Enabling Technologies

Is Intel Making A Big Move Into Mobile Payments?

MEDICI

Mobile payment companies are raising massive funds from venture capitalists and investors in light of digital technologies. Over the last few years, Intel Capital is also majorly investing in mobile payment companies. The company has made some good strategic investments to ensure its future in this blooming industry.

Let’s take a look at such investments made by Intel:

iZettle:

Funding raised: In 2014, the company raised a funding of $55.5 million in Round C. The funding was led by growth investor Zouk Capital, Dawn Capital, Intel Capital and early investors Creandum, Greylock Partners, Index Capital, Northzone and SEB.

Company description: iZettle is a mobile payments company headquartered in Stockholm. Established in 2010 by serial entrepreneurs Jacob de Geer and Magnus Nilsson, iZettle has operations in the European nations as well as in Latin American market. It targets small and medium-sized businesses and tradesmen, like plumbers and electricians, who do not have the turn-over to support the infrastructure required for a traditional card-based system. It provides them the flexibility to receive card payments through the iZettle card reader and the free app for iOS and Android. Earlier this year, iZettle introduced iZettle Card Reader Lite, its first free-of-charge chip-and-PIN reader. Also earlier this year, it came up with its new contactless card reader, the Card Reader Pro Contactless, to support Apple Pay.

Fortumo:

Funding raised: Approx. $10 million in 2013 from Intel Capital and Greycroft Partners.

Company description: Founded in 2007, Fortumo is a developer-friendly mobile payments provider, enabling app and game developers to easily monetize their users through carrier billing. Fortumo has payments connectivity to over 300 mobile operators in 80 countries, including a number of exclusive direct carrier billing partnerships. With unique features like self-service sign-up and seamless UI, Fortumo’s mobile billing technology is used by some of the best online and mobile publishers. The company is headquartered in Estonia and has offices in San Francisco and Beijing.

Storenvy:

Funding raised: The company raised $5 million in Series A round (2013) which was funded by Intel Capital, Spark Capital and First Round Capital.

Company description: Storenvy is an e-commerce platform, and is home to emerging brands and inspired goods. The platform—which consists of an online store builder and social marketplace—has about 34,387 brands listed on their site. Storenvy first launched as an online store builder in 2010. The platform allows store owners, makers and artists to open an online store for free and customize it. Store upgrades include custom domain usage and discounts.

LTP’s view on Intel’s investments:

With these investments, Intel might be trying to explore and expand its horizon in the surging mobile payments industry. From the spectator’s point of view, the world’s largest and highest-valued semiconductor chipmaker might be trying to get a hold on IoT-based payments. This can be the reason why the company is actively investing in these mobile payments and e-commerce companies. What do you think?

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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