Get our rare newsletters
Contact GoalEuropeIf you have questions or need a consultation, get in touch.
This is a big story, and TechCrunch is unsurprisingly already out with it. The major news from Estonia is that Fortumo has raised a whopping $10 million (7.6 million euro) in a new round of funding from Intel and Greycroft Partners. Previously, Fortumo was majority-owned by Estonian company MobiSolutions and it’s been announced that they’re staying on as a shareholder. Fortumo’s business is to offer to developers to monetize their apps. The company claims that the advantage here is that customers do not need to use cash, credit cards, or debit cards, but can make in-app or mobile purchases through their phones. Services provided included in-app purchasing functionality for Android and Windows devices, a mobile-purchase system for both web and mobile internet, and an API for developers. The software provided allows players of mobile and web games to make in-app and web purchases by adding money to their mobile bill.
Fortumo states that it expect global mobile payments to increase to a collective $268 million by 2015 and that its advantage is in the fact the number of people globally with mobile phones greatly exceeds the number of people with credit or debit cards.
Fortumo maintains offices in Estonia, the United States, and Beijing, so it’s not terribly surprising that they’re announcing in another bit of news that they’ve reached an agreement with Vodafone Group to offer direct operator billing in 13 countries and with China Mobile to expand its presence in the Chinese market.
Fortumo offers services through 300 mobile operators in 80 countries and says that it has added over 72,000 registered merchants from 180 countries. Gameloft, Vostu, Zeptolab, Angry Birds-producer Rivio, and Badoo are top merchants that the company has chosen to highlight.
+44 (020) 3290 3544
vita at goaleurope dot com