Fortumo Raises Funding

Fortumo, a Tartu, Estonia-based mobile payments company, raised a funding of undisclosed amount.

Backers included new investors Intel Capital and Greycroft Partners. Following the close of the transaction. Mobi Solutions, an Estonian mobile solutions company which has been the majority owner of Fortumo, will remain a shareholder.

The company intends to use the capital to further strengthen its position as a provider for mobile payments in emerging markets.

Founded in 2007 and led by Rain Rannu, CEO, Fortumo is a carrier billing company that allows merchants to sign up via its Web site and start accepting mobile payments. Fortumo’s payments system is optimized for all key platforms, including Web, mobile web, HTML5, and in-app purchases on both smartphones and tablet devices.
The company is also announcing new direct contracts with Vodafone Group for direct operator billing in 13 countries and with China Mobile. It recently added Gameloft, Vostu and Cut the Rope game-maker Zeptolab to its list of blue chip merchants, which includes Rovio, and Badoo, among others.

Fortumo, which also has offices in San Francisco and Beijing, is currently hiring (read here).



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