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This market is huge, as worldwide gross transaction volume for mobile payments for digital goods is expected to more than double by 2015 to 8 billion. Rain: Our growth comes from signing up new merchants, expanding our geographic coverage, helping existing customers expand to new territories, as well as expanding to additional platforms and areas of business such as the aforementioned physical goods.Fortumo has had significant growth in every single year since our founding, and we've been profitable since 2009. Out of any carrier billing provider, we have by far the biggest number of completed integrations and live customers, ranging from small one-man startups to big global companies such as Facebook, Electronic Arts and Barnes & Noble.
Instead we decided to launch a mobile development company called Mobi Solutions in 2000 together with a few acquaintances from university.
While founding Fortumo, launching a startup in the mobile industry was a pretty obvious choice for us due to our previous background.
Fortumo recently announced their launch in India, partnering with all the big mobile operators – Airtel, Idea and Vodafone.
Your Story spoke to Rain about his company, his vision and everything in between. YS: How did the idea for Fortumo originate and evolve?
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Rain Rannu, CEO of Fortumo, has been involved in the mobile payments industry for 13 years, being one of the early pioneers while co-founding Fortumo’s parent company Mobi Solutions back in 2000.
As with any startup, convincing the first customers to start using your services is difficult because the business case has not yet proven itself.
For us, the big break came when the first big-brand-name customers signed up for Fortumo and started using us for payments. We launched Fortumo with a seed investment from our parent company Mobi Solutions and then became profitable in 2009.
Rain: There are several other mobile payment companies out there, but where Fortumo stands out is our geographic coverage (more than 80 countries).
Several of our competitors are based in the UK or US, and naturally, know best their home market and the markets that are similar to that - that is, rich western markets.
But we realized early on that these are not the countries where most users from carrier billing come from.Tags: Adult Dating, affair dating, sex dating