Fortumo is an international mobile payment provider. The company offers mobile payment solutions for web services, mobile applications, app stores and digital content providers. Fortumo services allow mobile operator subscribers in over 100 countries to make mobile payments, 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.
Video Fortumo
Services
Fortumo provides mobile technologies to digital merchants and mobile operators to authenticate, collect payments from and analyze their users.
- Web SDK is a cross-platform payment solution used by online games, social networks and digital content providers to enable purchase of memberships, virtual goods and additional content, mostly used as part of the freemium business model.
- Android SDK is available for native apps running on Android. Unlike other payment options, the SDK supports payments while the phone or tablet device is offline.
- Payments API for advanced integrations and white-labelling, giving developers full control over the payment flow and user experience.
- Hosted DCB which uses on the Payment API, but also provides a fully localised and compliant front-end solution to merchants, hosted by Fortumo.
- Bundling Platform which connects merchants to mobile operators who can offer discounted or free access to digital services for their subscribers.
- Fortumo Insight which provides mobile operators with an overview of their carrier billing performance, including data on account activations, payment behaviour, top grossing content by category and payment failure rates.
Maps Fortumo
Partner Companies
Merchants using Fortumo include app stores (Google Play), streaming services (Spotify, iflix, Sony, HOOQ, BoxTV.com, Gaana.com, Times Internet), gaming companies (Rovio, Gameloft, EA Mobile, Kinguin) and device manufacturers (Huawei, Alcatel).
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.
Bundling Platform
In February 2017, Fortumo launched a bundling platform for digital content providers and mobile operators. Traditional bundle deals between a digital content provider (such as a VOD company) and mobile operator require a separate integration between the parties in order to provision discounted or free digital service access to mobile operator subscribers. With the bundling platform, Fortumo allows mobile operators to connect to several digital content providers at once and vice versa, in addition providing a unified interface for user authentication, service provisioning and configuring any type of bundle offer. This makes the launch of bundle partnerships quicker and easier for both parties involved.
Recognition and awards
- In 2014, the winner of the Estonian American Innovation Award
- In 2013, Fortumo won a Meffy for an innovative business model for Android app distribution
- In 2012, 2011 and 2010, Best Entrepreneur by Tartu City Government
- 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.
- In 2009, Mobile Monday Peer Awards 2009 Finalist
- In 2009, Winner of the Best Nordic Mobile Startup award
See also
- Mobile payments
- Mobile commerce service provider
References
External links
- Fortumo Homepage
- Crunchbase company profile
Source of the article : Wikipedia
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