Mobile payments company Fortumo has announced today that Intel Capital and Greycroft Partners will be new investors in a growth round of financing. Prior to the funding, Fortumo has been majority-owned by Mobi Solutions, an Estonian mobile solutions company, which will remain a shareholder. The funding will be used to further strengthen Fortumo’s position as the go-to provider for mobile payments in emerging markets.
“The opportunity in the mobile payments segment is enormous, and we believe that Fortumo is well positioned to capitalize on the trend of operator based billing,” says Marcin Hejka, Managing Director of Intel Capital Eastern Europe, Middle East and Africa. “The Fortumo team is a great example for the strong talent in the Central and Eastern European region able to build innovative and globally successful solutions. ”
Fortumo is also announcing new direct contracts with two of the largest telecommunications groups in the world: Vodafone Group for direct operator billing in 13 countries and with China Mobile. Fortumo has also recently added Gameloft, Vostu and Cut the Rope game-maker Zeptolab to its growing list of blue chip merchants, which already includes Rovio (publisher of the Angry Birds line of games) Badoo, and others. Recently, Fortumo has partnered with Microsoft to promote its in-app payments solution for Windows 8.
“Our competitors in the mobile payments space have focused mostly on the US and on Western Europe,” says Rain Rannu, co-founder and CEO of Fortumo. “While Fortumo covers these regions well, what differentiates us is our strong emphasis on emerging and growth markets where credit card penetration may be low but mobile usage is very high. Working with Intel Capital and Greycroft will help us to pursue additional growth opportunities, including strategic partnerships and acquisitions.”
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