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Fortumo Signs Carrier Billing Deal with China Mobile - Secures New Investment
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Fortumo, a mobile payments company with offices in Estonia, San Francisco and Beijing, 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.
Fortumo is also announcing a new direct contract with China Mobile, and recently added Gameloft, Vostu and Cut the Rope game-maker Zeptolab to its growing list of merchants, which already includes Rovio (publisher of the Angry Birds line of games) Badoo, and others. Recently, Fortumo has partnered with Microsoft to promote it's in-app payments solution for Windows 8.
"We have been impressed with Fortumo's strong product focus and ability to execute," says Dana Settle, a Partner with Greycroft. "What sets Fortumo apart from their competition is their focus on geographies where mobile payments will have the biggest impact and growth over the next few years."
Fortumo's system works via direct carrier billing, and features payment connectivity with over 300 mobile operators in 80 countries, including a number of exclusive direct carrier billing partnerships.
"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."
Tags: [fortumo] [carrier billing]
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