In 2007 Rain Rannu, Veljo Otsason and Martin Koppel, having spent most of their working life in the mobile industry, noticed a simple truth: in every country and every region of the world, at least three times more people have mobile phones than credit cards. The more emerging the market is, the bigger the difference in favor of mobile phones over credit cards.
If mobile phones can be used for all kinds of things besides talking and texting, why are they not used for payments? Inspired by this simple idea, they founded Fortumo.
Whereas mobile payments using mobile operator billing by itself is not an entirely new idea, there are a couple of things that Fortumo has decided to do differently.
First, we noticed that getting started with mobile billing was a long and strenuous process: negotiating and signing contracts, getting approved by each mobile operator, paying setup and monthly fees and meeting minimum revenue quotas was off-putting for small and medium-sized developers. Fortumo was the first to create a self-service setup and instant activation, enabling any developer regardless of size or location to set up, get approved and go live with mobile payments within 30 minutes.
Second, we noticed that while other mobile payments companies focused on the US and Western Europe, it's actually the emerging markets in Central and Eastern Europe, Asia, Latin America, Middle East and Africa where mobile payments can make the biggest difference. By focusing on emerging markets and hard-to-monetize regions, Fortumo is now enabling developers to effectively make money from more countries (80 and counting!) than any other mobile payments provider.
These unique approaches - as well as a seamless payment flow that converts like magic - has made Fortumo the most developer-friendly mobile payments provider around, used by more than 91 000 awesome developers in every corner of the world.
Get to know the Fortumo Team ›
“ Fortumo makes it quick and easy for any app to start taking mobile payments › ”
“ Fortumo sets itself apart from other mobile pay providers by focusing on emerging markets and hard-to-monetize places ”