Welcome, Intel & Greycroft!
During our five years in business, Fortumo has always taken a somewhat different approach.
While others are focusing primarily on the US and large Western European markets, Fortumo has given equally strong emphasis on emerging and growth markets where credit card penetration may be low but mobile usage is very high.
While others are focusing on large merchants alone, Fortumo is also servicing a “long-tail” of small and medium-sized merchants (via self-service setup on our website), giving them the same access to the billing capabilities world’s largest mobile operators that Angry Birds and Facebook have.
And, while others are focusing primarily on desktop, Fortumo has paid a lot of attention to solving mobile payments within a mobile device, like in-app payments on Android (and now on Windows 8) as well as HTML5 mobile apps.
Taking a different approach from others has enabled Fortumo to grow fast, and – equally important – profitably. Thus, when we’re now welcoming our first outside shareholders since our founding in 2007, we’re doing it because we at Fortumo believe that Intel and Greycroft can add additional value to our business and help us to take Fortumo to the next level.
The deal does not change much in terms of Fortumo’s strategy or day-to-day operations. However, it will help us better pursue more growth opportunities in the $200 billion mobile payments market, including additional business lines, strategic partnerships and acquisitions.
I want to thank our partners and customers: we’ll continue to be the best mobile payments provider we can be. We’ve got a few more exciting announcement coming in the next weeks and months. Stay tuned!
Full press release here.