entrepreneurs - Entrepreneurship Award 2011 (and also the award for Exporter 2011) given out by Enterprise Estonia.^[26]
In 2009, Mobile Monday Peer Awards 2009 Finalist^[27]^[28]
In 2009, Winner of the Best Nordic Mobile Startup award^[29]

External links

This article is issued from Wikipedia - version of the 10/27/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.