Fortumo

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{{Infobox company

| logo = Fortumo logo 2012.png

| name = Fortumo

| foundation = 2007

| location = Tartu, Estonia

| industry = Mobile payments

| parent = Boku, Inc.

| key_people = Martin Koppel {{Small|(CEO)}}
Andrei Dementjev {{Small|(COO)}}
Raavo Leiten {{Small|(CFO)}}

| num_employees = 90

| products = Direct carrier billing
Digital wallets
Mobile messaging
Bundling

| type = Public

| homepage = [https://www.fortumo.com Fortumo.com]

}}

File:Fortumo hosted DCB .jpg

Fortumo was an Estonian company which developed a platform for digital service providers for user growth and monetization.

Fortumo's products allowed digital merchants to acquire new users through telco bundle partnerships and collect payments using carrier billing and mobile wallets. The company connected merchants to a network of more than 300 telcos and digital wallets in Asia, Europe, Latin America, the Middle East and Africa.{{buzzword inline|date=June 2020}}

The company started in 2007 as a spin-off of a mobile service company called Mobi Solutions. In July 2020, the company was acquired by Boku, Inc. and continued to operate under its existing brand within the group.{{Cite web|last=Tambur|first=Silver|date=2020-06-18|title=Estonian mobile payments startup Fortumo sold to Boku for $41 million|url=https://estonianworld.com/business/estonian-mobile-payments-startup-fortumo-sold-to-boku-for-41-million/|access-date=2021-02-03|website=Estonian World|language=en-GB}} In February 2022, the company announced consolidating its activities under the Boku, Inc. brand.{{Cite web|title = Fortumo on nüüd minevik! Ettevõte tegutseb edaspidi Boku Estonia nime all {{!}} Geenius.ee|url = https://digipro.geenius.ee/rubriik/uudis/fortumo-on-nuud-minevik-ettevote-tegutseb-edaspidi-boku-estonia-nime-alt/|website = geenius.ee| date=14 February 2022 |access-date = 2022-06-15}}

Products

Fortumo provided digital content merchants with the following products for user growth and monetization:

Payments platform: enabled digital merchants to collect payments from subscribers of over 300 mobile operators and digital wallets. Merchants could choose to either integrate one of the turn-key products provided for this purpose (Web SDK, Unified SDK) or integrate with Fortumo's API.{{Cite web|title=Unified SDK & Web SDK {{!}} Fortumo.com|url=https://fortumo.com/products-local-payments|access-date=2021-02-22|website=fortumo.com}}
Bundling platform: enabled digital merchants and mobile operators to provision discounted or free digital service access to mobile operator subscribers. Fortumo's platform provided a unified interface for user authentication, service provisioning and configuring any type of bundle offer across dozens of digital service providers and over 280 mobile operators.{{Cite web|title = Fortumo's Bundling Platform {{!}} Fortumo.com|url = https://fortumo.com/telco-partnerships/bundling|website = fortumo.com|access-date = 2017-09-07}}
Fortumo Insight: provided mobile operators with an overview of their carrier billing performance, including data on account activations, payment behavior, top grossing content by category and payment failure rates.{{Cite web|title = Fortumo to offer carrier billing insights to mobile operators {{!}} Medianama.com|url = https://www.medianama.com/2016/03/223-fortumo-carrier-billing-insights/|website = medianama.com| date=22 March 2016 |access-date = 2017-09-07}}
PayRead platform: enabled digital publishers to collect payments from readers through their mobile operator account and bundle their products with mobile operator plans as well as with other digital service providers.{{Cite web|url=https://www.thefastmode.com/services-and-innovations/14462-fortumo-enables-publishers-to-bundle-products-with-mobile-postpaid-and-prepaid-plans|title=Fortumo Enables Publishers to Bundle Products with Mobile Postpaid and Prepaid Plans|last=Sharma|first=Ray|website=www.thefastmode.com|language=en|access-date=2019-05-23}}

Customers

Merchants using Fortumo included app stores (Google Play), streaming services (Amazon, Spotify, iflix, Sony, Deezer, Tidal), social networks (Facebook, Badoo), publishers (Aftonbladet, Legimi), gaming companies (Epic Games, EA Mobile, Kinguin), transportation service providers (EasyPark, Mobike), classified sites (OLX).{{Cite web|title = Fortumo powers Viettel's direct carrier billing|url = http://www.telecompaper.com/news/fortumo-powers-viettels-direct-carrier-billing--1112542|website = www.telecompaper.com|access-date = 2015-11-16}}{{cite web|url=http://www.thefastmode.com/technology-solutions/6358-dna-first-to-launch-google-play-carrier-billing-in-finland|title=DNA First to Launch Google Play Carrier Billing in Finland|first=Ray|last=Sharma}}{{Cite web|title = Sony LIV to offer carrier billing in partnership with Fortumo|url= http://www.medianama.com/2015/12/223-sonyliv-carrier-billing/|website = MediaNama|date= 15 December 2015|access-date = 2015-12-15}}{{Cite web|title = Kinguin launches carrier billing with Fortumo|url= http://www.medianama.com/2016/03/223-fortumo-enters-into-carrier-billing-agreement-with-hooq/|website = The Paypers|date= 3 March 2016|access-date = 2016-06-17}}{{Cite web|title = Iflix launches carrier billing in Asia with Fortumo|url= https://www.mobileworldlive.com/money/news-money/iflix-launches-carrier-billing-in-asia-with-fortumo/|website = Mobile World Live|date= 22 August 2017|access-date = 2017-09-07}}{{Cite web|title = Spotify expands carrier billing in Asia with Fortumo|url= http://www.mobilepaymentstoday.com/news/spotify-expands-carrier-billing-in-asia-with-fortumo/|website = Mobile Payments Today|access-date = 2016-09-07}}{{Cite web|url=https://arcticstartup.com/fortumo-sideswipes-boku-zong-and-other-facebook-mobile-payment-providers/|title=Fortumo Sideswipes Boku, Zong And Other Facebook Mobile Payment Providers|last=Kukkosuo|first=Miikka|date=2010-04-28|website=ArcticStartup|language=en-US|access-date=2019-05-23}}{{Cite web|url=https://telecomdrive.com/easypark-fortumo-debut-carrier-billing-for-mobile-parking/|title=EasyPark, Fortumo Debut Carrier Billing for Mobile Parking|last=Bureau|first=Telecomdrive|date=2018-04-13|website=Telecom Drive|language=en-US|access-date=2019-05-23}}{{Cite web|url=https://www.thepaypers.com/mobile-payments/mobike-launches-on-fortumo-s-messaging-platform/773552-16|title=Mobike launches on Fortumo\'s messaging platform|website=www.thepaypers.com|language=en|access-date=2019-05-23}}{{Cite web|url=https://www.thefastmode.com/services-and-innovations/14256-polish-classifieds-platform-olx-launches-carrier-billing-using-fortumo-s-hosted-dcb|title=Polish Classifieds Platform OLX Launches Carrier Billing using Fortumo's Hosted DCB|last=Sharma|first=Ray|website=www.thefastmode.com|language=en|access-date=2019-05-23}}{{Cite web|url=https://appdevelopermagazine.com/epic-games-partners-with-fortumo-to-launch-carrier-billing/|title=Epic Games partners with Fortumo to launch carrier billing|last=Hainzinger|first=Brittany|website=www.appdevelopermagazine.com/|language=en|access-date=2020-06-12}}{{Cite web|last=Sharma|first=Ray|title=Polish e-book Vendor Legimi Partners Fortumo to Offer Carrier Billing for Subscribers of Orange and Plus|url=https://www.thefastmode.com/services-and-innovations/19098-polish-e-book-vendor-legimi-partners-fortumo-to-offer-carrier-billing-for-subscribers-of-orange-and-plus|access-date=2021-02-22|website=www.thefastmode.com|language=en}}{{Excessive citations inline|date=December 2023}}

Fortumo integrated approximately 280 mobile operators into its platform. Fortumo's mobile operator partners included mobile operator groups such as Telefónica, Telenor and Orange as well as individual mobile operators like Reliance Communications, Turkcell and Globe Telecom. Fortumo used 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.{{Cite web|title = Telefonica and Telenor sign on mobile payments firm Fortumo|url= https://thenextweb.com/eu/2013/05/23/telefonica-and-telenor-sign-on-mobile-payments-firm-fortumo-ups-its-payment-reach-by-460-million-users/|website = TheNextWeb|date= 23 May 2013|access-date = 2016-06-17}}{{Cite web|title = Fortumo, Orange direct carrier billing pact launches first in Poland|url= http://www.mobilepaymentstoday.com/news/fortumo-orange-direct-carrier-billing-pact-launches-first-in-poland/|website = Mobile Payments Today|access-date = 2016-06-17}}{{Cite web|title = Fortumo launches direct carrier billing with Reliance Communications|url= http://www.medianama.com/2016/05/223-fortumo-launches-direct-carrier-billing-with-reliance-communications/|website = Medianama|date= 6 May 2016|access-date = 2016-06-17}}{{Cite web|title = Fortumo launches direct carrier billing for Turkcell AppMarket|url= http://www.thepaypers.com/mobile-payments/fortumo-launches-direct-carrier-billing-for-turkcell-appmarket/756770-16|website = The Paypers|access-date = 2016-06-17}}{{Cite web|title = Globe taps Fortumo for enhanced direct carrier billing service|url= http://www.telecomasia.net/content/globe-taps-fortumo-enhanced-direct-carrier-billing-service|website = Telecom Asia|access-date = 2016-06-17}}{{Cite web|title = Fortumo Unveils Business Intelligence Platform for Operators|url= http://www.telecomasia.net/content/globe-taps-fortumo-enhanced-direct-carrier-billing-service|website = Mobile Marketing Magazine|access-date = 2016-06-17}}{{Excessive citations inline|date=December 2023}}

Venture Capital Investments

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 investors: "Working with Intel Capital and Greycroft will help us to pursue additional growth opportunities, including strategic partnerships and acquisitions".{{cite web|url=https://techcrunch.com/2013/02/21/fortumo-raises-10m-from-intel-capital-greycroft-to-take-on-bango-and-more-in-carrier-billing-inks-deals-with-china-mobile-and-vodafone/|title=Fortumo Raises ~$10M From Intel Capital, Greycroft To Take On Bango And More In Carrier Billing; Inks Deals With China Mobile And Vodafone|date=21 February 2013 }}

In 2020, venture capital companies and Fortumo's former partner Mobi Solutions left the company's shareholders circle, when Boku became the new owner of the company. In February 2022, the Fortumo team joined the Boku group.{{Cite web|url=https://digipro.geenius.ee/rubriik/uudis/fortumo-on-nuud-minevik-ettevote-tegutseb-edaspidi-boku-estonia-nime-alt/|title=Fortumo on nüüd minevik! Ettevõte tegutseb edaspidi Boku Estonia nime all|accessdate=8 May 2023}}

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 a mobile operator require a separate integration between the parties to provision discounted or free digital service access to mobile operator subscribers. With the bundling platform, Fortumo allowed for mobile operators to connect to several digital content providers at once and vice versa, this further provided a unified interface for user authentication, service provisioning and configuring any type of bundle offer. This made the launch of bundle partnerships quicker and easier for both parties involved.{{cite web|url=https://venturebeat.com/2017/02/28/mobile-payments-company-fortumo-launches-bundling-platform/|title=Mobile payments company Fortumo now makes it easier for merchants and carriers to bundle offers

|date=28 February 2017

}}

In March 2019, Fortumo deployed its Trident Bundling Platform to connect Amazon with the Indian telco BSNL.{{Cite web|url=https://www.thefastmode.com/services-and-innovations/14476-bsnl-offers-amazon-prime-subscription-via-fortumo-trident-bundling-platform|title=BSNL Offers Amazon Prime Subscription via Fortumo Trident Bundling Platform|last=Sharma|first=Ray|website=www.thefastmode.com|language=en|access-date=2019-05-23}} Later in the year, the company announced additional Amazon launches with Tata Sky and Orange Spain.{{Cite web|url=https://www.thefastmode.com/services-and-innovations/15063-tata-sky-intros-bundling-with-amazon-prime-via-fortumo-platform|title=Tata Sky Intros Bundling with Amazon Prime via Fortumo Platform|first=Ray|last=Sharma|website=www.thefastmode.com|accessdate=8 May 2023}}{{cite web|url=https://telecomdrive.com/fortumo-launches-bundling-solution-for-amazon-prime-orange-spain/|title=Fortumo launches bundling solution for Amazon Prime & Orange Spain|date=7 October 2019 }} In September 2020, the company announced the launch of Amazon for Jio.{{Cite web|last=Sharma|first=Ray|title=Fortumo Builds Amazon Prime Bundling Service for Jio Fiber Customers|url=https://www.thefastmode.com/services-and-innovations/18028-fortumo-builds-amazon-prime-bundling-service-for-jio-fiber-customers|access-date=2021-02-22|website=www.thefastmode.com|language=en}}

PayRead platform

In January 2019, Fortumo launched PayRead platform that enabled digital publishers (like international media group Schibsted{{Cite web|url=https://www.thepaypers.com/mobile-payments/schibsted-launches-carrier-billing-with-fortumo/773612-16|title=Schibsted launches carrier billing with Fortumo|website=www.thepaypers.com|language=en|access-date=2019-05-23}}) to identify and charge consumers through their SIM card.{{Cite web|url=http://www.mobileindustryeye.com/fortumo/fortumo-launches-payread-frictionless-payments-for-digital-publishers/|title=Fortumo launches PayRead - frictionless payments for digital publishers » Mobile Industry Eye|date=2019-01-17|website=Mobile Industry Eye|language=en-US|access-date=2019-05-23}}{{Dead link|date=April 2024 |bot=InternetArchiveBot |fix-attempted=yes }} In March 2019, PayRead was also connected to the bundling platform. That enabled publishers to bundle their products with mobile operator plans, as well as with other digital service providers.

Acquisition by Boku

In June 2020, Boku, Inc. ({{LSE|Boku}}) announced that it intended to acquire Fortumo for $45 million. The acquisition was completed on July 1, 2020. Jon Prideaux, CEO of Boku explained the acquisition: "Boku has always grown by a mixture of organic growth and selective acquisition. This deal, which will be our sixth, cements our position as the scale player in Direct Carrier Billing. It brings together the two most profitable players in the industry, with compatible technology, complementary customers and with a great cultural fit." After the acquisition, Fortumo continued to operate under its existing brand as a separate organization within the Boku group of companies until February 2022.{{cite web|url=https://polaris.brighterir.com/public/boku/news/rns_19/story/rdzvg9w|title=Proposed Acquisition of Fortumo Holdings Inc.}}{{cite web|url=https://polaris.brighterir.com/public/boku/news/rns_19/story/xplyj3w|title=Completion of the Acquisition of Fortumo}}