Boku acquires Estonia-based mobile payments company Fortumo

Friday 19 June 2020 11:43 CET | News

US-based mobile payment company Boku has acquired Estonia-based direct carrier billing service provider Fortumo for a maximum consideration of USD 45 million.

According to Verdict, the agreement might be a key step in Boku’s global direct carrier billing (DCB) growth strategy, as the two companies are said to have complementary capabilities and customer base.

Moreover, the joint strategy comes to help merchants grow their presence across the world, and includes cash payment of USD 37.6 million, around USD 2 million in restricted stock units payable to Fortumo’s selling equity holders, and another cash payment of up to USD 5.4 million.

Fortumo offers mobile payment solutions to more than 400 SMEs, including larger merchants such as Google, Amazon, and Tencent too. On the other hand, Boku is providing its services to digital merchants including Apple, Google, Facebook, Microsoft, PayPal, Spotify, and Sony, while its platform is connected to billing, identity and sales systems of over 200 mobile wallets and network operators.

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Keywords: Boku, US, mobile payments, Fortumo, direct carrier billing, DCB, joint strategy, merchants, SMEs, Google, Amazon, Tencent, digital merchants, Apple, Google, Facebook, Microsoft, PayPal, Spotify, Sony, mobile wallets
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce