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Making a payment with direct carrier billing
Direct carrier billing is an online payment method. It allows users to make purchases by charging payments to their mobile phone bill

Key Information

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]

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.[1] In February 2022, the company announced consolidating its activities under the Boku, Inc. brand.[2]

Products

[edit]

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.[3]
  • 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.[4]
  • 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.[5]
  • 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.[6]

Customers

[edit]

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).[7][8][9][10][11][12][13][14][15][16][17][18][excessive citations]

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.[19][20][21][22][23][24][excessive citations]

Venture Capital Investments

[edit]

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 US$10 million 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".[25]

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.[26]

Bundling Platform

[edit]

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.[27]

In March 2019, Fortumo deployed its Trident Bundling Platform to connect Amazon with the Indian telco BSNL.[28] Later in the year, the company announced additional Amazon launches with Tata Sky and Orange Spain.[29][30] In September 2020, the company announced the launch of Amazon for Jio.[31]

PayRead platform

[edit]

In January 2019, Fortumo launched PayRead platform that enabled digital publishers (like international media group Schibsted[32]) to identify and charge consumers through their SIM card.[33] 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.[6]

Acquisition by Boku

[edit]

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.[34][35][2]

See also

[edit]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Fortumo

View on Grokipedia
from Grokipedia
Fortumo was an Estonian technology company specializing in solutions, particularly (DCB) services that enabled digital merchants to accept payments via mobile phone bills in emerging markets where penetration was low. Founded in 2007 in , , as a spin-off from the mobile services firm Mobi Solutions by entrepreneurs Rain Rannu and Veljo Otsason, Fortumo quickly expanded globally with offices in , , , , , and its headquarters in . Under the leadership of CEO Martin Koppel, the company developed a platform that facilitated user acquisition, monetization, and retention for app stores and digital service providers, partnering with over 80 mobile operators across more than 50 countries to process payments for major clients including , Amazon, , and . Fortumo's innovations included early support for in-app purchases on platforms like Android and , as well as expansions into markets like and the U.S. through deals with operators such as and . The company raised approximately $10 million in funding in 2013 from investors including and Partners to fuel its growth in carrier billing technology. In June 2020, Fortumo was acquired by , a London-based global platform, for a maximum enterprise value of $41 million, enhancing Boku's presence in and . Following the acquisition, completed in July 2020, Fortumo's operations were integrated into Boku, and the Fortumo entity was closed, though elements of its technology continued to support Boku's services worldwide. In 2023, Boku initiated a project to migrate merchants acquired through Fortumo to the Boku platform, expected to conclude in 2025.

History

Founding

Fortumo was established in 2007 as a spin-off from Mobi Solutions, a mobile services company founded in , , with the aim of separating its payment processing operations to specialize in monetization solutions for digital applications and services. The company was co-founded by Rain Rannu, Veljo Otsason, and Martin Koppel, who served as its initial CEO. Key early personnel included Andrei Dementjev as (COO) and Raavo Leiten as (CFO), contributing to the startup's operational foundation. From its inception, Fortumo focused on mobile payments tailored for emerging markets, where penetration was low, by leveraging (DCB) technology to enable seamless transactions charged to users' bills. This approach targeted regions in , , and , allowing digital merchants to monetize apps, games, and web services without requiring traditional payment methods. Headquartered in , , Fortumo began operations as a self-service platform for developers and quickly expanded its team, growing to approximately 90 employees by the mid-2010s as it built partnerships with mobile operators worldwide.

Expansion and Milestones

Following its initial establishment in , Fortumo began international expansion around 2010, targeting emerging economies in , , and where mobile penetration outpaced traditional banking infrastructure. The company prioritized these mobile-first regions to enable for digital content, starting with key Asian markets like and , where it launched services with major operators such as Airtel, Vodafone, Idea, and in 2013. By 2012, Fortumo extended coverage across , including with access to 30 million subscribers, achieving full continental reach through integrations with local telcos. In , expansions accelerated in the mid-2010s, with entries into , , , and by 2015, followed by , , and in 2017, adding over 79 million mobile users in low-credit-card-penetration markets (under 1% in some cases). Fortumo's operational growth reflected its global ambitions, with employee numbers rising from approximately 30 in 2012 to 85 by 2014, and stabilizing around 77-90 by 2019, supported by offices beyond Estonia's and hubs. The company established presences in high-growth areas, including and in , and in , as a Southeast Asia hub in 2014, in , and in the , facilitating localized support for carrier negotiations and merchant onboarding in mobile-centric economies. This distributed structure enabled Fortumo to process 300 million transactions in 2014 alone, achieving 100% year-over-year growth and underscoring its scalability in emerging markets. Key milestones in the 2010s highlighted Fortumo's technological and partnership advancements. In the mid-, it launched Fortumo Insight in 2016, an platform providing mobile operators with data on volumes, user spending patterns, success rates, top merchants, and refunds across 90 countries to optimize revenue from . This tool, part of the broader Uplift initiative, helped carriers enhance billing performance and was integrated into partnerships like those with in 2017. Concurrently, strategic partnerships drove carrier integrations to over 280 by 2019, connecting merchants to telcos and digital wallets in 80+ countries, primarily in , , , and . By 2020, this network exceeded 300 operators and wallets, enabling seamless processing for digital services. Approaching its acquisition, Fortumo had scaled to serve digital merchants in user acquisition, , and retention across emerging markets by 2019, leveraging its platform to facilitate telco bundle partnerships and carrier billing for over 130,000 developers in 90+ countries. This pre-acquisition footprint emphasized efficient growth in underserved regions, with the company connecting service providers to billions of subscribers through automated onboarding and data-driven optimizations.

Products and Services

Payments Platform

Fortumo's payments platform served as the foundational service for (DCB) and alternative payment methods, enabling digital merchants to monetize apps, games, and services by charging purchases directly to users' bills or prepaid balances. This infrastructure facilitated seamless transactions without requiring cards or accounts, making it particularly effective in emerging markets where traditional payment adoption was low. The platform connected to over 350 mobile operators across more than 90 countries, providing access to billions of consumers through a unified integration that also included over 30 digital wallets. Technically, the platform supported payments from any device, including smartphones, feature phones, tablets, computers, and smart TVs, across web, mobile web, and in-app environments such as Android, , and applications. It emphasized ease of integration with a single SDK or , allowing merchants to activate billing in multiple markets without per-operator setups. Use cases centered on enabling micropayments for , such as in-app purchases for games and one-click subscriptions for streaming services, which boosted conversion rates in regions with limited financial infrastructure. For example, the platform handled recurring billing with customizable cycles and retry logic for failed transactions, supporting cross-platform licensing to simplify user access. Key features included robust fraud prevention through operator verification and real-time transaction monitoring, real-time transaction processing for instant confirmations, and multi-currency support covering over 45 currencies and 32 languages to accommodate global users. The model operated on a transaction-based share, with no setup or monthly fees, and incorporated end-user support and monitoring to ensure reliability. These elements minimized chargebacks and enhanced for high-volume digital transactions. Historically, the platform originated in as a spin-off from a Baltic mobile services firm, initially focusing on SMS-based carrier billing in , , and . It evolved rapidly, securing partnerships with major operators like and by 2013, and raising $10 million in funding to expand infrastructure. By 2015, Fortumo had grown into a comprehensive digital enabling platform, connecting merchants to over 300 operators in 87 countries, processing 300 million transactions annually, and diversifying to support advanced in-app and web-based monetization beyond basic DCB. By 2019, the platform processed billions in payments annually, supporting thousands of merchants. This progression marked its shift from a regional to a global leader in facilitation.

Bundling Platform

Fortumo's Bundling Platform, also known as the Bundling Platform, offers tools for users and provisioning digital services directly on mobile devices through integrations with carriers and networks. The platform's core functionality encompasses user via multiple channels such as mobile devices, set-top boxes, and web interfaces, alongside service provisioning that supports promotional offers like free trials and subscriptions. It enables zero-rated data usage promotions, allowing users free or discounted access to services for a defined period, and facilitates carrier-level integrations tailored for emerging markets where mobile penetration is rapidly increasing. These features streamline the activation of bundled , such as video-on-demand (VOD) and music streaming, by leveraging existing subscriber identities from mobile operators, , and cable TV networks. By reducing barriers to service adoption, the platform minimizes user friction, particularly in developing regions where and constraints hinder app engagement, benefiting original equipment manufacturers (OEMs) and carriers through scalable user acquisition strategies. It supports soft, hard, and white-label bundling models, as well as reseller functionality across channels, enabling partners to configure customized offers without extensive custom development. Implementation involves partnerships with device manufacturers and operators to deliver bundled offerings, including zero-rated access to apps like those from Spotify and Amazon Prime in markets such as India and Southeast Asia. For instance, the platform powered Amazon Prime Video bundles with Reliance Jio, authenticating users via carrier data and provisioning subscriptions through broadband billing. Launched in February 2017 as an extension of Fortumo's payments ecosystem, the Bundling Platform evolved to address user acquisition and retention challenges by combining , provisioning, and in a unified interface across over 80 countries.

PayRead Platform

PayRead is a platform developed by Fortumo that enables digital publishers and content creators to their offerings by collecting payments directly from users' mobile accounts via carrier billing. This SIM-based solution leverages users' mobile phone numbers as a universal , allowing seamless transactions without requiring credit cards, bank accounts, or lengthy registrations. By integrating with mobile operators, PayRead facilitates frictionless access to premium content, particularly in emerging markets where mobile penetration exceeds traditional banking infrastructure. The platform operates by reversing the typical flow of carrier billing to focus on efficient revenue collection for creators, where users authorize charges through a simple PIN verification sent by their mobile operator. This mechanism targets underserved regions with high mobile usage, enabling instant deductions from airtime balances or postpaid bills, which are then settled to publishers' accounts. Key features include low transaction costs compared to card-based alternatives, rapid processing for near-instant user access, and support for over 100 countries through partnerships with more than 350 mobile operators, reaching approximately 3.1 billion consumers. Publishers benefit from white-label integration across web, , and app environments, ensuring a native without redirecting to external pages. Common use cases for PayRead involve monetizing various digital content formats, such as recurring subscriptions for and magazines, metered paywalls that bundle a set number of articles (e.g., 10 per month), one-time purchases for individual pieces, or micropayments for short-form content like videos and blogs. For instance, publishers can implement flexible models like daily or weekly access passes, which are particularly effective for mobile-first audiences in developing economies. This approach supports ad revenue supplementation by converting free users to paid ones and enables micro-content creators to earn from small, frequent transactions without high overhead. PayRead was introduced in January 2019 as an extension of Fortumo's core carrier billing capabilities, aiming to address the growing need for outbound tools that complement inbound processing within the mobile ecosystem. The launch built on Fortumo's established network to provide publishers with dedicated APIs for messaging (e.g., reminders) and reporting, allowing real-time tracking of and user metrics. Early adopters included international media groups like , highlighting its role in scaling digital revenue streams globally. Following Boku's acquisition of Fortumo, the Payments Platform, Bundling Platform, and PayRead were integrated into Boku's global payment ecosystem, with the Fortumo brand discontinued in , though the underlying technology continued to support carrier billing services worldwide.

Customers and Partnerships

Digital Merchants

Fortumo's digital merchant customers primarily encompassed leading platforms in app distribution, streaming, and gaming, enabling seamless payment collection through carrier billing in regions with limited penetration. Key clients included app stores such as , which integrated Fortumo's solutions to facilitate in-app purchases and subscriptions across global markets. Streaming services like Amazon, , and relied on Fortumo for to monetize premium content, particularly in emerging economies where traditional payment methods were scarce. Gaming companies, including and , utilized the platform for transactions related to in-game items and battle passes, expanding revenue streams without requiring local banking infrastructure. In emerging markets, Fortumo played a pivotal role in enabling monetization for apps, in-app purchases, and subscriptions by leveraging , which allowed users to pay via mobile phone bills or prepaid balances, bypassing the need for cards or accounts that were often unavailable. This approach significantly boosted conversion rates—for instance, achieving up to 50% in regions like and compared to 5% with card-based payments—by reducing friction and supporting localized pricing models tailored to local currencies and purchasing power. For global platforms entering new regions, Fortumo facilitated rapid market entry; , for example, partnered with Fortumo to launch carrier billing for purchases, initially in through operators like , where banking infrastructure was underdeveloped. Similarly, partnered with Fortumo to introduce carrier billing in and the , supporting subscription growth among users without alternative payment options. By the late , Fortumo had expanded its client base to over 1,000 digital merchants, serving thousands of providers in total and demonstrating substantial scale in for . This growth underscored Fortumo's focus on high-impact partnerships that drove monetization in underserved markets, with the platform connecting merchants to diverse payment methods across more than 80 countries.

Mobile Operators

Fortumo established partnerships with over 280 mobile operators worldwide, enabling (DCB) services across 80 countries. Key collaborators included major groups such as and , alongside operators like , , and , which expanded access to hundreds of millions of subscribers. The partnership model relied on direct technical integrations between Fortumo's platform and operators' billing systems, allowing seamless DCB for digital transactions. This setup enabled operators to provide payment collection services to digital merchants without requiring merchants to handle individual carrier negotiations or custom integrations. Fortumo maintained a strong regional focus on emerging markets in , , and , where mobile operators often control dominant payment infrastructure due to limited penetration. Examples include integrations with carriers like in and in , facilitating DCB for local subscribers. These collaborations allowed operators to monetize their subscriber bases by generating revenue from purchases, such as app downloads and subscriptions, without the need to develop proprietary systems. This model supported operators in diversifying income streams amid declining voice and data revenues. Fortumo's operator network grew from a handful of initial partnerships shortly after its 2007 founding to a global scale by 2020, reflecting rapid expansion driven by demand for DCB in high-growth regions.

Financing and Acquisition

Venture Capital Investments

Fortumo's funding primarily consisted of a single major round prior to its acquisition. In February 2013, the company raised approximately $10 million in a growth round led by , with participation from Partners. This brought Fortumo's total to around $10 million across its rounds, with no significant additional investments following this milestone. The funds were allocated toward expanding into emerging markets such as , , , and the (MENA) region, alongside product development and team growth to support strategic partnerships and potential acquisitions. , Corporation's global investment arm, emphasized investments in scalable technology companies aligned with advancements in hardware, software, and services, which complemented Fortumo's mobile payments infrastructure. Partners, a firm specializing in and mobile market startups, brought expertise in supporting early-to-growth stage ventures in digital consumer technologies. Prior to this round, Fortumo had been majority-owned by Mobi Solutions, an Estonian mobile firm, along with smaller investments from entities like Superangel. This investment facilitated Fortumo's global scaling efforts, enabling key carrier integrations and partnerships in the mid-2010s, including deals with and across 13 countries, which bolstered its position in the carrier billing sector.

Acquisition by Boku

In June 2020, , a global and identity company, announced its acquisition of Fortumo Holdings, Inc. and its subsidiaries, an Estonia-based provider of (DCB) solutions. The deal was completed on July 1, 2020, with a maximum enterprise value of $41 million and total maximum consideration of $45 million, which included the acquisition of approximately $4 million in net . The acquisition was strategically aimed at bolstering Boku's leadership in the DCB market by combining two of the industry's most profitable platforms, which featured complementary customer bases and technological capabilities. Fortumo's established presence in emerging markets, particularly through its Asian connections and lower operational cost base in , complemented Boku's existing portfolio in mobile payments and expanded its reach in high-growth regions. As stated by Boku CEO Prideaux, the merger would "bring together the two most profitable players in the industry, with compatible technology, complementary customers and strong growth prospects." The deal structure involved an initial cash payment of $37.6 million, approximately $2 million in units, and up to $5.4 million held in , contingent on post-closing adjustments for EBITDA earn-outs, , and indemnities. Immediately following the acquisition, Fortumo continued operations as an independent entity within the Boku Group, retaining its existing management team and brand while gaining access to Boku's broader merchant network for enhanced synergies. The transaction faced no significant regulatory hurdles, as it was primarily conditioned on the admission of new shares to the AIM market of , which was met without delays.

Post-Acquisition Integration

Following the acquisition, Boku completed the full brand consolidation of Fortumo in February 2022, discontinuing the Fortumo name both internally and externally, with the payments business thereafter operating solely under the Boku brand. Operationally, Boku integrated Fortumo's platforms into its broader ecosystem, initiating a migration project in 2023 to transfer customers from the legacy Fortumo platform to the unified Boku platform, a process expected to conclude in 2025 and render the Fortumo platform obsolete. As of November 2025, the migration remains ongoing, with Fortumo's (DCB) capabilities continuing to support Boku's growth in . This integration was supported by the repayment in full of the acquisition loan on February 28, 2022, using proceeds from Boku's sale of its Identity division. Post-acquisition, Fortumo's technology contributed to Boku's sustained growth, with the combined entity reporting 20% organic increase to $99.3 million in 2024, driven in part by double-digit growth in (DCB) volumes where Fortumo's capabilities played a key role. This underpinned annual transaction increases exceeding 20%, as evidenced by total payment volume (TPV) growth of 28% to $7.4 billion in the first half of 2025. In select cases, such as subscriptions on platforms like , support for Boku payments (formerly branded as Fortumo) ended in effective March 31, 2025. Concurrently, the company advanced enhancements in digital wallets and account-to-account () payments, expanding its platform to better support these local payment methods alongside DCB. Fortumo's DCB expertise has thereby strengthened Boku's overall position in , with no major standalone Fortumo operations remaining by 2025 as full integration takes effect.

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