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Fortumo co-founder Martin Koppel accepting Business of the Year 2011 award
Fortumo co-founder Martin Koppel accepting Business of the Year 2011 award Source: Photo: Postimees/Scanpix

US technology giant Intel and venture capital company Greycroft has bought shares of international mobile payment provider Fortumo, which is based in Estonia.

“We have been impressed with Fortumo’s strong product focus and ability to execute,” said Dana Settle, a partner with Greycroft, in a statement. “What sets Fortumo apart from their competition is their focus on geographies where mobile payments will have the biggest impact and growth over the next few years,” reported TechCrunch.

According to the company, the inclusion of the new shareholders will help strengthen its position in emerging markets.

“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,” said the company on their website.

The deal is reportedly worth 10 million dollars (7.6 million euros).

Fortumo recently announced carrier deals with two of the world's largest telecommunications groups – Vodafone and China Mobile.

Fortumo came to prominence in the big mobile boom around two or three years ago, claims to be the most developer-friendly mobile carrier billing services provider, allowing an app or game creator to add payment possibilities in minutes, not hours.

Estonia's Mobi Solutions will remain the largest shareholder in Fortumo, reported.