The Estonian mobile payment platform Fortumo was sold for 45 million dollars
Updated: Jun 21, 2020
Mobile payment solution provider Fortumo has acquired a full stake in Boku, which is listed on the London Stock Exchange. The amount of the transaction is $45 million. Fortumo will continue to operate as an independent entity in the Boku Group with its current management and team.
The Fortumo platform is used by the world's leading digital services companies, including Google, Amazon, Epic Games, Tencent, and Spotify, and connects the platform to more than 280 mobile operators in 80 countries.
"The deal is primarily a recognition of the long-term Fortumo team that has built a cutting-edge and business-critical technology platform for the world's leading companies over the past 13 years. With the same team, we will continue to operate as an independent unit in the Boku Group, focusing on developing new products and business lines. The new opportunities created by joining also mean the need to significantly increase the team, "said Martin Koppel, CEO and co-founder of Fortumo.
"Boku will become a strong strategic owner of Fortumo, who knows the ins and outs of the field of mobile payments and with whom we can cooperate in the field of both technology and business development," added Koppel.
“Over the years, we have been constantly impressed by the actions of Fortumo's management and team. Boku's and Fortumo's strengths vary geographically and by customer segment. That is why I am very pleased to start working with Fortumo, because, with their experienced team and modern technology, we can strengthen our position in the market and grow faster together, ”added Jon Prideaux, CEO of Boku.
Fortumo's business strategy is not affected by the change of ownership. The company will continue its existing business in emerging markets in Asia, the Middle East, Latin America, and Eastern Europe, and expand its new business lines.
The Fortumo platform enables digital service companies to collect mobile payments and conduct marketing campaigns in cooperation with mobile operators. In 2019, Fortumo brokered 164 million euros in customer payments, earning a profit of 2.2 million euros. Fortumo has offices in Tallinn, Tartu, Delhi, Jakarta, Madrid, Singapore and Hanoi.
Fortumo was founded in 2007 as a subsidiary of Mobi Solutions. Fortumo's co-founders are Rain Rannu, Veljo Otsason, and Martin Koppel. Since 2009, the company has been profitable. In 2013, venture capital companies Intel Capital and Greycroft Partners were included as strategic investors in Fortumo's shareholders.
Boku is the world's leading mobile payment company, with customers including Apple, Microsoft, Google, Facebook, Sony, Netflix, and Spotify. The company is headquartered in San Francisco. In 2019, Boku mediated customer payments worth more than 5 billion and earned a profit of 9.5 million euros.
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