Fortumo

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Fortumo OÜ
Private
IndustryMobile payments
Founded2007
HeadquartersTartu, Estonia
Key people
Martin Koppel, CEO
Andrei Dementjev, COO
Rain Rannu, Founder
ProductsCarrier billing
Mobile messaging
Bundling
Number of employees
80
WebsiteFortumo.com

Fortumo is an international mobile technology company. The company develops a platform for app stores and digital service providers for user acquisition, monetization and retention. Fortumo's products allow digital merchants to manage the end-to-end customer lifecycle of mobile users on more than 350 mobile operator networks through bundling, carrier billing and messaging solutions. 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 December 2017, over 170 thousand merchants have signed up with Fortumo. In March 2018, Fortumo and Apigate became partners to facilitate digital payments in Cambodia.[1]

Products[edit]

Fortumo provides a digital enablement platform for to digital merchants and mobile operators to acquire, monetize and retain their users.

  • Direct Carrier Billing platform: enables digital merchants to collect payments from subscribers of over 350 mobile operators. Merchants can choose to either integrate one of the turn-key products provided for this purpose (Web SDK, Android SDK, Hosted DCB) or directly integrate with Fortumo's direct carrier billing API.[2][3][4]
  • Bundling platform: enables digital merchants and mobile operators to provision discounted or free digital service access to mobile operator subscribers. Fortumo's platform provides a unified interface for user authentication, service provisioning and configuring any type of bundle offer across dozens of digital service providers and over 350 mobile operators.[5]
  • Messaging platform: enables digital merchants to communicate with their customers through mobile messaging. The platform is connected to over 350 mobile operators and can be used for 2-factor authentication, payment notifications and marketing communications.[6]
  • Fortumo Insight: 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.[7]

Customers[edit]

Merchants using Fortumo include app stores (Google Play), streaming services (Spotify, iflix, Sony, HOOQ, BoxTV.com, Gaana.com, Times Internet), gaming companies (Rovio,[8] Gameloft, EA Mobile, Kinguin) and device manufacturers (Huawei, Alcatel).[9][10][11][12][13][14][15][16][17]

Fortumo has integrated approximately 350 mobile operators to its 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 authenticate users, process payments and enable mobile messaging for its merchants while giving the mobile operators access to real-time data and payments analytics through its Fortumo Insight dashboard.[18][19][20][21][22][23]

Venture Capital Investments[edit]

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".[24]

Carrier Billing for Physical Goods[edit]

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.[25][26]

Bundling Platform[edit]

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.[27]

Recognition and awards[edit]

  • In 2014, the winner of the Estonian American Innovation Award[28]
  • In 2013, Fortumo won a Meffy for an innovative business model for Android app distribution[29]
  • In 2012, 2011 and 2010, Best Entrepreneur by Tartu City Government[30]
  • 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.[31]
  • In 2009, Mobile Monday Peer Awards 2009 Finalist[32][33]
  • In 2009, Winner of the Best Nordic Mobile Startup award[34]

See also[edit]

References[edit]

  1. ^ "Fortumo, Apigate team up to facilitate digital payments in Cambodia - Khmer Times". Khmer Times. 2018-03-19. Retrieved 2018-05-22.
  2. ^ "Web SDK | Fortumo.com". fortumo.com. Retrieved 2015-11-16.
  3. ^ "Android SDK | Fortumo.com". fortumo.com. Retrieved 2015-11-16.
  4. ^ "Direct Carrier Billing API | Fortumo.com". fortumo.com. Retrieved 2015-11-16.
  5. ^ "Fortumo's Bundling Platform | Fortumo.com". fortumo.com. Retrieved 2017-09-07.
  6. ^ "Fortumo's Messaging PLatform | Fortumo.com". fortumo.com. Retrieved 2017-12-19.
  7. ^ "Fortumo to offer carrier billing insights to mobile operators | Medianama.com". medianama.com. Retrieved 2017-09-07.
  8. ^ "Understanding Rovio's 'Angry Birds' deal with Idea". AnimationXpress. Retrieved 2015-11-16.
  9. ^ "Fortumo powers Viettel's direct carrier billing". www.telecompaper.com. Retrieved 2015-11-16.
  10. ^ Sharma, Ray. "DNA First to Launch Google Play Carrier Billing in Finland".
  11. ^ "BoxTV Ties Up With Fortumo For Telco Billing; Short Duration Packs Only". MediaNama. Retrieved 2015-11-16.
  12. ^ "Huawei partners with Fortumo for direct carrier billing". About-Payments.com. Retrieved 2015-11-16.
  13. ^ "Sony LIV to offer carrier billing in partnership with Fortumo". MediaNama. Retrieved 2015-12-15.
  14. ^ "Fortumo enters into carrier billing agreement with HOOQ". MediaNama. Retrieved 2016-06-17.
  15. ^ "Kinguin launches carrier billing with Fortumo". The Paypers. Retrieved 2016-06-17.
  16. ^ "Iflix launches carrier billing in Asia with Fortumo". Mobile World Live. Retrieved 2017-09-07.
  17. ^ "Spotify expands carrier billing in Asia with Fortumo". Mobile Payments Today. Retrieved 2016-09-07.
  18. ^ "Telefonica and Telenor sign on mobile payments firm Fortumo". TheNextWeb. Retrieved 2016-06-17.
  19. ^ "Fortumo, Orange direct carrier billing pact launches first in Poland". Mobile Payments Today. Retrieved 2016-06-17.
  20. ^ "Fortumo launches direct carrier billing with Reliance Communications". Medianama. Retrieved 2016-06-17.
  21. ^ "Fortumo launches direct carrier billing for Turkcell AppMarket". The Paypers. Retrieved 2016-06-17.
  22. ^ "Globe taps Fortumo for enhanced direct carrier billing service". Telecom Asia. Retrieved 2016-06-17.
  23. ^ "Fortumo Unveils Business Intelligence Platform for Operators". Mobile Marketing Magazine. Retrieved 2016-06-17.
  24. ^ "Fortumo Raises ~$10M From Intel Capital, Greycroft To Take On Bango And More In Carrier Billing; Inks Deals With China Mobile And Vodafone".
  25. ^ "Fortumo moves from virtual to physical goods".
  26. ^ "Fortumo Blog: Mobile Operator Billing and Physical Goods? Now Live with Fortumo, Rovio & Singtel".
  27. ^ "Mobile payments company Fortumo now makes it easier for merchants and carriers to bundle offers".
  28. ^ "NEWSFLASH: The Winner and Runner-Up of the Estonian American Innovation Award Announced!". AmCham.
  29. ^ "Meffys 2013 Winners Announced". MEF.
  30. ^ "Best entrepreneurs of Tartu". business.tartu.ee.
  31. ^ "Estonia's Enterprises for 2011 are Fortumo and EMT".
  32. ^ "Fortumo is a Mobile Monday Awards finalist".
  33. ^ "Fortumo at the Mobile Monday Awards finals". ArcticStartup.
  34. ^ "Fortumo and Kuneri Selected to Mobile Media Conference". ArcticStartup.

External links[edit]